Experts warn businesses of cyberattack risks
Cyberattacks are a growing concern for businesses, with automated tools enhanced by artificial intelligence (AI) continuously scanning for weaknesses. Richard Norrie, Dell Technologies’ chief security advisor, explains that if there’s a vulnerability, it will get found. He adds that it is not a matter of if, but when a business will be targeted.
Norrie advises large enterprises on preventing and recovering from cyberattacks, but notes that smaller firms are less likely to withstand financial losses. He says that sole traders, in particular, are vulnerable because a cyberattack could mean losing their revenue stream.
Understanding the Threat
A modern cyberattack often starts with an initial data breach at a larger company or website, exposing thousands of email addresses and passwords. These are then sold on the dark web, where they can be used by other criminals to target potential victims. Norrie notes that identities are the most valuable things and are tradable.
Criminals can use stolen data to test whether people have reused passwords across different accounts. They can also impersonate trusted suppliers by gaining access to genuine email accounts. Additionally, AI can recreate someone’s voice or generate convincing videos of their face, making it easier for criminals to deceive victims.
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Simpler Remedies
Despite the complexity of cyberattacks, there are simple steps businesses can take to protect themselves. Norrie recommends getting on top of passwords by choosing long, unique ones for every account and using a password manager. He also advises adding multi-factor authentication and keeping software updated with the latest security patches.
Manually verifying unusual invoices, even from known businesses, is also essential. Backing up important files can help a business recover quickly if an attack occurs. Norrie stresses the importance of developing a plan before a cyberattack happens, including having a written list of people to call and steps to take.
Responding to an Attack
If a business is hacked, Norrie advises against panicking. The first step is to call the Australian Cyber Security Centre for free assistance and guidance. Then, establish the extent of the compromise and secure affected systems or networks. Following a pre-established plan can help minimize recovery time.
Norrie notes that nobody knows a business better than its owners, so it is essential to take charge of responding to an attack. When the attacker knocks on your door, at least they’ll say, “This one’s too hard.”
