Tag Archive for: Businesses

Should businesses negotiate with ransomware criminals? 

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By David Trump, above, Cyber Security Director, BOM IT Solutions 

Since the beginning of 2023, household names such as Royal Mail, Arnold Clark, WH Smith and Uber have all fallen victim to cyber-attacks. The reality is, however, these are just a few of the high-profile names that make up thousands of UK businesses and organisations that have been targeted by cybercriminals in the first quarter of the year. 

Ransomware is one of the most common types of malwares used in cyber-attacks. These attacks involve cybercriminals blackmailing victims in order to extort large amounts of money from them, usually in exchange for stolen data being returned, unencrypted, or the promise that it won’t be released publicly. Other ransom threats also include locking organisations out of critical systems, causing untold disruption to customers and potentially leaving reputations in tatters. 

Last year one in four SMEs experienced a ransomware attack, and during the first half of 2022, there were 236.1 million of these types of attacks worldwide. The costs associated are eyewatering too. According to IBM’s 2022 report, the average ransom payment is $812,360, or £650,000. However, this is only part of the total cost. When taking into account disruption, downtime and loss of business, IBM puts the average cost per attack at $4.5 million, nearly £4 million. In the UK, businesses should note they will also be liable to fines from the ICO for breaching GDPR guidelines should they fall victim to an attack where data is stolen. This can be up to 4% of global revenue. 

It’s not all doom and gloom, however, and there may be some light at the end of the tunnel in how organisations are responding. While an ever-greater number of companies are being held to ransom, the amount of money cyber gangs are managing to extort from victims is in decline. 

The amount paid to cyber criminals last year totalled $456.8 million (£402million), down from $765.6 million (£675million) the year before – a decline of over $300 million (£264million) in 12 months. While underreporting of costs and breaches can be commonplace, these figures definitely indicate a downwards shift. 

There are potentially a multitude…

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Support from British businesses crucial in removing over 235000 … – National Cyber Security Centre

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Support from British businesses crucial in removing over 235000 …  National Cyber Security Centre

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CRITICALSTART® Unveils Mid-Year Cyber Threat Intelligence Report Highlighting Key Threats Disrupting Businesses

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Report finds two-step phishing attacks increasing; Beep malware top of mind for organizations; state-sponsored cyber-espionage on the rise

PLANO, Texas, June 13, 2023 /PRNewswire/ — Today, Critical Start, a leading provider of Managed Detection and Response (MDR) cybersecurity solutions, released its biannual Cyber Threat Intelligence Report, featuring the top threats observed in the first half of 2023, and emerging cybersecurity trends impacting the healthcare, financial services, and state and local government (SLED) industries. The report also includes actionable insights to help organizations strengthen their security posture and proactively mitigate potential risk.

The cyber threat landscape is constantly evolving, and threat intelligence is essential for identifying and responding in real-time. Cybercrime has become the world’s third largest economy, and estimated to generate $8 trillion (about $25,000 per person in the US) by the end of 2023. The Critical Start Cyber Threat Intelligence (CTI) team analyzed a range of intelligence sources, such as customer data, open-source intelligence, vulnerability research, social media monitoring, and dark web monitoring to identify the most pressing cybersecurity threats of the first half of 2023.

Key report findings include:

  • The Critical Start Security Operations Center (SOC), which monitors millions of endpoints with over 80,000 investigations a week, saw increases overall in the number of investigated alerts, alerts escalated to customers, and alerts that were of high or critical priority. In the first quarter of 2023, the SOC saw a 38.88% increase in the number of high or critical priority alerts escalated to customers over the previous quarter.
  • Two-step phishing attacks are on the rise, with attackers using convincing emails that resemble legitimate vendor communications, often related to electronic signatures, orders, invoices, or tracking information.
  • The new Beep malware is top of mind for organizations and individuals. This pervasive threat is delivered via email attachments, Discord, and OneDrive URLs.
  • State-sponsored cyber espionage is becoming increasingly common, with threat actors operating out of Russia,

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How Much Do Security Systems for Small Businesses Cost?

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Small business owners must protect company assets — such as sensitive data, computers, inventory and vehicles — against theft, vandalism and damage. A business security system is the best way to do this around the clock.

There’s a vast array of security systems, so it’s crucial to evaluate and select the business security system features you need to protect the assets you rely on most.

We’ll explore the four primary types of business security systems, along with their functions and costs, to help you decide on the best security solutions for your organization’s needs. 

Editor’s note: Looking for a video surveillance system for your business? Fill out the questionnaire below to receive more information from our vendor partners.

How much do business security systems cost?

Business security system costs can be divided into four general categories: hardware, installation and activation, business monitoring, and cybersecurity. Here’s a general breakdown of the expenses you’ll see. (We’ll go into more detail about equipment in the following section.) 

  • Hardware: Business security hardware is usually the most expensive part of the solution, costing $1,000 to $2,500. However, these costs represent only one business location. If you open new locations or already have multiple locations, costs will be higher.
  • Installation and activation: Your hardware will be installed and activated by fitters employed by your hardware supplier. You’ll likely pay $300 to $500 for this service.
  • Business monitoring: It costs between $40 and $120 per month to monitor individual security devices, like alarms and cameras. Landline monitoring prices are often around $10 less per month than cellular monitoring.
  • Cybersecurity: Your cybersecurity plan should include standard cybersecurity apps, which cost around $50 a year per device. However, technically sophisticated software can cost significantly more.

When you add all of the expenses, you can expect a business security system to cost around $1,390 in the first year with one device monitored and $170 a year after that — before any maintenance or repair charges.

The more you want to protect, the more it will cost. Consider checking if your…

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