It doesn’t matter how small or large your business is….there is always a threat of a cyber attack. According to www.bcs.org, the cost of a data breach has reached an all time high. The Cost of Data Breaches Report 2022, the average cost of a data breach is $4.5 million. It takes an average of 327 days to identify and contain a compromise through stolen credentials.
To understand just how easily this could happen to your business, consider what happened with Uber. Internal systems were compromised. The teenager used what is known as a multifactor authentication attack. The teenager in this case obtained the employees credentials and bombarded the employee’s phone with authentication request. The employee initially ignored the authentication requests, because he was not logging into the system at the time. Then, the teenager sent a message to the employee via WhatsApp posing as someone from the company’s IT department. The attacker said the employee needed to accept the multi factor authentication requests or they would keep on coming. The employee consented, and the attacker was able to alter the multifactor authentication by adding his own device. And then, he was logged into the corporate system, gaining access to all important credentials.
This could happen to any company! It is so important to raise awareness in your company through training. Also, consider purchasing a cyber liability insurance policy to cover the cost of an attack.