Cyberattacks can cause huge damage to enterprises. They can cause downtime, data loss or manipulation, and loss of money through ransoms. Further, downtime time can interrupt your services and cause major financial losses.
The recent cyberattack on the Australian telecommunications company, Optus and its customer exodus as a result emphasises that tougher data protection laws are needed to prevent more occurring. The hack was considered as one of the biggest data breaches in the country, according to the Optus CEO, Kelly Bayer Rosmarin.
The former home affairs minister Karen Andrews said the breach was a “wake-up call” for all of corporate Australia about the importance of data protection.
Are you a victim of the recent Optus data breach?
There are various forms of cyberattack ― attacks can cause system or server crashes; can alter, delete, insert or steal data in a system; enter into a system to cause damage or steal valuable information, and disable a system until the company pays the attacker a ransom.
Cybercriminals use sophisticated tools to launch cyberattacks against enterprises. They target personal computers, computer networks, IT infrastructure, and IT systems.
What do cyber-attackers target?
Cyber-attackers are interested in one or many of these data:
business financial data, client lists, customer financial data, customer databases, email addresses and login credentials, trade secrets or product designs, IT infrastructure access, and many more.
So, who is behind these cyberattacks?
The attack can come from external cyber threats such as:
- criminals or criminal groups.
- professional hackers and amateur hackers.
Or the attack can come from insider threats such as:
- employees who ignore the security policies and procedures.
- disgruntled current or former employees who want to avenge your organisation.
- business partners, clients, contractors, or suppliers with system access.
Those who cause the threat within the organisation have authorised and legitimate access to a company’s assets and they abuse them either deliberately or accidentally.
Why is cybersecurity important?
Cybercrime can bring an enterprise to a standstill. According to a recent study by IBM, the average cost of a data breach in Australia is now 4.1 million dollars. The factors that influence the cost are: identifying and responding to the breach, revenue lost due to downtime, long-lasting damage to the reputation of the business and its brand, loss of customer trust, regulatory fines, and even legal action in case of breach of PII (Personally Identifiable Information). Hence cybersecurity is not an option, it is mandatory.
What to do when you experience cyber threats?
When you discover that your company is under attack, there are 7 essential steps you can follow to stop the attack and mitigate the effects: They are:
1. Call up your cybersecurity response team
The first thing you should do in the event of a cyberattack is to summon your cybersecurity response team consisting of cross-discipline professionals trained in cybersecurity.
2. Diagnose the attack
Diagnosing the exact type of attack is important for the response team to act accordingly and focus their attention to recover from the attack. The type of attack only is not sufficient, you need to also know the source of the attack, the size of the damage caused and its impact.
3. Contain the breach
Most of the passive attacks allow the attacker to establish a pathway to your system so that they can continuously extract data over time. So, it is vital to identify the pathway and shut it down. You should do the same thing even in the case of a more active attack.
Whatever may be the type of cyberattack you experience, your team should do the following things immediately:
- Isolate the affected networks from the Internet.
- Disable all remote access to the network.
- Re-route network traffic.
- Change all vulnerable password names.
The key is to close all the access points your attackers have to your system so that you can bring the system to a more secure working condition.
4. Assess and repair the damage
Once the attack has been contained, the next step is to access and repair the damage. This includes finding out which business functions have been compromised, what data has been affected, which systems have been covertly accessed, and if any unauthorised entry points remain. You need to reinstall the systems, restore the compromised data and repair or replace any damaged hardware.
5. Report the attack
Call the Australian Cyber Security Centre and report the attack. If your company has cyber liability insurance, contact your insurance carrier for advice and support.
6. Inform the customers
You need to notify your customers, especially if the attack impacted any customer data. It’s also advised to issue a press release regarding the incident to be transparent about the attack to maintain public trust.
7. Use the experience gained to prevent similar attacks in the future
Gain the proper insights from the incident. Conduct a thorough investigation and update your systems and procedures to keep similar attacks away in the future. Let this incident make you stronger to fight and prevent cybercrime in the future.
Let Globalnet Solutions Australia protect your organisation from cybercrime
Globalnet Solutions Australia is a preferred supplier under the Victorian & NSW state government panels and is also part of the Municipal Association of Victoria (MAV) purchasing contract.
With over 20 years of experience helping hundreds of businesses like yours stand against cyber threats and protect valuable data, you can trust in our ability to help you improve your network security.
Don’t wait until it’s too late — request a consultation today to learn how we can help you protect your organisation from cyberattacks.