A small company with 25 employees is attacked and its data are encrypted. The chief executive officer (CEO) does not think their insurance would cover the cost of restoration and the company would have to shut down operations for more than 3 months. As a result, they will probably going out of business. They did not spend any of their information technology (IT) budget on cybersecurity. What should they have done before this happened
Before this attack happened, the small company should have taken several proactive steps to mitigate the risk of a cyber attack. Here are some actions they should have taken:
1. Dedicated IT Budget for Cybersecurity: Allocate a portion of their IT budget specifically for cybersecurity measures. This would allow them to invest in the necessary tools and resources to protect their systems.
2. Employee Training and Awareness: Conduct regular cybersecurity training sessions for all employees to educate them about potential threats, phishing attacks, and best practices for data protection.
3. Strong Password Policies: Implement and enforce strong password policies, including the use of complex passwords, regular password updates, and two-factor authentication where applicable.
4. Regular Software and System Updates: Ensure that all software, operating systems, and applications are updated with the latest security patches. Regularly update firmware and apply security updates to network equipment and devices.
5. Network Security: Implement a robust firewall, intrusion detection and prevention systems (IDS/IPS), and secure their Wi-Fi network using strong encryption protocols. Regularly audit and monitor network traffic for any suspicious activities.
6. Backup and Recovery Strategy: Establish a regular backup routine for critical data and systems. This should include storing backups offline or in a separate location from the primary network. Regularly test the restoration process to ensure backups are effective.
7. Incident Response Plan: Develop a comprehensive incident response plan outlining the steps to take in case of a cyber attack. This plan should include roles and responsibilities, communication strategies, and procedures to contain and recover from an attack.
8. Data Encryption and Access Controls: Encrypt sensitive data both in transit and at rest. Implement access controls, restricting user access to critical systems and sensitive data.
9. Regular Vulnerability Assessments and Penetration Testing: Conduct regular vulnerability assessments and penetration tests to identify any weaknesses in the company's systems and networks. Address any vulnerabilities promptly.
10. Cybersecurity Insurance: Evaluate and acquire appropriate cybersecurity insurance coverage, which can help cover the costs associated with data breaches, restoration, and business interruption.
By implementing these cybersecurity measures, the small company could have significantly reduced the risk of a successful cyber attack and the potential devastating consequences it poses to their business operations.