Need for businesses to talk about being victims of cyber-attacks!

Written by Mike Boutwell

August 14, 2022

Cyber-attacks have become more common nowadays. With increase in the use of the internet for multiple purposes including many businesses as well, there is an immense rise of cyber-attacks. Many businesses have become victims of these attacks recently. However, we do not see much news of such incidents. With these attacks, there is a growing need for businesses to talk about such matters to bring in awareness and to help establish strategies to fight against such cyber-attacks. There should be proper well-defined strategies to help businesses to prevent prevalence of such attacks.

Even though it is noticed that many companies and businesses do have systems to protect themselves from many cybercrimes, there is less sharing of such strategies. If these strategies are shared, then it can lead to even better solutions as many cybercrimes are noticed to use the same repetitive strategies most of the time. To address this issue Rogers who is the operating partner of a cybersecurity group known as Team8 has paid much emphasis on sharing of strategies. According to him, ‘pain of one should lead to the benefits of many’. It has been noticed that whenever any business is the target of an attack, they do not share how the criminals were able to gain access to their system and how in response they fought. If more talks take place where businesses learn from the experience of those who were attacked, they can come up with better strategies.

It is even more important to come up with strategies and systems that are able to operate the system even when an intruder has entered the system. This will help to avoid a complete blackout of the system. Along with security against cyber-attack, focus should also be put on cyber resilience. This requires a deep knowledge regarding different methods, and specific functions which can be incorporated into a system to make it more resilient. It can only be made possible if we learn from the experiences of previous cyber-attacks and their patterns.

There are a lot of crimes as noted by the FBI which have led to loss of over 40 million dollars. Ransomware gets the most attention when it comes to such crimes. However, it is noted that there is another one major scam that is causing businesses to lose millions of dollars. BEC, Business email compromise are the scams that get less attention but are now seen as one of the biggest scams that have led to loss of a great amount of money from different businesses. One of the major challenges with BEC attacks is that when a transaction is made, it is done by the owner and not the criminal because the owner is scammed by thinking that they are transacting to the right person. This makes them feel ashamed and they do not share about their experience. The fear of victim blaming is even greater in this case which leads to less talk about crimes related to BEC.

However, the only evident solution to fight against these crimes is to talk about it more. This will lead to developing strategies that incorporate systems which are well equipped to fight from different types of attacks including BEC.

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