Key Takeaways from the Colonial Pipeline Ransomware Hack | LA IT Support - Managed IT Services Los Angeles

Colonial Pipeline is a company operating the most extensive pipeline system for refined oil products. The ransomware attack forced the company to halt all its services, an incident that drew attention from the consumers, the security community, and the government.

Below are some lessons discussed by LA IT support experts that businesses should draw from the Colonial Pipeline ransomware attack.

Every Business Is Vulnerable to Ransomware Attacks

Cybersecurity attacks have hit deadlines in recent years, and the trend could go on if businesses don’t improve their security measures.

In 2020, a global cybersecurity report revealed that there were 304 million ransomware attacks around the world. This is a 62% increase from 2019 and the second-highest figure ever to be recorded since 2014. Yet, other ransomware attacks haven’t gone public. Notable victims of ransomware attacks include Orange, Acer, and United Health Services.

The attacks mainly target healthcare, hospitals, public companies, and other organizations that lack the skills and technology to defend themselves.

From the numbers, we can tell that every business in the United States and globally is at risk. Cybersecurity and ransomware attacks could become a world’s security threat.

Hackers Have Restructured their Tactics

Cybersecurity and ransomware attacks are not new to us. The attacks have surged in recent years because hackers have found new ways of doing their business.

Long before cryptocurrencies became popular, it was easier to trace money paid to hackers via bank transfers and other money transfer options. However, cryptos have played a significant role in the increased surge of ransomware attacks. Today, hackers demand ransom to be paid in Cryptos, and more specifically, Bitcoin.

Cryptos have turned to be a monetary conduit for crimes, with some calling for their abolition. For instance, Colonial Pipeline paid close to $4.5 million in cryptocurrencies to DarkSide, a ransomware group. Luckily, the US officials managed to recover 67.5 bitcoins worth $2.3 million.

Businesses Should Strengthen Their Security Systems

According to law enforcement groups and the FBI, most businesses that become victims of ransomware attacks always pay a ransom, which isn’t the best solution. The ultimate solution to the problem is for businesses to improve their security systems, which is where LA IT support comes in.

Bottom Line

The colonial Pipeline ransomware attack has taught us many lessons. But the best of them all is for businesses to improve their security systems to reduce ransomware attacks and other cybersecurity threats. Contact us at Advanced Networks for the best LA IT support to help protect your business against cybersecurity attacks.

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