DON'T PAY THE PRICE FROM CYBERATTACKS


IT is without a doubt that moving towards digitalisation is the solution for many businesses now and the pandemic has hastened the process for many, from large corporations to small enterprises working from home.

But in the rush not to be left behind, many companies tend to forget or choose to ignore the issue of cybersecurity.

The Department of Statistics Malaysia shared that the number of new media content complaint cases received by the Malaysian Communications and Multimedia Commission (MCMC) in 2020 increased by 99.5% to 20,805 complaints out of 10,426 complaints in 2019.

It also stated that all elements of complaints recorded an increase.

Rise in ransomware

One of the more prevalent types of cyber attack seen worldwide comes in the form of ransomware.

Like its name, this malicious software, or malware, targets companies with the threat to publish or to block access to the company’s data or computer system.

This is usually done by encrypting the data or computer system until the victimised company pays a ransom fee to the attacker.

Usually the attack comes through an inadvertent introduction of a Trojan horse malware, either from the Internet or via physical source such as the USB flash drive.

These malware could have infiltrated via the form of a computer download disguised as a completely legitimate programme.

A recent example of this malware has been reported by the United Nations Office on Drugs and Crime, which occurred last May, when international insurance company AXA’s subsidiaries in Thailand, Malaysia, Hong Kong and the Philippines were all hit by an attack for US$20mil in ransom.

Closer to home, Malaysian web-hosting service Exabyte came under attack in September last year, for US$900,000 in cryptocurrency as ransom.

As a large international conglomerate, the concern becomes startlingly obvious as cases show that these attacks now target even local companies.

That means cybersecurity has to be integral in the decision-making process.

Vulnerability issues

As ransomware makes in-roads within the country, Malaysian-based corporations should also be concerned for, as much as these criminals target conglomerates overseas, local divisions can soon come under attack.

An alarming trend was also highlighted in an IBM report called Securing the C-suites, where it is shown that 65% of C-suite executives are confident of their cybersecurity plans, although only 17% actually show high levels of preparedness and capability.

Yet cybersecurity has progressed beyond the Tech department and today threatens all aspects of any organisation. When a ransomware attack occurs, decision-makers will be pressed for a quick response to ensure their businesses still run with the least impact.

To many, paying off is the quickest, easiest way to mitigate the problem than having to reinstall everything or begin gathering the database from scratch.

Despite doing so, the sensitive data is considered compromised and could potentially end up on the black market or the dark web.

Also, companies that were ransomware victims tend to be caught in the crosshairs yet again by other malware syndicates as they are considered easy prey.

The corporation could also be penalised by authorities with fines under law for negligence in keeping customer information safe, and if this hits the news, it would be a dent in its reputation and goodwill to its customers, clients and even the community.

It would even reflect a fundamental weakness in the company’s overall structure, again showing them to be easy pickings for future attackers.

Preparedness is key

As a company, having solid protection is crucial as it helps maintain some form of integrity in your operations.

For that, it makes good sense to engage third-party experts who provide tools to fortify your company’s security at all times at competitive rates.

Celcom, together with Spain’s Telefónica Tech, has solutions to protect your business from cyber threats. Telefónica Tech is world-renowned as a cybersecurity expert.

Part of its many safeguards is its Global Security Operation Centres which helps to secure the protected customers against the potential cyberattacks in a cyberworld without borders.

Telefónica Tech’s collaboration with Celcom in offering two cyber threat solutions.

One is the Digital Risk Protection, which proactively monitors and detects vulnerabilities on the open web, deep web and dark web 24/7 in search of your company’s references and mentions to assets.

It then analyses these mentions and provides you with real-time alerts for you to activate browser and network blocking services.

While the Vulnerability Risk Management will initially scan through your network to identify threats and the strategies you can use to manage through a 24/7 notification and reporting system through Celcom’s Customer Portal.

Get serious about cyber security for your business. Call Celcom at 019-601 1111, or visit https://business.celcom.com.my/cyber-security/cyber-threat to learn more.

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