A $1.6 Billion lesson

Just a few short months ago, a payment-processing company under the United Health Group umbrella became infected with a ransomware virus.

Initially, hackers used leaked credentials to access an important application that unwisely left unprotected without multi-factor authentication- a must for business cyber security.

The hacker group, ALPHV/BlackCat (a notorious ring of criminals) laid in wait in Change Healthcare’s network for a horrifying NINE days before unleashing a ransomware attack that crippled the company and severely impacting the entire US health care system- a system that has a hearty cybersecurity budget.

Cyber security is a MUST.

This attack highlights a critical fact- a strong cybersecurity system and recovery plan is NOT something to be conservative with. Every business should heed this warning; failure to take their security seriously will result in a catastrophe.

Once BlackCat made themselves known, 9 days later, they hijacked company data, locked down everything, then demanded an absurd amount of money in ransom. Nationwide health care payment-processing systems for entities like pharmacies and hospitals came to a screeching halt. As if that wasn’t horrendous enough, the group also stole PHI and other information from the patients- potentially millions of Americans. Personal data and health care services were deeply impacted.

The cost of the required temporary shutdown, taking entire systems offline, completely overhauling the IT infrastructure, and the significant financial losses is predicted to reach somewhere around $1.6 BILLION before the year is over.

It’s a harrowing remind that cyber-attacks can linger inconspicuously, waiting for the opportune moment to unleash its reign of terror.

Reacting is simply not enough; you MUST be proactive when it comes to your cyber-security. Systems must be secured, multi-factor authentication employed, regular updates and patches for software up-to-date immediately upon release, and regular Cybersecurity training for all employees and personnel. In the technological world, there is no longer an excuse to overlook these steps. They are basic requirements to run a business.

The notion of “We’re too small to be a target” is a tragic fallacy. You rarely hear about the small companies in the news, but it doesn’t mean anyone is too small to be attacked; and 60% of small businesses close their doors permanently within 6 months of a breach.

One thing we can take away from the Change Healthcare fiasco is that it Is YOUR duty to ensure your cybersecurity is top priority. Investing in cybersecurity that is managed and monitored 24/7 will save you a LOT of money and your sanity later down the line.

Is YOUR practice/business secure? If you’re unsure, or you just want a second opinion, our team of experts will do a NO COST, NO OBLIGATION Security Risk Analysis that will find any holes in your security, and what can be done about it.

Schedule a discovery call to discuss your concerns by clicking the link: Schedule HERE or call us at 541-494-2099