April Fools' Day may have passed, but when it comes to cybersecurity, ransomware attacks are never a laughing matter. Small and medium-sized businesses (SMBs) in North Carolina have experienced firsthand the serious consequences of such cyber threats. Below we explore two real-life incidents and extract valuable lessons that can be applied to your business.
ONWASA's Ransomware Predicament: A Costly Lesson
In October 2018, the Onslow Water and Sewer Authority (ONWASA) in Jacksonville, North Carolina, suffered a ransomware attack that severely disrupted its operations. The Ryuk ransomware infiltrated their systems, leading to significant operational challenges. While specific figures on downtime and revenue loss were not publicly disclosed, ONWASA acknowledged that the lack of computing ability would affect the timeliness of their services for several weeks. They chose not to pay the ransom and instead embarked on the arduous process of rebuilding their databases from scratch.
Lesson Learned: This incident underscores the critical importance of having robust data backup and disaster recovery plans. Regularly updating and securely storing backups can expedite recovery and minimize operational disruptions.
Cornelius' Cyber Close Call: The Importance of Preparedness
In July 2023, the town of Cornelius, North Carolina, faced a cyberattack that led to the suspension of certain services. The attack was detected early, allowing the town's Technology Operations Department to contain the threat before significant damage occurred. While specific statistics on downtime and financial impact were not disclosed, the proactive response prevented more severe consequences.
Lesson Learned: Proactive cybersecurity measures, including continuous monitoring and rapid response protocols, are essential in mitigating the impact of potential attacks.
General Statistics on Ransomware Impact
While specific data on downtime and financial losses from these incidents are limited, broader industry statistics highlight the severity of ransomware attacks:
- Downtime Duration: On average, organizations experience nearly 14 days of downtime following a ransomware attack.
- Financial Impact: The manufacturing sector alone has incurred an estimated $46.2 billion in downtime costs due to ransomware attacks since 2018.
Practical Steps to Fortify Your Business
To mitigate the risk of ransomware attacks, consider implementing the following measures:
- Regular Backups: Maintain up-to-date backups of critical data and store them securely, preferably offline. This ensures data can be restored without succumbing to ransom demands.
- Employee Training: Conduct ongoing training sessions to help staff identify phishing emails and other common attack vectors. An informed team serves as the first line of defense.
- System Updates: Keep all software and systems current with the latest security patches to close potential vulnerabilities.
- Access Controls: Implement strict access controls, granting permissions based on necessity to minimize potential entry points for attackers.
- Incident Response Plan: Develop and regularly update a comprehensive incident response plan to ensure swift action in the event of an attack.
Choose CloudWyze
Ransomware attacks are a growing threat, and no business - big or small - is immune. The key to staying protected is a proactive approach that includes regular backups, employee training, strong access controls, and a well-defined incident response plan. The good news? You don’t have to tackle cybersecurity alone.
At CloudWyze, we specialize in protecting SMBs with enterprise-grade security solutions tailored to your business needs. Whether it's cybersecurity assessments, disaster recovery planning, or ongoing network monitoring, we help you stay one step ahead of cyber threats. Contact us today or fill out the form below to learn how we can safeguard your business from ransomware and other security risks.