Cyber Attacks in the Digital Age

In March 2021, one of my relatives experienced a ransomware attack. He owned and ran an HVAC parts distributor for more than 40 years, and as a small business, it was extremely valuable to him. After selling the company in 2020, his involvement in the company at the time of the cyber attack was minimal. However, the ramifications of the attack could have been disastrous for the company that he built up from nothing. The problem started when the computers in the office failed to work, and all of their data was inaccessible. Most people shared one file in which they cross-referenced data, and it had been in use for years. This was a dangerous file to be leaked, and it contained troves of valuable company information. It was quickly determined that the hacker was based in Russia, and he was looking for a handsome ransom payment for them to regain access to all of their data and technology. 

This ransomware attack is a great example of what has been recently happening to countless businesses around the world. According to IBM in its “Cost of a Data Breach 2022” report, the average ransom payment is $812,360, but the average total cost of a ransomware attack is around $4.5 million (TechTarget). The impact of these cyber attacks can be extraordinarily detrimental for a small business that has weak IT infrastructure and insufficient revenue to cover these overwhelming costs. For my relative’s small business, the response to the ransomware attack was impressive. Business was halted for a few days and chaos ensued as they thought through all of their available options, and they ultimately decided to not pay the ransom. While this decision would lead to a loss of a week’s worth of data, the company’s IT department had an off-site backup that contained all historical data. This enabled them to minimize their loss of data, but all of the computer systems had to be rebuilt and reconfigured. The IT department went to work, and the problem was solved within an impressive time frame. All emails and some sensitive files and data were lost, but the damage from the cyber attack was minimal. 

The importance of an adept IT department is demonstrated well in the case of this ransomware attack. Paying the money that the hacker demanded would have been a massive setback for the business, and it would not have solved the root of the problem. The business had weaknesses that cybercriminals could continue to exploit, and rebuilding the company’s systems allowed them to seal off any potential entry points that would prevent attacks by hackers in the future. According to an analysis from the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN), Russian hackers “were implicated in approximately 75% of ransomware-related incidents in the second half of 2021” (TechTarget). Businesses without multi-layered defense within their systems are at risk. Maintaining a proactive approach can be costly and time-consuming for a company’s IT department, but the costs are lower to prevent a cyber attack rather than deal with one. The IT department at my relative’s business is full of talented and knowledgeable individuals, and they learned the hard way the importance of controls and countermeasures.

Cyber attacks are nothing new, and the rise in cyber attacks is curious. What could be the cause of this unwanted increase? Cybercriminals are predicted to cost the world economy $10.5 trillion annually by 2025, and this could be attributed to a variety of factors (Forbes). The digitization of society is most likely the main cause of the rise in cyber attacks, and the increased accessibility of technology around the world has made it possible for hackers to flourish. The novelty of today’s emerging technologies has also contributed to the unfortunate increase in cyber security threats. The lack of built-in protections within new technology allows hackers to be creative with how they work. The public cloud, social media, IoT, botnets, and mobile devices are all opportunities for hackers. Also, malware can be easily purchased on the internet by anyone that has Bitcoin in their possession (CyberNews). Darknet marketplaces make it possible for anyone to obtain malware and ransomware, and this means that even people with minimal technical knowledge can cause tremendous damage. Marketplaces in which malware transactions take place are riddled with skepticism, and hackers and malware developers give each other feedback within these darknet sites to improve their products (CyberNews). This should be alarming for everyone and it proves the importance of using advanced protection technologies.

Artificial intelligence could be used as a tool to prevent hackers from causing cyber attacks. Many companies, such as IBM, have introduced cybersecurity solutions that utilize AI. In fact, IBM claims that all of its security offerings use AI. It is great news to see a company with seemingly endless resources developing protective technologies that are designed to help everyone in society. Artificial intelligence is a topic that is mostly portrayed negatively in the news, but it has enormous potential as a protective force that can be trained to help us. Modern cybersecurity requires perpetual surveillance, and AI is capable of this. It also can recognize patterns and make inferences. Machine learning algorithms can identify any possible security breaches, and all of these features combined result in an excellent wall of security (Forbes). The concerns surrounding artificial intelligence are justified, but its potential as a tool to help us improve cybersecurity can not be overlooked.

The ransomware attack that my relative experienced in 2021 showed me the importance of cybersecurity. Fortunately, the IT department’s proficiency and training allowed them to escape the cyber attack with only moderate damage. The company continues to thrive today, and its cybersecurity is a strength. Many companies that experience ransomware attacks are not quite as lucky, and those that have not been attacked must be vigilant and prepared for anything. With new technologies powering preventative measures that can greatly improve cybersecurity, we are hopefully headed in the right direction.