Whether or not you follow politics, it was hard to ignore the tension leading up to President Biden’s meeting with Putin. While there were many topics discussed, the topic of Cybersecurity had us here at Vodigy on the edge of our seats.
We have now experienced firsthand how disruptive and ungodly expensive a cyberattack can be, especially when we are talking about ransomware. Most recently, cybercriminals seem to have been focusing on companies with ties to critical infrastructure and very deep pockets. One might ponder, ‘well, what does this have to do with my SMB (small and medium business)?’ Let’s take a look at a few key takeaways from the Biden-Putin meeting and how they affect us here in SMB land.
It is a start…
The simple fact that President Biden and Putin were able to discuss this issue at all is a very positive sign. The best problem-solving solutions are often created by starting a simple conversation. During their conversation, Putin even admitted that if a similar ransomware attack to the Colonial Pipeline were to happen on Russian soil that “It would matter.” Basically Putin-speak for ‘yeah, that would really suck,’ and optimists might say that is a very good start.
Hands off the critical infrastructure, you fool!
According to Statista the global industry that was most targeted by cyber criminals in 2020 was manufacturing, followed in order by finance and health care industries. While wider industry specific sectors may vary, that is a scary thought. Even if hackers only went for the big fish, it would inevitably trickle down to smaller suppliers and businesses. These larger companies might be able to take the hit but most SMBs would be put out of business in a single attack. According to Accenture the average of a malware attack on a company is an astounding 2.6 million dollars! That is not something most businesses are able to shell out easily.
In the recent meeting, Biden proposed that we take a ‘hands-off’ approach to 16 points of critical infrastructure. These include areas like critical manufacturing, communications, healthcare, energy, finances, and several more.
While most of us would have preferred a ‘just knock it off’ approach to cyberattacks in general, it is at least beginning to what we are hoping is a more productive conversation that will lead to decisive action.
Trickle down solutions
Since 2018, the World Economic Forum has been working diligently to compile a list of items they believe will be most effective in the upcoming battles against cybercrime. These include things like providing equal access to cybersecurity measures, creating an international approach to handling incidents, providing alternate incentives for not paying cybercriminals in ransomware events, and of course encouraging cross-sector cooperation that extends internationally.
Essentially, we all need to be working together to advance in this war. By coming together to create new and lasting solutions to our cybersecurity problems, we will hopefully come to a place where the best solutions are available to everyone. This unfortunately means we will have to play the long game but here at Vodigy, we have a positive outlook for the future.
In the end…
No one is safe from a cyberattack. No matter how much we like to think we are invulnerable or have adopted the ‘it won’t happen to me’ mantra, cybercriminals are out there working constantly to worm their way in. In fact, some even forget that this is a worldwide problem, even though in the US we are predominantly dealing with cyberattacks that are Russian in origin.
Now that the conversation has begun, we can expect to see more effort in battling cybercrimes worldwide, expanded cybersecurity options, and more options for SMBs.
In the meantime, the best solution to battling cybercrime is being prepared. At Vodigy, we have the knowledge and expertise to ensure your company is as protected as it can be. Reach out today for your free technology assessment. We look forward to hearing from you.
