Why Developing a Cyber Security Program is Important, cybercrime is becoming increasingly prevalent, persistent and costly to business. The consequences of a cyber-attack include downtime, brand reputational damage leading to fewer business relationships and potentially large fines.
In one example, 3rd party software vendor Kaseya experienced a ransomware attack that leveraged a supply chain attack that installed ransomware on client systems.
The group responsible, REvil, demanded $70m in exchange for decrypting the encrypted information.
The Kaseya ransomware attack demonstrates the importance of developing controls to detect cyber breaches and having plans in place to respond quickly and effectively to reduce the negative impact caused by a cyber-attack.