Aside from the cool sounding name, the Bad Rabbit Ransomware has quickly become a problem across Russia and Eastern Europe. While not as many are being affected as with WannaCry or Petya, it is still causing headaches for hundreds of organizations.
Ransomware is a particularly nasty type of cyber-attack that costs far more than the relatively minor payouts demanded. For example, as we have seen with WannaCry, certain organizations are particularly vulnerable to ransomware such as healthcare. Disruption of patient care, destruction of data and general disorder caused by a ransomware attack is felt particularly hard by targeted healthcare organizations.
According to a recent Ponemon study commissioned by Centrify, the costs for a breach can have a significant impact on the bottom line. The study highlighted that a whopping thirty-one percent of consumers impacted by a breach stated they discontinued their relationship with an organization that experienced a data breach.
Security is a core business concern that demands the attention of the CEO, the C-suite and the board of directors. In fact, a breach can damage a company’s image for good. The Ponemon study found that breaches rank in the top-three most negative impacts to brand reputation, following terrible customer service and environmental disaster.
It’s not vital for C-suite execs to be cybersecurity experts. But they do need to have the right investment priorities. And if they do, they will benefit. Companies that invest in Identity and Access Management (IAM) best practices—such as taking the appropriate steps to secure privileged identities—experience far fewer breaches compared to companies that do not, according to a Forrester survey. These companies are 50% less likely to experience a breach. And even better, employing IAM best practices can result in organizations spending 40 percent less on technology.
Clearly this should serve as a wake-up call to every organization that security isn’t just about protecting data, it’s about protecting the business. It is no longer just an IT problem — it must be elevated to the C-suite and boardroom because it requires a holistic and strategic approach to protecting the whole organization.
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