A New Study Shows You How To Protect Your Small Business From Phobos Ransomware

Aug 1, 2022

Nowadays, big businesses are not the only ones in cybercriminals’ crosshairs. One cybersecurity firm has found that small businesses are equally in danger from costly cybercrimes, perhaps more so.

A New Study Shows You How To Protect Your Small Business From Phobos Ransomware

If you’re a small business owner and you think that you’re safe from most cybercrimes because of the size of your establishment, these new findings by a leading cybersecurity consultant will give you a wake-up call.

2Secure Corp has released a new case study that shows you why your business is vulnerable to costly cyberattacks, particularly those that make use of ransomware. It is based on an actual event involving a small jewelry shop in Georgia.

Access the full study at https://www.2secure.biz/2022/07/see-it-in-the-eyes-ransomware-attack-case-study-2

The study recounts the timeline of the attack and the actions taken by 2Secure Corp. It also shares insights on the current state of cybercrime and offers you actionable advice that can help you prevent a similar scenario.

The cyberattack on the jewelry store was carried out using the Phobos ransomware, a type of ransomware designed to target small and medium-sized businesses. According to 2Secure Corp, it took 16 hours before the ransomware was detected and 71 days before a resolution was found. By then, over $275,000 on soft costs and $25,000 on ransom, which was paid directly to the attackers, had already been spent.

One of the issues uncovered by 2Secure Corp after the fact was the store’s lack of backup. “It doesn’t matter whether you have backups stored offsite or on the cloud, it’s just absolutely essential to have backups you can resort to if someone should hijack your business-critical data and hold it for ransom,” it explained in its study.

Prior to the attack, however, the store was able to take out an insurance policy that covers cyberattacks. Because of it, the victim was able to mitigate the total financial impact of the attack. “They managed to avert total disaster because they didn’t have to pay all those costs mentioned above on their own,” the author stated.

2Secure Corp found that small businesses like yours are fast becoming a favorite target of threat actors because of their sheer number. Another reason is that small business owners tend to take cybersecurity “too lightly”. Don’t make this mistake.

If you want to take the first step to protecting your business from emerging threats, you can contact 2Secure Corp for a malware attack simulation (MAS). You can think of MAS as a benign cyberattack that’s designed to identify and plug potential weaknesses in your system.

The company can also perform penetration testing, web application assessments, and a full security analysis of your network infrastructure.

Whatever you need, you can rely on 2Secure Corp’s vast experience in the industry. Since its inception in 2003, the company has resolved over 1,200 cybersecurity issues. It was founded by Yigal Behar, an IT specialist with decades of experience handling cybersecurity cases from almost every type of organization, from small operations to government agencies.

For more details about its services and capabilities, visit https://www.2secure.biz

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