Who'd have thought a utility provider could wipe out 46% of your profit overnight?
Well, that's exactly what happened to Target in December 2013.
It turns out hackers stole 40 million financial records from the American brick-and-mortar retailer.
But the real kicker came the following day when they announced the news.
This caused Target's company profits to fall by 46 percent overnight.
And here's the thing…
The attackers didn't start with Target directly.
Instead, they used credentials stolen from their heating and air conditioning provider.
Seems crazy right?
Image Source: Bloomberg.com News
Well, fast forward to 2021, and the problem is even worse.
Because there are hundreds of touchpoints in a business's supply chain.
That means more opportunities for these devastating attacks to happen via a 3rd party vendor.
And this is just one of the many ways a business could be exposed to a supply-chain cyberattack.
I'm currently working on an eBook in which I cover some of the main ways supply-chain attacks happen.
- Exploiting networking vulnerabilities
- Leveraging unpatched software
- Social engineering
That's why it pays to have someone advising on IT Policy and ITSM processes and proactively managing IT security for a business.
The threats are always there, and the odds of it happening to a business increase every day.
Now, I'm not saying someone is going to let a supply-chain attacker in on purpose. They're probably not.
Image Source: MalwareBytes.com Blog
But the problem with many small businesses is that they don't have the right processes and policies in place and are often slow to update software and antivirus protection.
And without the latest protection in place, a business is at greater risk.
So, if a business is relying on hope, good luck, and legacy software or equipment…
Or, they keep putting it off and telling themself that their systems are "working fine"...
Then they are on borrowed time.
So instead of leaving it to chance…
Why not take control and make sure their business is protected from the ever-increasing threat of a cyber attack?
What do you think about businesses that do not safeguard their business from supply-chain attacks?
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Posted from my blog with Exxp : https://itsmrhino.com/blog/how-do-you-lose-46-of-your-profit-overnight/