The Risks of Outdated Software for Small Businesses
Summary: Ransomware protection has become an essential component of robust cyber security. Learn about ransomware risks and why updating hardware and software is crucial to defending against ransomware and other malicious attacks.
Unfortunately, many companies are slow to update their cyber security posture over time and don’t think much about IT issues until there’s a problem. Ransomware risks don’t cross their minds until they are faced with an attack and the business grinds to a halt. The word “ransom” is never used in a good context. The holding of anyone or anything and demanding a ransom for its return is terrifying.
In the cyber world, hackers seek any security vulnerabilities to launch ransomware attacks. Often, manufacturing companies find it costly and time-consuming to match new automated cyber protections with outdated hardware and software. Retrofitting equipment, integrating smart technology and updating components can be daunting to an SMB owner. However, the use of outdated tech affords cyber criminals many more opportunities to target your system, putting you, your vendors and your customers at risk. The risks of outdated software increase the likelihood of a cyberattack.
Even worse, new components and devices are often connected to a network without sufficient time devoted to planning a secure integration and patching of security holes. The average SMB owner doesn’t have the time or knowledge to perform a comprehensive cyber risk analysis to assess the state of their protection. So, they continue to use old tech in conjunction with new tech. Here are some areas where retaining old technology increases ransomware risk:
- Unsecured Wireless Printers – Most users aren’t aware of printer cyberattacks. They don’t realize that any device connected to their computer network is a potentially vulnerable endpoint. Endpoints are the points through which devices are connected to a network. Cybercriminals specialize in capitalizing on endpoint vulnerabilities. Unsecured network printers are as vulnerable as any connected devices. Hackers can steal previously scanned, saved and transmitted documents, and a skilled cyberthief can breach an entire network through an unsecured wireless printer.
- Remember Fax Machines? – Although they’ve been on their way out for well over a decade, many businesses still use fax machines. Hackers can hijack automated fax distribution systems through unsecured fax machines and wreak corporate havoc by mishandling sensitive documents. Most fax machines are now part of multi-function printers and therefore require the same attention to security as any other device.
- Old CCTV and Video Call Systems – Smart devices, smart-controlled HVAC systems, cameras and the pandemic-spawned need for video calls left many SMBs in a complicated situation. They needed to rush to create a remote workforce. But many could not afford to replace all their hardware, cameras, printers, keycode pads and other devices all at once. Therefore, many vulnerable devices were not updated or changed due to budgetary concerns.
- Outdated Software – This is the big one. Outdated software affords hackers clearly defined targets. The majority of software updates include patches and fixes for known security holes. The software developers evaluate security data about their applications and release updates to secure their programs further. Businesses significantly increase their chances of being attacked by neglecting to keep software up to date.
Recent Cyber Threats: Proactive Protection Helps Avoid Expense and Disruption
No single method can completely prevent cyberattacks. Layers of professionally managed security provide the best defense. Tightly budgeted SMBs must understand that cyber security can no longer be an afterthought. Cybercriminals relentlessly find new ways to infect computer systems with malware (malicious code). Ransomware attacks are the costliest and most popular of recent cyberthreats. Imagine starting work in the morning, logging on and seeing this message on your monitor:
***SURPRISE! ALL OF YOUR FILES HAVE BEEN ENCRYPTED***
IF YOU DO NOT PAY $10,000 WITHIN 24 HOURS, THE RANSOM WILL DOUBLE.
FAILURE TO PAY WITHIN 72 HOURS WILL TRIGGER PERMANENT DELETION OF ALL FILES.
HOWEVER, IF YOU PAY, YOUR DATA WILL BE DECRYPTED AND YOUR ACCESS RESTORED. FURTHER INSTRUCTIONS TO FOLLOW.***
Recovering after beginning your workday with that kind of ransom message will likely require the services of IT and cybersecurity professionals, lawyers, insurers and accountants. You may even need to recreate years of data. The cost of a ransomware attack goes far beyond a ransom payment and usually results in weeks of network downtime.
Can I Stop Ransomware?
Unfortunately, ransomware attacks and their delivery methods are constantly evolving. Even with top-of-the-line, state-of-the-art ransomware protection, your network still might be attacked. In the event of an attack, the company that is best prepared is most likely to survive the attack and quickly get its operations up and running again.
The most critical component of preparing for the possibility of a ransomware attack and other recent cyber threats is the creation and maintenance of a detailed Incident Response Plan (IRP). IRPs cover the steps to be taken to get your business back up and running when already under a ransomware attack. But there are several vital tasks that can be done before a ransomware attack to reduce the possibilities of falling victim to one:
- Establish IT Best Practices – For any business, cyber security is only effective if everyone is on the same page. Establishing company IT best practices is the first step, but ensuring compliance and follow-up training is essential to reducing cyber risks. Top-line IT best practices include:
- Multi-Factor Authentication (MFA) – The use of MFA across all platforms is a strong frontline defense against cybercrime. Hackers have many ways of guessing passwords, and adding additional credential verification points slows down or thwarts their attack efforts.
- Limit Permissions – Limiting network permissions to “as needed to perform the job” means that employees will only have access to the platforms they need. For example, an entry-level graphic artist does not need to access the accounting department’s data.
- Lock Down Endpoints – SMBs without dedicated IT experts on staff will often add new devices to their computer network without considering the cyber risks that must first be addressed. Every device connected to your network is a vulnerable endpoint. If you lack the skills to perform a detailed cyber risk analysis to ensure that all your endpoints are secure, you should enlist the help of ransomware protection specialists. Computer network protection can only be effective when all vulnerabilities have been identified and locked down.
Cyber security has become highly complex, and the cyberthieves' target landscape continues to change and grow. Even large corporations with full-time cyber security teams have trouble keeping up with recent cyber threats. Ransomware attacks are becoming more and more common, and they are a threat to an SMB’s survival. Do not wait until a scary warning greets you when you log on to your computer. Reduce the risks of outdated software to protect your business data.