In today’s digital age, the threat landscape has evolved significantly, and cyberattacks have become more sophisticated and accessible than ever before. For board members, understanding the cyber threat is not just a technical issue—it’s a fundamental responsibility that impacts the entire organisation.
Below are five critical reasons why boards must take cyber threats seriously, and why traditional defences, like relying solely on cyber insurance, are no longer sufficient.
1. The Rise of Inexpensive Ransomware Software on the Dark Web
The accessibility of ransomware software on the dark web has made it easier than ever for cybercriminals to launch attacks. Ransomware-as-a-Service (RaaS) is a growing business model where sophisticated ransomware tools are sold or leased to less skilled affiliates. These affiliates carry out the attacks, and profits are split among various players in the cybercrime ecosystem:
- Affiliates: The attackers who execute the ransomware attacks.
- Authors: Developers who create and maintain the ransomware software.
- Launderers: Individuals who convert Bitcoin ransom payments into traditional currencies.
- Bad Actors: Those who provide network access to infiltrate targeted organisations.
The above actors all share in the profits from an attack with the Author and Affiliate getting the lion’s share. This commoditisation of cyberattacks means that even individuals with minimal technical skills can launch devastating ransomware attacks. As a result, all sizes of organisations are potential targets, particularly those with weaker defences.
2. The Inadequacy of Relying Solely on Cyber Insurance
Many companies view cyber insurance as a safety net against ransomware and other cyber threats. However, this approach is flawed for several reasons. Cyber insurance may cover some of the financial losses, but it cannot restore the trust, reputation, or data integrity that may be compromised during an attack. Additionally, cyber insurance policies often come with numerous exclusions and conditions that may limit their effectiveness.
Moreover, attackers may have penetrated the business months before, lying dormant until the most opportune moment—such as just before a holiday or during a critical business period—when an attack can cause maximum disruption. The assumption that cyber insurance will cover all eventualities ignores the reality that damage to an organisation’s reputation and operational capability can far exceed the financial payouts.
3. Sophisticated Attack Strategies Target Vulnerable Moments
Cybercriminals are increasingly strategic, often choosing to trigger their attacks at the worst possible times for businesses. This might include launching an attack during a major product launch, just before a holiday when staff is limited, or at a time when the company is already dealing with another crisis. The timing is no accident; it’s designed to maximise pressure on the company to pay the ransom quickly.
Even worse, it should be assumed that the company’s email systems are compromised. If the cyber response team uses email to coordinate their response, the attackers may be reading those communications in real-time. This allows them to adjust their tactics, making the attack even more difficult to mitigate.
4. The Importance of Using a Secure and Independent Platform Like Sentinel
Given the likelihood that traditional communication channels like email may be compromised during a cyberattack, it’s crucial to resolve attacks using a secure and independent platform like Sentinel. Sentinel provides a controlled environment where the response team can communicate securely, plan their response, and execute recovery strategies without fear of interception by attackers.
By using an independent platform, organisations can ensure that their response efforts remain confidential and are not visible to the attackers. This reduces the risk of attackers adjusting their tactics based on the company’s internal communications, and it helps to maintain operational integrity during a crisis.
5. Commoditisation of Cyberattack Tools: No Organisation Is Safe
The commoditisation of cyberattack tools means that no organisation is immune to attack. Smaller companies may believe they are not worth the effort, but attackers often target those with the weakest defences. They know that smaller organisations may suffer the most from a loss of access to their systems or from the exposure of sensitive data, making them more likely to pay a ransom quickly.
Furthermore, the ease of access to these tools on the dark web has levelled the playing field, allowing even inexperienced attackers to cause significant damage. Organisations of all sizes must recognise that they are potential targets and must invest in robust cybersecurity defences, including secure platforms for managing and responding to attacks.
Conclusion
The cyber threat landscape is more dangerous than ever, and boards must take an active role in understanding and mitigating these risks. The availability of ransomware on the dark web, the rise of Ransomware-as-a-Service, and the inadequacies of relying solely on cyber insurance highlight the need for a more proactive and comprehensive approach to cybersecurity.
Using secure, independent platforms like Sentinel is essential for managing and resolving cyberattacks effectively. As cyber threats continue to evolve, boards must ensure their organisations are prepared to respond quickly and decisively, safeguarding both their operations and their reputations.
Understanding the cyber threat is not just about protecting data; it’s about ensuring the long-term resilience and success of the organisation. Don’t wait until an attack occurs—act now to strengthen your defences and secure your business’s future.
This blog post addresses the critical reasons boards must take cyber threats seriously and highlights the importance of using secure platforms like Sentinel to manage and mitigate these risks.
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