3 steps to help protect your B2B transactions and file exchanges from security threats

Ransomware and cybercrime have grown to crisis-level proportions, with cybercriminals using more robust attack methods every year. The only solution is to improve defensive technologies and bolster IT hygiene.

Organisations trying to protect their supply chain from ransomware attacks face a considerable enemy as they essentially protect not only themselves, but thousands of other networks. Threat actors know that targeting our supply chains means a threat to an entire ecosystem, impacting more than just the initial business targeted. The resulting impact of an attack on a supply chain has a ripple effect, with ships getting stuck in ports, shelves emptying in the grocery store or worse, medicinal supplies depleting.

As sophisticated as we are with our large spheres of interconnections in our digitized supply chain business models, so too are ransomware attacks over the last couple of years:

Kaseya, an IT solutions developer for MSP’s and enterprise clients, was the victim of a cyberattack last year. As a provider of technology to MSPs, which in turn serve other companies, Kaseya is the centre of a wide software supply chain. Leveraging a vulnerability in their VSA software, the event affected between 800-1500 small to medium-sized enterprises, leaving the affected companies unable to conduct business for weeks. Clients were urged to shut down their infiltrated VSA servers, with Kaseya shutting down their VSA SaaS infrastructure. The ransomware was pushed via a fake and malicious software update leaving 800 Co-op supermarket chain stores in Sweden, among other organisations, temporarily closed, unable to open their cash registers.

The SolarWinds attack was even more successful, enabling hackers to infiltrate 18,000 organisations, including dozens of US Government agencies. SolarWinds are a software company that deals with system management tools and has over 300,000 customers, including the Department of Defence and 425 of the Fortune 500. The malware was deployed as an update from SolarWinds own servers, making it difficult to investigate and solve and is known as one of the largest and most sophisticated operations ever seen.

The emergence of many new ransomware-as-a-service (Raas) gangs in 2022 is equally staggering, such as Mindware, Onyx, Black Basta and the return of REvil. The five biggest attacks this year were on Nvidia, the Costa Rica Government – who declared a national emergency in response to the attack. Bernalillo County in New Mexico, SpiceJet and Toyota who experienced a 5% dip in their production capability.

The B2B landscape is a literal breeding ground for hackers. Organisations need to be aware of these threats and source the best security measures to revitalize their cybersecurity infrastructure.

IBM has released a helpful Supply chain guideline offering 3 steps to help protect your B2B transactions and file exchanges from security threats that can decrease your risk exposure, limit damage and build resiliency into your systems to recover quickly. The article covers how to limit your exposure, control the spread in the event of an attack and how to recover.

As noted, there is no magic bullet to guarantee 100% protection from security incidents, but there certainly are ways to minimize risk, limit damage and build resiliency. If you feel your business is at risk, or have concerns about your future security, then contact Coliance. We offer multi-layered solutions to circumvent multi-layered attacks and can guide you to find the best way to Protect, Detect and Recover against ransomware attacks

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