Phobos Ransomware Impact On Small Business, New Study Released By 2Secure Corp

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While it is commonly thought that cybercriminals are only zeroing in on large enterprises, a cybersecurity consulting firm has found evidence that small businesses are equally in danger.

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Newsfile

Retrieved on:

Monday, August 1, 2022

Information

Tags:

MAS, Corp, Computer security, Policy, Phobos, Insurance, Government, Ransomware, Risk management

Geotags:

OCEAN TOWNSHIP, NEW JERSEY, GEORGIA

Organisation:

PLENTISOFT

Summary

Key Points:

Ocean Township, New Jersey--(Newsfile Corp. - July 31, 2022) - 2Secure Corp has released a new case study that shows why small businesses across the US are becoming more vulnerable to costly cyberattacks, particularly those that make use of ransomware.
The study recounts the timeline of the attack and the actions taken by 2Secure Corp.
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.

Ocean Township, New Jersey--(Newsfile Corp. - July 31, 2022) - 2Secure Corp has released a new case study that shows why small businesses across the US are becoming more 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.

More information is available at https://www.2secure.biz/2022/07/see-it-in-the-eyes-ransomware-attack-case-study-2

2Secure Corp

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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 the reader actionable advice to 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 the systems rebuild, and $25,000 as the 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 are as vulnerable as large companies when it comes to being a target of cybercrime owing to their number. It added that another reason is that small businesses tend to take cybersecurity "too lightly".

About 2Secure Corp

Since its inception in 2003, 2Secure Corp has resolved over 1,200 cybersecurity issues. It was founded by Yigal Behar, a Cybersecurity expert who has decades of experience in handling Cybersecurity cases from almost every type of organization, from small operations to government agencies.

One of the company's primary methods of preparing businesses for Ransomware threats is a Malware Attack Simulation (MAS). An MAS is described as a "benign" cyberattack designed to identify and plug potential weaknesses in one's system.

Interested parties can learn more about the company's Cybersecurity solutions at https://www.2secure.biz

Contact Info:

Name: Yigal Behar
Email: [email protected]
Organization: 2Secure Corp
Address: 1309 Allaire Ave, Ocean Township, NJ 07712, United States
Phone: +1-646-560-5083
Website: https://www.2secure.biz

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132427