Growing Cyber Attacks in MNC’s : A Wake-Up Call for All !

Introduction

Did you know that, on average, a cyberattack occurs every 39 seconds? That’s quicker than brewing  a cup of instant coffee. Yes you read it right. Statistics indicate that there are 2,200 cyber attacks per day, with a cyber attack happening every 39 seconds on average. 

UnitedHealth,  Bank of America (BofA), Fidelity Investments, Hewlett Packard Enterprise, AnyDesk, Integris Health, Schneider Electric and the most recent ransomware attack targeting Infosys McCamish Systems, a US subsidiary of the Indian IT giant Infosys that suffered a loss of Rs 250 crore (roughly £25 million), are examples of just some of the big companies who have fallen victim to cyber attacks.

Here are the list of companies and the type of threat attack they faced in 2024 –

• Hyundai Motor Europe – Black Basta Ransomware
• Sony subsidiary Insomniac Games – Rhysida Ransomware
• UnitedHealth – BlackCat Ransomware
• Hewlett Packard Enterprise – IntelBroker (BreachForums)
• Facebook Marketplace – The ‘algoatson’ Discord handle

These incidents show how cyber attacks are a big problem for companies in every field. The reason? Companies overlook the importance of cybersecurity education until they become victims of cyber attacks. As a result, when attacks occur, the company is ill-prepared to defend itself, leading to significant financial losses. As stated in Business standard, cyberattacks have become increasingly prevalent all over the world. India witnessed a 70 per cent rise in cyberattacks in the third quarter (Q3) this year, with more than 1.6 billion blocked attacks across the globe originating from the country.

It is a digital era and safeguarding digital assets should be a priority for all be it multinational corporations, small industries, startups and even individuals. But it is majorly seen that due to the ignorance, unawareness and improper guidance in cyber security many companies lose hefty amounts in Cyberattacks.

The graph below displays how much money the company loses when it doesn’t protect itself beforehand from cybercrimes. Over time, these costs keep rising. It’s like a warning sign telling us that we really need to step up our cybersecurity game. If we don’t, it could end up costing the company a ton of money and thereby hurting its reputation.

As seen in the recent Infosys ransomware attack, many companies remain unprepared for cyberattacks due to inadequate cybersecurity training. Despite the growing threat landscape, a significant portion of businesses neglect to prioritize cybersecurity education and implementation. Without proper cybersecurity training programs and awareness initiatives, employees & organizations do not recognize potential threats or know how to respond effectively.

To mitigate these risks, it is essential for companies to invest in comprehensive digital security solutions and awareness programs to ensure that employees are equipped with the knowledge and skills necessary to defend against evolving cyber threats.

“Cyber attacks have cost the world 8 trillion USD in 2023, with that number expected to rise to 9.5 trillion in 2024 and 10.5 trillion in 2025”.

Conclusion

Whether it is MNCs, IT Sector, Healthcare Sector or any other startup ransomwares, tricky phishing scams, suspicious Malware, each serves as a clear reminder that ignorance isn’t a bliss. We need to take action to protect ourselves and our digital resources. This means using advanced technologies like firewalls and antivirus software, regularly updating our security systems, and educating ourselves about common cyber threats. 

Additionally, collaborating with one of the best cyber security firms so that organizations can be well versed with the cyber threats that can hamper the digital assets is the need of the hour. At Cyber Octet, we pride ourselves on being a team of highly skilled professionals with over 15 years of collective experience in the field of cybersecurity. With a track record of excellence and a dedication to client satisfaction, we can be your trusted partner in navigating the complex landscape of cybersecurity. Want to know more, we are just one call away!