While many were celebrating the Fourth of July, hundreds of businesses were debilitated by cybersecurity hacks as a result of the Kaseya ransomware attack.

Now more than ever, small business owners must protect themselves against cyber attacks, and many are turning to managed IT services, sometimes known as Managed Service Providers (MSPs). 

While some businesses employ in-house IT experts, individual employees can quickly become overextended, while MSPs can provide more IT services for small businesses for lower costs. Quality MSPs provide help desk services for small- to medium-sized businesses to best protect themselves against cyber attacks like the Kaseya ransomware attack.

  1. What is the Kaseya ransomware attack?

Cybercriminals, part of a larger Eastern European or Russian cybercrime group known as REvil, committed a supply chain attack against Kaseya, a Florida-based company that provides technology to companies offering technology management services. 

Hackers corrupted Kaseya’s software with ransomware that blocks a computer system’s access and corrupts its data until a ransom is paid. 

  1. How did the cybersecurity attack affect small businesses?

The ransomware within Kaseya’s software travelled down the supply chain to Kaseya’s clients through the MSPs, infiltrating 1,500 businesses including hospitals, dentists’ offices, accounting offices, and local restaurants. 

Using a supply chain attack enabled the hackers to demand a combined $70 million ransom from the affected businesses.

  1. Why do small businesses need reliable cybersecurity?

Many business owners believe their business is too small to be the target of cybercrime, but the Kaseya attack was different—the main targets were the small businesses at the bottom of the supply chain, without which the hackers would be unable to demand such a high ransom.

The attack marks an increased sophistication of cybercrime.

Until recently, most ransomware hackers exploited gaps or issues in a business’ cybersecurity. 

The Kaseya attack, however, pinpointed a software issue that had never previously been identified by vendors or cybercriminals, indicating an unprecedented level of expertise in this attack. 

Cybersecurity experts call this a “zero-day” attack, meaning that developers have “zero days” to both understand and fix this issue. 

The rise in cryptocurrencies has increased the risk of ransomware attacks.

Because cryptocurrencies are decentralized, they are much more difficult to trace than traditional bank transfers, particularly on an international level. Cybercriminals can use cryptocurrency like Bitcoin electronically for faster, more anonymous money transfers with little to no evidence leading back to them. 

With no central authority regulating cryptocurrency transfers, businesses that use cryptocurrencies may be at greater risk of ransomware attacks unless they actively increase their cybersecurity protections. 

  1. How can I protect my small business against cyber attacks?

The sophistication of cybercrime, rise of untraceable cryptocurrency, and the increase in attacks against small businesses all point to one undeniable conclusion: businesses must protect themselves with effective cybersecurity. 

For many small- to medium-sized businesses, managed IT services are the best cybersecurity solution. However, the threat of cybercrime at the vendor level reveals the need for reliable, effective IT services. Until the Kaseya attack, many third-party management services blindly relied upon the technology and software of big, trusted vendors like Kaseya, without employing any checks and balances. 

Good IT services should scrutinize vendors, even reputable ones, to provide their clients with reliable and effective cybersecurity.

GVS IT services is your best option for reliable IT managed services.

GVS IT Services is a North East Florida IT management company that has garnered over 12 years of extensive experience providing many small- to medium-sized businesses with IT consulting services. 

We believe it takes a breadth of knowledge and proficiency to make correct and individual cybersecurity decisions. Our team of experts will manage and monitor all of your IT systems around the clock, improving performance and security. 

You can rest easy knowing that the hidden threats are being resolved before they turn into major problems.

If you are interested in learning more or getting a quote, give us a call today or send an email to [email protected] and someone will get back to you as soon as possible.