18 WESTERN PALLET
Cybersecurity Basics
Webinar offers tips on getting started
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In late April and early May, cyber crime once again has been front-page news on the West Coast. As we go to press, all 79 locations of London Drugs, a BC-based drugstore chain, remain shuttered for the sixth consecutive day due to a cyber attack. Cybercriminals do not only target large companies, however. Small and medium companies are also in the cross-hairs of such 21st-century crime tactics.
And if cyber security isn’t yet a key talking point for your pallet company, it should be. How big is cybercrime? If you compare the global cost of cybercrime to the GDP of leading nations, it would slot in at the Number 3 position, between China and Japan, commented Alan McDonald, President and CEO of AllConnected, a Sim Valley, California-based cyber security firm with customers across the country. AllConnected provides a range of services to help protect businesses from cybersecurity threats and disasters, helping to ensure their IT infrastructure is resilient and available. McDonald recently led the WPA cybersecurity webinar with longtime WPA thought leader Brint Walker, an insurance broker at Acrisure.
McDonald presented an example of a very recent ransomware request. Ransomware is used to encrypt the files on a victim's computer or network, rendering them inaccessible. The attackers then demand a ransom from the victim in exchange for the decryption key needed to unlock the files. These demands typically require payment in cryptocurrency, providing anonymity to the attackers. In this case, the cybercriminals were threatening to sell or make public the exposed client data unless payment was made. Luckily, this business had safeguards in place to
restore its system without paying the ransomware.
What is cyber security and why it matters
Cyber security involves protecting computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. It includes a range of techniques and strategies designed to safeguard data integrity, confidentiality, and availability from cyber threats such as viruses, malware, ransomware, and phishing attacks. It is a critical measure in today’s business environment to secure sensitive information and to help ensure business continuity in the face of an attack.
In some respects, businesses face a perfect storm. They are increasingly relying on digital solutions and creating exponentially more data than ever before. At the same time, sophisticated cybercriminals are becoming increasingly sophisticated. Take phishing attempts, for example. While not long ago such emails might have been easy to identify due to grammatical errors, unusual wording or other mistakes, now they often look legitimate, McDonald noted, thanks to AI assistance in generating them.
Cybersecurity starts at the top, fostering a cybersecurity culture
McDonald emphasized that effective cybersecurity starts with company leadership. He listed five key elements of an effective cybersecurity program. For example, while not long ago, having a good firewall and Wi-Fi password was enough, that’s no longer enough.
“Those things don't work anymore,” McDonald said, “and they litigate a very low percentage of security breaches today. It's important to invest in tools and resources to make sure that your organization is defended.” He remarked that while the cost of some security tools is dropping, it is important to understand the threats involved and the tools aimed at mitigating them.