Leading software development company, SolarWinds, is still reeling from the cyberattack that affected 18,000 of its customers. The SolarWinds breach occurred after a hacker installed malicious code into SolarWinds’ Orion software, then targeted specific customers and infiltrated their systems further.
Considering the scope of the attack, it’s not surprising that SolarWinds has suffered significant reputational damage since it became public knowledge. However, it isn’t just reputational damage that the firm will have to contend with.
After spending $3 million on cybersecurity in late 2020, SolarWinds expects to spend a further $20-25 million on cybersecurity, remediation, consulting, and insurance costs in 2021. Given the catastrophic impact of the attack, many are questioning how—and if—the company will bounce back.
What Is a Malware Attack?
Malware can take many forms, including viruses, ransomware, and spyware. Although they operate differently, they all cause damage when they’re installed on someone’s device. Often, hackers will seek to install malicious software—or malware—onto a user’s device without them realizing it.
In the case of SolarWinds, hackers added malicious code to an Orion software update. When customers updated their software, they inadvertently added the malicious code to their systems.
Once malware is present, it can have a range of effects. Some types of malware will prevent your IT systems from functioning, others will destroy your data, and some will be used to hold your data to ransom, with the aim to extort funds.
In addition to this, hackers may use the malicious software to gain access to and sell your data.
Could the SolarWinds Breach Have Been Prevented?
Prevention is always better than a cure, particularly when it comes to malware and cyberattacks.
While you can recover from a malware attack, the damage caused can be catastrophic for your business. If customers lose trust in your firm following a data breach, for example, you might find it hard to regain their loyalty and could experience a drastic loss of revenue.
Furthermore, the downtime associated with recovering from a cyberattack means that your operations could grind to a halt while your IT network is compromised. Combined with the additional costs you’ll face; this could be too much for many businesses to recover from.
Preventing a Malware Attack
If you want to protect your business and your reputation, it’s vital to have effective cybersecurity measures in place. One IT company in Arlington notes, “Outsourcing your IT security practice . . . is the most cost-effective way of managing risk of data breaches and compliance.”
With Managed IT Security Services, you can ensure that your business doesn’t experience a repeat of the SolarWinds breach. In fact, you can upgrade your current cybersecurity protocols to reflect the heightened risk and be proactive in the face of emerging cybersecurity threats.
While malware isn’t the only type of cyberattack that could threaten your business, it does feature heavily in many successful threats. Due to this, it’s vital to be aware of the signs of a malware attack, so that you can take preemptive action if your company is targeted.
With expert support, on-going threat monitoring, disaster recovery plans, and enhanced network security, you can successfully protect your business from the operational, financial, and reputational damage that a cybersecurity attack presents.