Efficient Plant May 2023 - 32

column | cybersecurity insights
Ransomware's
Threat Grows
Laura Elan
MxD
R
ANSOMWARE breaches
increased by 13% from 2021 to
2022, more than the increase over
the previous five years combined, according
to Verizon's 2022 Data Breach Investigations
Report. There were 236-million ransomware
attacks globally in the first half of
2022 alone.
The impact of ransomware has been
especially hard on the manufacturing
sector which, according to IBM's X-Force
Threat Intelligence Index 2023, is hit with
more cyberattacks than any other industry.
" Ransomware attacks strike hard and
fast. They are evolving rapidly; they are
all-pervasive, " said Lindy Cameron, CEO
of Britain's National Cyber Security Centre,
in a June 2022 speech. It's " the biggest
global cyber threat we still face. "
Ransomware accounted for 17% of
cyberattacks last year, according to IBM,
which previously noted that, " ransomware
actors, in particular, find manufacturing to
be an attractive target, likely due to these
organizations' low tolerance for down
time. "
Put simply, ransomware is maliPersistent
training is key to minimizing
ransomware attacks.
cious software, or malware, that locks
up resources or data or both. In such an
attack, these so-called cyber kidnappers
encrypt data and then demand ransom
in exchange for a decryption key. Or they
take over a network, disabling computer
access until they get paid. Often, they ask
for compensation in cryptocurrencies.
Ransomware can be unleashed in
Laura Élan is Senior Director of Cybersecurity
for MxD Cyber: The National Center for
Cybersecurity in Manufacturing, Chicago
(mxdusa.org). Elan supports MxD's
cybersecurity projects and initiatives
and leads the company's
Cybersecurity Steering Committee.
32 | EFFICIENTPLANTMAG.COM
a company's network in several ways,
including when an employee unknowingly
visits a website that is infected with malware.
The most common route is through
email phishing. Phishing messages and
their dangerous links are disguised to
look like they came from the boss or large,
known and trusted companies.
The costs of these attacks, and the
ransom demands, are also on the rise.
IBM last year put the global average price
of a ransomware attack at $4.54 million,
not including the ransom. According to
a recent survey, many small- and medium-sized
businesses said they would likely
not survive such an attack.
Government agencies, including the
FBI, discourage payment of ransoms, but
two-thirds of firms do pay, according to
the 2022 Cyber Readiness Report by
insurer Hiscox.
Colonial Pipeline, which was shut
down by a ransomware attack in 2021, paid
Russian-based cybercriminals $5 million
in ransom, the company's CEO told a
Senate committee. U.S. law enforcement
officials later said they were able to recover
about half of that amount, which Colonial
paid in bitcoin.
How can companies combat ransomware?
The most important tool, experts
say, is to train and retrain employees about
how to detect and avoid phishing emails.
Companies must stress the importance
of not clicking on links or responding to
emails that look suspicious.
Good email spam filters are also
crucial as they help keep suspicious emails
from ever reaching an inbox. These steps
become more important as cybercriminals
make their emails look more and more
authentic.
Additional resources on ways to
prevent phishing and ransomware are
available in the MxD Cyber Marketplace.
MxD's free Playbook for CMMC 2.0 Level 1
is also designed to help manufacturers and
their suppliers prepare to meet the upcoming
Department of Defense cybersecurity
requirements. EP
MAY 2023
http://www.mxdusa.org http://www.EFFICIENTPLANTMAG.COM
Efficient Plant May 2023

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