Exploit: Unauthorized network access
ResiDex Software: Software provider for assisted-living, group facilities, and care-giving organizations
Risk to Small Business: Severe: When the software company was the victim of a ransomware attack on April 9th, it discovered unauthorized network access starting on April 2nd. ResiDex launched an IT forensics investigation, which determined that no company information was accessed in the attack. However, hackers could have gained access to the personal information of its clients. Not only will ResiDex have to bear the cost of updating its cybersecurity standards, but the unquantifiable reputational damage will have continuing consequences as the company tries to attain new clients or maintain relationships with existing customers.
Individual Risk: Severe: Since ResiDex serves assisted-living, group facilities, and care-giving organizations, patients at these locations could have their information compromised in the breach. This could include names, social security numbers, and protected health information that was stored with the provider. The software company notified all impacted individuals, but this information can quickly spread on the Dark Web, and those impacted should attain proper identify and financial monitoring services to ensure that their information remains secure.
Customers Impacted: Unknown
How it Could Affect Your Business: When sensitive personal information is compromised in a data breach, companies have a responsibility to help their customers regain confidence in their data’s integrity. In addition to providing identity and financial monitoring services to those impacted, understanding if the exposed information is accessible on the Dark Web by hackers is a critical component of a strong breach response.
In Other News: Canadian Companies Unprepared for Cost and Consequences of a Data Breach
Shred-it’s annual Data Protection Report, which evaluates the most prescient threats to data security, took aim at Canadian businesses and concluded that they have an overly optimistic outlook of today’s cybersecurity landscape.
Consequently, many companies are not prepared to defend against a data breach, which could negatively impact revenue, employee, and customer retention.
The survey identified shifting consumer sentiments about data privacy and encouraged Canadian businesses to cater to the changing market dynamics by considering the reputational damage that accompanies a data breach along with other serious consequences.
Today, the stakes couldn’t be higher.
A single data breach can have devastating outcomes for companies of all sizes, and this year’s survey concluded that too many companies need to prioritize cybersecurity as a critical component of overall business success. In many cases, partnering with a qualified security consultant can patch holes in your cybersecurity protocols while bolstering your defenses going forward.