The importance of cybersecurity for small and medium-sized businesses

In today’s digital age, cybersecurity has become a crucial concern for businesses of all sizes. Small and medium-sized businesses (SMBs) are not immune to cyber threats, and in some cases, they may be even more vulnerable due to limited resources and expertise in security measures. This blog post will discuss a recent supply chain cyber attack on U.S. credit unions and the lessons that SMBs can learn from this incident.

The recent supply chain cyber attack on U.S. credit unions

National Credit Union Administration (NCUA) final rule

Just three months after the National Credit Union Administration (NCUA) put into place a final rule requiring federally chartered and federally insured credit unions to notify NCUA of a “reportable cyber incident,” a supply chain attack targeted around 60 credit unions in the United States.

Reportable cyber incidents

The NCUA final rule aimed to ensure that credit unions promptly report significant cyber incidents, allowing for a more coordinated response to emerging threats. This reporting requirement highlights the need for financial institutions to stay vigilant and proactive in their cybersecurity efforts.

Ransomware attack on IT provider

The attack on U.S. credit unions was carried out through a ransomware attack on an IT provider that the institutions used. This shows that even businesses with security measures in place can be vulnerable to cyber attacks through their supply chain partners.

Impact on credit unions

The attack caused outages and disruptions for the affected credit unions, emphasizing the potential repercussions of a supply chain cyber attack on businesses and their customers.

Relevance to small and medium-sized businesses

Risks associated with supply chain attacks

The incident involving U.S. credit unions demonstrates that supply chain attacks can pose significant risks to businesses of all sizes. SMBs need to be aware of the vulnerabilities in their supply chain and implement measures to mitigate potential threats.

The importance of being vigilant and proactive in cybersecurity measures

SMBs must prioritize cybersecurity and remain vigilant in monitoring their systems and networks for potential threats. Proactive measures, such as employee training, regular security audits, and keeping software up to date, can help businesses stay protected.

How MSPs can help businesses stay secure

Security services provided by MSPs

Managed service providers (MSPs) offer a range of security services tailored to the needs of SMBs. These services can include network security, endpoint protection, threat monitoring, and incident response, among others.

The benefits of partnering with an MSP for cybersecurity

By partnering with GXA, SMBs can benefit from the expertise and resources that may not be available in-house. we can help businesses stay secure by implementing best practices, managing security tools, and providing ongoing support and monitoring.

Staying prepared and protected in a digital world

The recent supply chain cyber attack on U.S. credit unions serves as a reminder of the importance of cybersecurity for SMBs. By understanding the risks associated with supply chain attacks, being proactive in implementing security measures, and partnering with an MSP, SMBs can better protect themselves and their customers in a digital world.

GXA is a Managed Service Provider (MSP) who understands these nuances and can tailor a mobile security strategy to the unique contours of your business. Together, we can ensure that your enterprise remains resilient, agile, and secure in the face of an ever-changing threat landscape.