President Biden Urges Increased Cybersecurity
In a statement released March 21, 2022, President Joe Biden addressed concerns regarding the nation’s cybersecurity. This statement, largely prompted by the threats of cyberattacks from Russia-based organizations in retaliation for economic sanctions, urged business owners in the private sector to step up their security efforts.
President Biden stated, “[T]he Federal Government can’t defend against this threat alone. Most of America’s critical infrastructure is owned and operated by the private sector and critical infrastructure owners and operators must accelerate efforts to lock their digital doors.” This open call to all business owners highlights the central role that cybersecurity plays in protecting the nation’s supply chain security.
Small Businesses Are Not Exempt
While President Biden did not explicitly state that small-business owners ought to increase their cybersecurity efforts, it is worth noting that Russia’s hacking efforts are likely focused on disrupting supply chains, and small to medium-sized businesses play a pivotal role in those supply chains. As Chad Thunberg, CISO at Yubico, pointed out, “Small businesses generate 44 percent of the U.S. economic activity. Many of them are a vital part of the overall supply chain and partner ecosystem of larger organizations…. With attackers increasing their focus on the supply chain, it is imperative that these small and medium sized businesses adopt fundamental and important security practices…”
While a small business’s role in the American economy might seem small, a cyberattack against any company within the nation’s supply chain can have a domino effect that has serious consequences for consumers. While the federal government has placed a focus on strengthening the security measures of federal organizations and the energy sector, this urgent call to increase cybersecurity throughout the private sector was addressed to “businesses” as a whole, and President Biden included the term “everyone” in his statement, making clear that enterprise-level businesses are not the only ones who might be targeted by these pro-Russia hackers.
Some Attacks Have Already Occurred
It is important to note that retaliatory attacks have already occurred against American businesses as retribution for US sanctions against Russia. For example, the well-known pro-Russia ransomware group, Conti, has announced its intent to use their “full capacity to deliver retaliatory measures” against American businesses, and past victims of this group’s ransomware attacks have reported having their data recently sold on the dark web, despite having already paid the ransom to Conti. This makes it abundantly clear that this is not an unfounded threat, but a very real danger to American business owners.
White House Provides Cybersecurity Guidance
In addition to the statement given by President Biden, the White House has also issued a fact sheet listing steps that business owners should take to improve cybersecurity for their organization. Recommendations include mandating multi-factor authentication, encrypting data, educating employees on common tactics used by hackers, and deploying modern security tools on computers and devices. You can find the full fact sheet here.
While many of these recommendations may seem like common sense, it’s important for businesses to review current security measures and determine where they might improve. Implementing new security tools, as recommended on the White House’s fact sheet, can often address multiple recommendations at once. For example, virtual data rooms like those offered by cybersecurity company CapLinked employ data encryption, multi-factor authentication, tiered access, and numerous other levels of security that help to reduce the risk of your company falling victim to Russian hackers.
From the White House’s recent statements and the clear threats given by pro-Russia hackers and the Kremlin itself, it is abundantly clear that now is the time for American business owners to take action and increase their cybersecurity. The steps you take now can prevent or mitigate an attack in the future.
About CapLinked, Inc.
CapLinked, Inc. is a fintech innovator whose cloud-based platform is used to protect information shared between firms and manage interactions during multi-party projects. Thousands of companies in over 113 countries worldwide rely on CapLinked’s enterprise, self-serve, and API product lines. Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Grey (former private equity and investment banking executive) founded the company in 2010. CapLinked is a trademark of CapLinked, Inc.
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SOURCE: CapLinked, Inc.
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