#NSBCS.045 - Trust, Growth, and Cybersecurity – The hidden ROI
Source: NSB Cyber
Trust, Growth, and Cybersecurity – The hidden ROI
As a business founder, my thoughts often turn to what could go wrong and how to prevent it. Cybersecurity, once viewed as just an IT issue, has now become a critical business priority. With high-profile breaches fresh in the mind of most business leaders, it’s clear that cybersecurity must be top of mind for all leaders, not just those in tech. It’s encouraging to see that more businesses are beginning to recognise the hidden value that proactive cybersecurity brings.
While preventing breaches is crucial, the return on investment (ROI) from cybersecurity goes far beyond avoiding disruptions. One of the most powerful, yet often overlooked benefits, is the impact on customer trust. A strong security posture doesn’t just avert disasters - it can help businesses grow by strengthening relationships with their customers.
In today’s climate, trust is everything. Consumers are more informed and aware than ever of the risks to their personal data, and they choose businesses that take security seriously. People want to know that their information is safe, and they are increasingly selective about whom they trust with their data.
When customers feel confident that their data is being protected, they’re more likely to stay loyal, recommend your business to others, and keep coming back. Trust drives revenue. In competitive markets, retaining customers and building long-term loyalty is essential, while there are many elements to this, increasingly cybersecurity plays a significant role in fostering that trust and driving that value.
On the flip side, a single breach can undo years of effort. As we’ve seen with recent data breaches, the reputational damage can be severe. Once trust is broken, it’s incredibly difficult - and expensive - to rebuild. That’s why investing in cybersecurity is investing in your business’s reputation and the customer relationships that underpin your success.
Strong cybersecurity measures give businesses a competitive edge. When a business can demonstrate that it prioritises security, it sends a clear message: We care about your privacy and security. This can be a key differentiator and help drive decisions around whether to start or maintain a relationship.
Investing in cybersecurity shows that your business is forward-thinking and responsible, which helps build deeper connections with both customers and partners. In an age where breaches are becoming more common, businesses with robust security practices are often seen as more trustworthy and dependable.
For forward thinking Australian businesses, cybersecurity offers a hidden ROI that extends well beyond preventing data breaches. In an era where trust is one of the most valuable business assets, strong cybersecurity isn’t just a cost - it’s an investment in the long-term success and growth of your business.
For information on NSB Cyber’s Cyber Resilience capabilities or to book a meeting with our team, click here.
What we read this week
Critical Ivanti RCE Flaw With Public Exploit Now Used in Attacks - A critical remote code execution (RCE) vulnerability in Ivanti Endpoint Manager (EPM) is now being actively exploited, allowing attackers to execute arbitrary code via a SQL injection flaw. The vulnerability, tracked as CVE-2024-29824, was patched by Ivanti in May, but threat actors are targeting unpatched systems using a publicly available exploit. United States federal agencies have been ordered to patch the flaw within three weeks. Organisations worldwide are urged to prioritise updates to protect against these attacks.
Hackers Pose as British Postal Carrier to Deliver Prince Ransomware in Destructive Campaign - Hackers are posing as the British postal service, Royal Mail, to spread Prince ransomware in the United States and United Kingdom. In this campaign, emails trick victims by claiming failed deliveries and include malicious links. In the latest campaign identified by Proofpoint, hackers included PDFs in their phishing emails with links to a ZIP file hosted on Dropbox. The ZIP file contained a password-protected file, which, when opened, initiated the malicious code, leading to the ransomware infection. While the ransomware encrypted files, it displayed a fake Windows update screen and placed a ransom note on the desktop. The note falsely claimed that files had been stolen and promised that automatic decryption would occur if the victim paid $400 in cryptocurrency to a specific wallet.
Fake Trading Apps Target Victims Globally via Apple App Store and Google Play - A global fraud campaign has been using fake trading apps distributed through both the Apple App Store and Google Play to scam victims. The apps lure individuals with promises of easy financial gains, often through cryptocurrency investments, but are actually part of a larger pig butchering scam. Victims are deceived into depositing money, only to find themselves unable to withdraw funds, with attackers demanding additional fees. The apps, cleverly disguised and difficult to detect, have reached victims across multiple regions.
Microsoft: Cloud Environments of US Organisations Targeted in Ransomware Attacks - A ransomware group, Storm-0501, has been targeting United States (US) organisations by exploiting hybrid cloud environments. The attackers gain initial access through compromised credentials or vulnerabilities in software like Citrix NetScaler and Zoho ManageEngine. Once inside, they steal credentials, move laterally, and maintain persistent backdoor access to cloud environments, deploying ransomware across the network. The group has used various ransomware strains like Alphv/BlackCat and Embargo in these attacks. Microsoft advises organisations to strengthen security around weak credentials and over-privileged accounts.
Critical Zimbra RCE Flaw Exploited to Backdoor Servers Using Emails - A critical remote code execution (RCE) flaw in Zimbra email servers (CVE-2024-45519) is being actively exploited by attackers to backdoor servers through specially crafted emails. The vulnerability allows malicious commands to be executed via the "CC" field in emails sent to the Zimbra SMTP server, installing webshells on targeted servers. These webshells provide attackers with full access to the compromised systems for data theft and further network infiltration. The flaw was disclosed with a proof-of-concept, leading to widespread exploitation. Zimbra has since released patches to mitigate the issue.
References
https://www.bleepingcomputer.com/news/security/critical-ivanti-rce-flaw-with-public-exploit-now-used-in-attacks/
https://therecord.media/hackers-pose-as-british-postal-carrier-prince-ransomware
https://thehackernews.com/2024/10/fake-trading-apps-target-victims.html
https://www.securityweek.com/microsoft-cloud-environments-of-us-organizations-targeted-in-ransomware-attacks/
https://www.bleepingcomputer.com/news/security/critical-zimbra-rce-flaw-exploited-to-backdoor-servers-using-emails/