3 Deadly Mistakes That You Make When You Use Technology Cheaply

SMBs, small and medium-sized businesses, have a difficult relationship with technology today - even though they may not be aware of it. SMBs are reacting to the changing marketplace, which is becoming more complex and faster. That's why managed IT services are important.

The most successful business owners today use ever-evolving technology to grab their customers' attention and imagination, convert them and manage their day with unparalleled ease and clarity. The Internet age is an exciting time to be in business. Every business has access to incredibly powerful technology that has changed the face of commerce.

This increased dependency on technology comes with a painful truth. IT can allow us to accomplish amazing things that we would never have thought possible 10 years ago. IT can be a dangerous, unstable, and finicky scaffolding on which we build our highest hopes and dreams. Even the most advanced IT needs to be shaped to our requirements and kept safe from outsiders.

Although technology is a major part of the business, most owners view it as an additional expense and not a core component of their business. They tend to skimp on managed IT services. However, being cheap can come with a price - one that is much higher and more costly than you realize.

 

These are the three biggest mistakes that you can make when you underspend on Managed IT Services.

 

1. Instead of building your technology budget around your actual requirements, you are spending technology on a poorly planned and unrealistic budget.

SMBs with limited resources can easily see saving money on hardware and software as a win. This leads businesses to choose outdated, inefficient, and expensive solutions. Cutting corners is not a wise choice in a world that the majority of your day-today operations are governed by your digital equipment, where small businesses are constantly at risk of cyber-attack, and where data is a valuable commodity that can disappear at the speed a failed backup,

Your investment in improving your digital strategy and strengthening your cyber security might not yield immediate, tangible returns. However, adequate managed IT services are an investment. You are investing in long-term productivity, security and efficiency for your business by using the most current technology.

2. This is a recipe for disaster.

It's one thing for a computer to suddenly fail, or for an Internet connection temporarily to go down. If you don't invest in technology, your business could be vulnerable to catastrophic events that could potentially cost you thousands. Cybercrime is one of the most prevalent and least understood of these threats.

The 2016 State of Cyber Security in Small and Medium-Sized Businesses Report shows that half of all U.S. small business were victims to a cyber-attack in 2015. This number has been steadily increasing. Ransomware is the most common type of attack. This malware locks out entire systems and forces them to pay huge sums of money to retrieve it. Even if you think you are secure, there are still risks. Businesses can be shut down by server failures, system downtime and backup loss just like a hacker.

3. Your competition is winning.

It takes more than copying the latest strategies of thought leaders in your industry to outwit your competitors. This requires you to anticipate future trends and then act on them. You can always count on technology to bring about the future of your business.

Cloud services, new and constantly updating software, CRMs and a staggering array of productivity-enhancing tools are just a few of the advances your competitors are considering (if they haven't snatched them up already). Your company will be gone if you don't invest in the future.

 

Call SpartanTec, Inc. now if you need the help of IT professionals who can provide you with reliable and effective managed IT services.

 

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

Lockbit Ransomware Is Trying To Become Unstoppable

Over the last couple of years ransomware has become the malware of choice for hackers around the world. It's easy to understand why. Hackers using malware win in two different ways. If they successfully breach a corporation they can steal copies of important files and sell them on the black market. They can simultaneously demand a fat payout from the company itself.

A strain called Lockbit has been around since at least 2019 and is aiming to become the ransomware of choice in the hacking world. The code talent behind Lockbit has been working hard to upgrade their malicious code with increasingly advanced capabilities that make it more effective, more efficient, and harder to stop.

Even more troubling is the fact that Lockbit's owners have been offering their code as 'ransomware-as-a-service' on the Dark Web. This allows hackers to rent the code for a relatively modest price which increases its usage rate.

This 'ransomware-as-a-service' scheme has also accelerated the pace of the malware's development. This is as the coders get suggestions and requests from their rapidly growing user base which are quickly incorporated into the code.

According to researchers at Trend Micro Lockbit's popularity is booming and it is now one of the most popular and widely used ransomware strains on the market today.

Trend's researchers indicated that a lot of Lockbit's current success stems from the fact that the hackers behind the code emulated the moves of the most successful cyber gangs of the past. The group also seems to have benefited from the recent disappearance of a few high profile gangs taken down by law enforcement officials from around the world.

The bottom line is that the people behind Lockbit know what they're doing. They've got a growing body of experience and are committed to updating their code. That means Lockbit will be a serious threat for the foreseeable future.

Call SpartanTec, Inc. now if you want to protect your company from ransomware and other online threats.

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

Even Computer Hardware Manufacturers Can Get Hit By Ransomware

Retailers, hospitals and financial institutions tend to be the targets of choice for the hackers of the world. Of course they're not the only targets of ransomware and other online threats. The simple truth is that any company can find itself in the cross hairs of a hacker.

The most recent victim is Taiwanese motherboard manufacturer Gigabyte. In addition to shutting down manufacturing operations in Taiwan the attack also took a number of the company's web-based systems. They include its online support and the Taiwanese website itself.

The investigation into the matter is ongoing. The early indications are that the company fell victim to the RansomEXX strain of ransomware. In addition to locking files on a number of Gigabyte's network devices the hackers made off with some 112 GB of data. The hackers have published portions of this data on their own website on the Dark Web as proof that they were indeed behind the attack.

The Ransom EXX strain has an interesting history. It began life in 2018 as a strain called Defray. For the first couple of years of its life it gained little traction among the hackers of the world. It wasn't used in many high profile attacks.

It seemed to go dormant and re-emerged in 2020 as RansomEXX with a raft of new capabilities. It is not clear whether it was abandoned and picked up by a new hacker group or the original Defray authors used their initial experiments to refine the code. In its current form RansomEXX is a dangerous threat indeed and is capable of infecting both Windows- and Linux-based systems

The group controlling the malware has used it to attack a number of high profile targets in recent weeks, including:

• The Texas state Department of Transportation
• The Brazilian Government
• IPG PhotonicsAnd more.Be on your guard against this one. You definitely don't want to be the hackers' next victims.

Call SpartanTec, Inc. now if you need help keeping your company protected against ransomware and other  online threats.

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

Coalition Of Big Names Coming Together To Fight Ransomware

If you're worried about ransomware attacks know that help is on the way.

The CISA (Cybersecurity & Infrastructure Security Agency) has announced a partnership with some of the biggest names in tech. The specific purpose of this collaborative effort called the Joint Cyber Defense Collaborative is to put an end to ransomware and other serious cyber threats.

In recent years ransomware has emerged as one of the favored tools of hackers around the world. It allows hackers to profit in two ways from networks they break into. They can sell any data that they collect prior to locking files and they can charge the victim a hefty fee to get their files unlocked.

The collaborative effort has gained global attention and the following companies have joined the government to assist:

• Amazon
• Google
• Microsoft
• Crowdstrike
• AT&T
• FireEye
• Mandiant
• Lumen
• Palo Alto Networks
• And Verizon.

The Collaborative will be expanded as time goes by and will eventually include other companies as well per the CISA. Also note that the CISA is not the sole governmental agency participating in the Collaborative.

The other agencies involved include:

• The FBI
• The Office of the Director of National Intelligence
• The Department of Justice
• The NSA (National Security Agency)
• And US Cybercommand

This isn't a half measure. There is much width and depth of expertise in the two lists above. It is apparent that the Collaborative means business and has the resources to get the job done.

No one is expecting that the Collaborative effort will be able to put an end to cyber attacks. With the capabilities of this group they will undoubtedly be able to make some serious headway. The very existence of the Collaborative may be sufficient to give at least some hackers pause.

This is great news indeed if you're at all concerned about cybersecurity and the threats that hackers around the world pose.

Call SpartanTec, Inc. now if you want to protect your company from ransomware and other online threats.

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

What SMBs Need To Know About Cybersecurity Insurance

A cybersecurity incident can be devastating to any company. But for a small- or medium-sized company, an attack can shut down the business. That’s why insurance is becoming a critical component of a comprehensive cybersecurity strategy.

But where do you start to make a choice in plans?

Cybersecurity insurance, often called cyber liability or data breach liability insurance, is a type of coverage that stands alone from other types of coverage. Should a network outage or service interruption be caused by a data breach or other cyber event, it helps the insured recover losses.

Here’s what you need to know to choose the policy that best suits your risk profile and business needs.

• Ransomware is on the rise; but so far, demands have had relatively low dollar figures. Now that hackers know companies will pay to have data returned, price tags will rise.
• Data protection is a priority for businesses as well as regulators, but when a determined hacker exposes that data to criminal elements, that business is now out of compliance. Fines and penalties may rise as the threat continues.
• Smaller businesses, it is presumed, will not spend the same on security as larger companies, and are perceived as a softer target by hackers. This view is self-fulfilling: If more attack because the target is perceived as weak, the target will find itself under attack more often.
• Hackers will grow more sophisticated, using viruses that are harder to detect, adapting open source malware they can purchase online, and in some cases, assume the identities of company players and wreak very expensive havoc.

What do you pay for with a cybersecurity insurance policy?

The policies for cybersecurity insurance are different from general liability or property plans because the prices and exclusions for this type of coverage vary much between insurers. But the cost is high in part because the cost of a breach is high and includes ransomware payouts, compliance penalties, breach remediation and reputational loss.

How to Minimize Costs of a Cybersecurity Breach

There are two best ways to avoid all these costs — the first being to deploy an advanced cybersecurity platform, one that has a “security fabric” or layers of protection, so threats that slip through the first layer can be stopped or slowed at subsequent layers.

The second is to make insurance part of that plan. Start with risk assessment with an expert who knows security. Take advantage of companies like Fortinet, a VLCM partner, and its free online cyber threat assessment program.

You’ll need to carefully review financial and customer data, and know if they are high- or low-risk. You’ll also need to know where you’re vulnerable, and that’s where an expert can help.

Remember, insurance alone is not enough to protect your business from the harms of cyber crime. Most policies will not cover intellectual theft — stolen plans, software code, or other property that is unique to your business. Insurance often cannot cover reputation or customer loss, because that cannot be charted on an actuarial table.

 

Your insurance needs to be coupled with strong cybersecurity controls and best practices.  SpartanTec, Inc. can deliver the advantages of multiple layers of protection. Contact us.

 

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

Older Industrial Technology May Have Security Risks

The vulnerability of Industrial Control Systems has been getting a lot of press in recent months. That's a good thing because most people don't spend much time thinking or worrying about such systems. Unfortunately they are among the most vulnerable systems of all.

Industrial Control Systems haven't really changed all that much in the past decade or two. The protocols they use are fairly rudimentary by today's standards. It's no surprise that they are a fair bit more vulnerable than more modern and robust systems.

Researchers at Forescout Labs and JFrog Security recently underscored this fact by highlighting fourteen different security flaws found in the protocols commonly used by Industrial Control Systems.

They've dubbed the set of flaws "Infra:Halt". As that name suggests these exploits can bring broad swaths of the nation's infrastructure to a screeching halt. That is if hackers make use of the exploits and most security experts agree is just a matter of time.

Forescout wrote extensively about each of the fourteen exploits on a recent blog post.

Daniel dos Santos (research manager at Forescout) had this to say about the risks:

"When you're dealing with operational technology, crashing devices and crashing systems is something that can have various serious consequences. There are also remote code execution possibilities in these vulnerabilities, which would allow the attacker to take control of a device, and not just crash it but make it behave in a way that it's not intended to or use it to pivot within the network."

This is a serious threat indeed. Fortunately patches that address many of the cybersecurity vulnerabilities are currently available.

If your business is in any way connected to the sale or maintenance of Industrial Control Systems the researchers urge immediate upgrades. Upgrades will patch the currently known vulnerabilities in order to minimize risk.

Call SpartanTec, Inc. now if you need the help of IT support experts in minimizing the security risks to your company.

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence

The Basics of Outsourced IT Support

Outsourced IT support involves putting your trust in a managed IT services provider to take care of all the IT needs of your business.

It includes cybersecurity, IT infrastructure, network monitoring, disaster recovery, IT infrastructure, and cloud migration.

Outsourced IT support goes beyond contacting a technician to fix a disconnected server or a broken computer. It is about creating a partnership with a reliable managed service provider to monitor as well as protect your digital infrastructure and your data. Such a partnership goes beyond band-aids and quick fixes and will work constantly to check up on your network in order to neutralize the threats even before they happen.

What Advantages Does Outsourced IT Support Offer?

Savings as well as Predictable Budgeting

If you outsource the IT support of your company, you can save a large amount of cash. The cost of hiring a full-time staff for your professional IT team, creating your firm’s own internal IT services, as well as operations are a lot higher than working with an MSP. As a matter of fact, research revealed that the increase in the IT outsourcing of about $96.14 million resulted in an average of about $121.14 million decrease in the operating expenses in IT as well as other non-IT functions such as administrative costs and sales.

 

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Outsourcing IT support could also assist you in managing your IT budget. Instead of paying to repair problems as they come or replace equipment when they break, many managed service providers will charge a flat monthly rate and assist you in developing a yearly technology budget in order to save you money and time over time.

Professional Reliability and Expertise

No one person can cover all of the skills as well as sectors in the field of IT. By having an internal IT staff, you are depending on them to take care of different services. These services span from cybersecurity to network monitoring to cloud integration to technology deployment. If you outsource your IT support, your managed service providers will bring a diversified IT team who can work across various industries. Instead of having an internal staff who are stretched thin in different IT areas, your managed service providers could assign a qualified professional from their team that specializes in the skill that’s required for the task.

Another huge benefit that you will enjoy when you outsource your IT is reliability. With an internal employee, your projects and IT service could be disrupted by employees who are on sick leave, PTO, or leaving the firm, which will put a strain on your company resources. With IT outsourcing, you don’t have to worry about a period of higher risk or a break in your service.

Reduced Risks of Cyberattacks or Downtime

Outsource your IT support to a trustworthy managed service provider so that you don’t have to worry about a compromised operational technology. If you have a professional team of IT support on your side, you can lower the possibility of server downtime or cyberattacks that could lead to a data breach.

Call SpartanTec, Inc. now if you're looking for a reliable provider of IT outsourcing services.

SpartanTec, Inc.
Myrtle Beach, SC 29577
(843) 420-9760
https://www.spartantec.com/

Serving: Myrtle Beach, North Myrtle Beach, Columbia, Wilmington, Fayetteville, Florence