MGM Breach Wake-Up Call: Cybersecurity Essentials for Small Business

Tuesday, September 12, 2023

In the era of technological development and increasing online threats, cybersecurity is no longer an option, but instead a crucial practice for everyone, including small businesses. A recent cyberattack on MGM Resorts International and Caesars Entertainment Inc. sheds light on the ever-present threat that cybercriminals pose, even to established corporations. Hence, as small business owners, it is paramount that cybersecurity becomes a core part of your business strategy, aimed at safeguarding your critical data against potential breaches.

Understanding Cybersecurity Threats

The attack on MGM and Caesars began with what's known as a social engineering attack. This low-tech hacking method involves manipulating people into giving up confidential information, allowing hackers to gain access to protected resources or data. In this case, attackers tricked IT service desk staff into resetting multifactor authentication settings for highly privileged users.

David Bradbury, the Chief Security Officer at identity and access management company Okta, identified the group behind these attacks as Scattered Spider. With members as young as 19, this group shows how anyone armed with the right knowledge can pose a significant cybersecurity threat.

Cybersecurity: Not Just a Concern for Big Businesses

You might think that as a small business owner, you are less likely to be targeted than such high-profile companies. It’s a common misconception that can lead to lax security measures. In reality, small businesses can be easier targets due to typically less robust security systems and practices. According to the Verizon 2020 Data Breach Investigations Report, 28% of breaches in 2020 involved small businesses.

Steps to Bolster Your Cybersecurity Defenses

Here are a few simple steps you can take to start enhancing your cybersecurity protections:

  • Educate Your Staff

    Ensure they understand the concept of social engineering and how attackers utilize it. Regularly remind them never to provide confidential company information without verification.

  • Implement Multifactor Authentication

    This additional layer of security requires more than one method of authentication from independent categories, making it harder for hackers to gain access.

  • Regularly Update and Patch Your Systems

    Cybercriminals often exploit known vulnerabilities in software, so keeping your systems updated can help mitigate this risk.

  • Employ a Trusted Cybersecurity Firm

    Investing in professional expertise can secure your systems and data properly. Cybersecurity firms stay up-to-date with the latest threats and can provide tailored protections for your business.

    Small businesses, given their limited resources, might find it challenging to invest in robust cybersecurity solutions typically seen in larger corporations. This is where Lockwell comes into play - an easy-to-use, comprehensive, and affordable solution that fits the needs of small businesses.

Wrapping Up: Leverage Lockwell as Your Small Business Cybersecurity

In today's digital world, the threat to cybersecurity is pervasive and can affect businesses of all sizes. While it is a reality that no cybersecurity solution guarantees 100% protection — as new, unforeseen threats continually emerge — what's vital is being as prepared and protected as possible.

Lockwell delivers by offering a comprehensive, multi-layered security approach designed for your small business. It approaches cybersecurity from all angles — Account Security, Device Security, Network Security, Admin Tasks and Team Management, and Threat Intelligence — making it an effective line of defense against potential breaches.

Employing end-to-end encryption for storing sensitive information, real-time ransomware and virus protection for devices, a secure VPN for online activities, and continuously scanning for compromised credentials, Lockwell offers comprehensive security coverage and seeks to maintain the highest level of protection possible.

In a nutshell, while absolute security is unattainable, Lockwell commits to providing robust coverage and optimum value, empowering small businesses to focus more on their vital operations and growth. The peace of mind that comes from knowing that you've taken every possible measure to protect your business assets is, after all, priceless.

Invaluable security isn't about absolute impenetrability, but about making it as difficult as possible for cyber threats to affect your business. That's the value that Lockwell brings to the table for small businesses.