After 60 years of business, Heritage Company closes due to ransomware attack

After 60 years of business, Heritage Company closes due to ransomware attack

https://www.infosecurity-magazine.com/news/us-biz-closes-doors-after/

Exploit: Ransomware
The Heritage Company: Telemarketing and fundraising firm

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Risk to Small Business: 1.333 = Extreme: An October ransomware attack ultimately forced The Heritage Company to close its doors. Shortly before Christmas, the company informed the staff that their operation was no longer tenable, even noting that the CEO was paying salaries out-of-pocket in an attempt to keep business going while systems were unavailable. Unfortunately, three months after the attack, The Heritage Company was no longer financially solvent and chose to temporarily shutter its operations. The company may try to reopen if systems can be restored, but it appears likely that the institution, which existed for 60 years, was put out of business by a ransomware attack.

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Individual Risk: At this time, no personal information was compromised in the breach.

Customers Impacted: Unknown
How it Could Affect Your Customers’ Business: This incident is an especially prescient warning for SMBs who often have less cash on hand that rely on critical IT systems to manage their operations. As security experts noted, the company’s ultimate failure wasn’t financial solvency but an inability to adopt cybersecurity standards that could have prevented a ransomware attack from crippling their operations. Even simple steps, like implementing two-factor authentication, can keep hackers out of your IT infrastructure, which prevents a potentially-devastating data disaster before it takes place.

Risk Levels:
1 - 1.5 = Extreme Risk
1.51 - 2.49 = Severe Risk
2.5 - 3 = Moderate Risk

*The risk score is calculated using a formula that considers a wide range of factors related to the assessed breach.


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