EP15 - Combating Cyber Crimes: Why Understanding Basics Matters

"It doesn't matter how many security tools you have in place if the person is just going to open the front door and let them in."

Welcome to Episode 15 of the Business and Bytes Podcast, where we delve into the critical world of cybersecurity basics under the shadow of a concerning trend: ransomware gangs joining forces.

I'm your host Emelio Mejia, accompanied by co-host John Hansman. Today, we're inspired by a recent high-profile cyberattack on the MGM Grand, which experienced a staggering $100 million loss due to the nefarious activities of a newly formed American ransomware group collaborating with seasoned cybercriminals from Russia.

In this episode, we'll explore the pivotal role of social engineering in this attack and the broader challenges businesses face in securing their digital frontiers. We'll discuss why cybersecurity isn't just about technology but also about understanding human behavior, the critical importance of regular and robust security training, and why relying on free antivirus tools might be a risky move for businesses.

Furthermore, we'll break down why multifactor authentication is a must-have in today's digital age, and highlight the real-world consequences of cyber incidents—from financial losses to power outages. Join us as we unpack these topics and equip you with a 15-point checklist to safeguard your business from such dire cybersecurity threats. Stay tuned!

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Timestamps for your reference:

00:00 Attacks on IT infrastructure, password reset breach.
07:16 Big companies need new vetting processes for calls.
10:27 Cybersecurity is crucial due to real consequences.
14:50 US hacker providing tips to foreign hackers.
15:34 Cybercriminals wait, learn about your behavior. Importance of cybersecurity for small businesses.
19:04 Security assessment is just the starting point.
24:58 Ransomware often comes through socially engineered email.
27:11 Security awareness training essential for business protection.
30:09 Free antivirus and technology come with costs.
33:09 Importance of multifactor authentication in cloud security.
35:43 Discussion about the importance of computer updating.
39:27 Issues with cybersecurity policy and ongoing management.