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The Newfoundland Broadcasting Company Limited, which operates the popular independent television station NTV and radio station OZFM in Newfoundland and Labrador, has been hit by a cyberattack. While on-air operations remain unaffected, the Play ransomware group has claimed responsibility for the OZFM and NTV cyber attack, threatening to release stolen data, including budget, payroll, and client documents, unless a ransom is paid.
Cybersecurity analyst Brett Callow advises against paying the ransom, citing the unreliability of criminals to destroy stolen data even after payment. The company has involved police and cybersecurity experts to investigate the breach and determine the extent of the exposed information. Lindsey Andrews, the company’s COO, emphasized the ongoing efforts to understand and mitigate the attack’s impact.
Protecting Your Business from Cyber Threats
At Wedgwood, we understand the critical need to safeguard your business from such threats. Here are some tips to help you avoid falling victim to ransomware attacks and data breaches:
- Regularly Update Software and Systems: Keeping your software, operating systems, and applications up-to-date is essential. Regular updates patch vulnerabilities that cybercriminals can exploit. Ensure all updates are installed promptly.
- Implement Strong Password Policies: Use strong, unique passwords for all accounts and change them regularly. Encourage the use of password managers to generate and store complex passwords securely.
- Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of security by requiring two or more verification methods to access accounts. MFA can significantly reduce the risk of unauthorized access.
- Regular Backups: Regularly back up your data and ensure the backups are stored securely. In a ransomware attack, a recent backup can help you restore your data without paying the ransom.
- Employee Training and Awareness: Educate your employees about the risks of phishing and other cyber threats. Regular training sessions can help them recognize and avoid potential attacks.
- Use Antivirus and Anti-Malware Software: Deploy reliable antivirus and anti-malware software on all devices. These tools can detect and block malicious software before it causes harm.
- Implement Network Security Measures: Use firewalls, intrusion detection systems, and secure Wi-Fi networks to protect your company’s digital infrastructure. Regularly audit and update these measures to address new threats.
- Limit Access to Sensitive Information: Restrict access to sensitive data based on employees’ roles. This precaution minimizes the risk of internal data breaches and ensures that only authorized personnel can access critical information.
- Develop an Incident Response Plan: Prepare for the possibility of a cyber attack by developing an incident response plan. This plan should outline the steps to take in the event of an attack, including who to contact, how to contain the breach, and how to communicate with stakeholders.
- Engage Cybersecurity Experts: Consider hiring cybersecurity professionals to assess your company’s security posture and recommend improvements. Their expertise can be invaluable in protecting your business from sophisticated threats.
Cyber attacks like the one experienced by the Newfoundland Broadcasting Company Limited serve as a stark reminder of the importance of cybersecurity. Implementing these tips can significantly reduce your risk and protect your business from potential threats.
At Wedgwood Insurance, we are committed to helping you safeguard your business. Contact us today to learn more about our comprehensive cyber insurance policies and how we can help you mitigate the risks of cyber threats.
About Wedgwood Insurance
Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice.
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