Ransomware attacks are one of the most serious and worrying threats to the business world today, as they “lock up” critical data and systems, and demand a ransom to release them.
The consequences can be devastating – financially, operationally and even in terms of reputation – making prevention and resilience a pressing priority for the management of every business.
In this context, a panel discussion titled 'Inside a Ransomware Attack: Real-Life Stories from the Frontlines' at the 5th Cyber Security Conference in Nicosia prompted a revealing dialogue with experts who shared real-life experiences and practical lessons from the "frontline" of cyberattacks.
Brian Zarb Adami, CEO of CyberSift, emphasised that cyberattacks often precede major events, serving as a harbinger of broader targeting. Using examples from recent history, he highlighted how unpredictable the consequences of a cyberattack can be, and that large and especially small and medium-sized businesses are left trailing behind.
On his part, Rosario Blanco, Commercial Director for Italy, Greece & Adriatics, Westcon-Comstor, pointed out that “not all organisations have the tools to prevent attacks.” At the same time, he addressed the issue of skills, underlining the need to train both partners and the market as a whole, as many companies are at different levels of readiness.
Theodoros Hadjistyllis, Account Management Director for Cyprus, Mastercard highlighted the particular vulnerability of small and medium-sized enterprises. “One in five companies has been forced to shut down due to a cyberattack,” he noted, highlighting that the lack of a 'cyber-health' culture is a serious risk. According to Hadjistyllis, the state’s contribution through education is crucial, especially to strengthen the protection of SMEs.
In the same vein, Nikitas Kladakis, General Manager, ADACOM, emphasised that the increase in incidents is a result of both the expansion of digital transformation and the use of artificial intelligence by attackers. “From being reactive, we must become proactive,” he said, explaining that hackers are now creating phishing emails and other content that is extremely difficult for users to distinguish from the real thing.
The panel’s message was clear: ransomware attacks are not a matter of “if” they will happen, but “when.” Prevention, education, and strategic resilience are no longer options but investments vital to the viability of any business.
The discussion was moderated by Manos Manolis, Chief Information Security Officer at Marlow Navigation Co. Ltd.
(Source: InBusinessNews)
