The extensive data breach surrounding the MOVEit file transfer program is a substantial exploitation of a zero-day vulnerability. The cyberattack presents dangers for businesses and government agencies across the globe and emphasizes the importance of data security. Here is an in-depth breakdown of how the MOVEit data breach impacts businesses.
Understanding the MOVEit Data Breach
A single SQL injection vulnerability is at the center of this worldwide cybersecurity incident. Bad actors found the vulnerability in Progress Software’s MOVEit Transfer program and infected the program with a malicious web shell called LEMURLOOT. This web shell steals data from the MOVEit Transfer database and gives hackers the sensitive information of countless users across various organizations.
The vulnerability is no longer a threat thanks to a fast response and patch update from Progress Software. However, users who have yet to install the update are still at risk. Their credentials and sensitive data can end up in the wrong hands if they aren’t taking proactive measures against threats.
How the MOVEit Data Breach Impacts Businesses
Any organization that uses the MOVEit managed file transfer program feels the devastating effects of this data breach. Not only do individual workers have their personal information in the wrong hands, but entire companies face widespread loss. Discover some of the key ways this data breach impacts businesses below.
Loss of Confidentiality
Businesses around the world no longer have secure information as a result of this breach. Confidential data surrounding business operations, employees, or customers is now available to hackers. This violation of privacy compromises trust both within your company and among clients.
Exploitation of Authorization
It’s extremely dangerous when unauthorized users access your files or information. You’ll no longer have control over the information and can quickly lose control over other accounts.
Loss of Integrity
For major corporations or government agencies, the MOVEit data breach brings down their integrity. Customers and clients lose faith that an organization can safeguard sensitive information.
Threat Prevention and Data Breach Response Tactics
How can you stay safe from such dangerous cyberattacks? Experts recommend implementing the following strategies to prevent falling victim to an attack:
- Regularly taking inventory of your data and assets
- Granting admin privileges and access only when necessary
- Identifying software and devices as either authorized or unauthorized
- Creating a list of allowed, legitimate software
- Monitoring network ports
In addition, IT professionals urge business leaders to activate certain security measures, such as firewalls. Pay attention to any known vulnerabilities in programs you use, and keep an eye out for patches. Installing patch updates as soon as they’re available can minimize your security risk.
Protect Your Business from Devastating Cybersecurity Incidents
Now that you know how the MOVEit data breach impacts businesses and the dangers it poses, experts recommend taking measures to boost your data security. Our industry experts have tips and resources to help you stay safe from threats. Contact our team if you want to protect your business from emerging cyber threats.