Revisiting the SolarWinds Hack

The 2020 hack of SolarWinds saw a major disruption of the supply chain for many organizations around the world, including the U.S. government, but a recent survey shows that these organizations have felt varying degrees of effects from the hack itself. Furthermore, many have taken the hack as evidence that further information sharing must occur if we are to ever take the fight to cyberthreats.

The report in question, conducted by IronNet and detailed on TechRepublic, surveyed 473 IT decision-makers from the United States, United Kingdom, and Singapore from the technology, financial, public service, and utility industries. Here are some of the results of this survey, including some rather concerning numbers that are sure to make you question your own cybersecurity practices:

• 70% of surveyed organizations felt a notable impact from the SolarWinds hack. These numbers are broken down further:
  • 31% experienced a significant impact
  • 39% experienced somewhat of an impact
  • 15% experienced a small impact
  • 15% experienced no impact
• In terms of financial impact, companies surveyed found they had lost 11% of their annual revenue, or approximately $12 million per company.
  • In companies based in the United States, the average annual revenue lost was 14%.
  • The United Kingdom’s companies saw an average annual revenue loss of 8.6%.
  • In Singapore, companies saw an average annual revenue loss of 9.1%.

That said, it’s not all bad news. Some 90% of respondents claimed that their positions on cybersecurity had improved over the past two years. Still, this is not enough; more must be done to protect businesses from cybersecurity threats, especially on the scale of the SolarWinds hack.

To this end, many companies from all over the world are more likely to share information with each other about how to protect themselves and others like them from threats. That said, certain barriers do still exist that prevent some companies from sharing too much, but any step forward is a step in the right direction.

Don’t Be a Victim

BNMC can equip your business with the security tools needed to detect, prevent, and recover from cybersecurity hacks should the worst happen. When your organization is targeted, the last thing you should do is roll over and take it without putting up a fight. Let us help you prepare for these situations. You won't regret it. Get started today by giving us a call at (978) 482-2020.