Tag Archive for: business transactions

Petya Ransomware Attack: What it is and How To Protect Your Business

Tuesday, June 27, 2017 was no ordinary day for banks and businesses in Kiev, Ukraine. Government and business computer systems were infected by a virus known as “Petya” after users downloaded a popular tax accounting package or visited a local news site, according to the national police and international cyber experts. “The malicious code locked machines and demanded victims post a ransom worth $300 in bitcoins or lose their data entirely, similar to the extortion tactic used in the global WannaCry ransomware attack in May,” says Reuters.

Which companies have been affected by the Petya ransomware?

There are many companies that have been affected by the Petra ransomware. The attack started with local businesses in Ukraine to infecting computers worldwide. In Kiev, “ATMs stopped working. About 80 miles away, workers were forced to manually monitor radiation at the old Chernobyl nuclear plant when their computers failed.” Then the attack went global. “Tech managers at companies around the world — from Maersk, the Danish shipping conglomerate, to Merck, the drug giant in the United States — were scrambling to respond. Even an Australian factory for the chocolate giant Cadbury was affected,” according to the New York Times. Here is a list of companies that have been affected by the attack.

  1.    DLA Piper
  2.    Evraz
  3.    Heritage Valley Health Systems
  4.    Home Credit Bank
  5.    Kievenergo
  6.    Maersk
  7.    M.E.Doc
  8.    Merck & Co., Inc.
  9.    Metro Group
  10.  Mondelez
  11.  Nuance Communications Inc.
  12.  Rosneft
  13.  Ukrtelecom
  14.  Saint-Gobain
  15.  WPP

How can my company fight against ransomware?

According to theguardian, “Ransomware is a type of malware that blocks access to a computer or its data and demands money to release it. When a computer is infected, the ransomware encrypts important documents and files and then demands a ransom, typically in Bitcoin, for a digital key needed to unlock the files. If victims don’t have a recent backup of the files they must either pay the ransom or face losing all of their files.”

How can you protect your company against ransomware? Well, there are a few things you can do. One way is to ensure you have the latest version of your antivirus software installed. Some antivirus companies like Symantec and Kaspersky have already upgraded their software to help you fight against Petya and will notify you if there is a threat to your computer.

Another way to protect your business from ransomware is to download patches. Microsoft, for instance, released critical patches in March that can remove the Petya vulnerability and help fight against future attacks. If you’d like to see more ways you can protect your business, Jonathan Care, research director at Gartner, gives seven suggestions for preventing attacks and protecting your organization. Additionally, always backup your data and have the backup protected.

 

As we’ve seen with Petya, cyber attacks pop up unexpectedly. That’s why we are so scrupulous about security at Commercient — we have a rigorous security review process. For example,  our  Sync2Pay solution can take Level 3 payments and allow you to take quicker payments in your ERP, CRM, or eCommerce systems which ensures less fraud.

Why Blockchain Is the Next Big Thing for Small Business

Have you ever heard of the term “blockchain?” Experts predict that it will have a major impact on the global economy; indeed, some say it’s the biggest technological breakthrough since the internet. Everyone both in the financial and non-financial industries is buzzing about it. So what exactly is blockchain?

What is blockchain?

According to the Harvard Business Review, “With blockchain technology, the core system that underpins bitcoin, computers of separately owned entities follow a cryptographic protocol to constantly validate updates to a commonly shared ledger. A fundamental advantage of this distributed system, where no single company has control, is that it resolves problems of disclosure and accountability between individuals and institutions whose interests aren’t necessarily aligned. Mutually important data can be updated in real time, removing the need for laborious, error-prone reconciliation with each other’s internal records. It gives each member of the network far greater and timelier visibility of the total activity.”

Often equated to digital spreadsheets that can be shared amongst many, blockchain technology can provide several benefits for small businesses. We have enumerated them below.

Improve security of transactions

For small businesses, the beauty of blockchain technology is that it is a distributed ledger – that is, there is no middleman or company who owns the data set. Instead, information is listed across a distributed network, whereby everyone in the network can validate the accuracy of the central ledger using their own copy. Users are in complete control of all their information and transactions and there is no central point of failure, therefore it makes it easier for you to avoid malicious attacks.

According to Nasdaq, “Even if a hacker is able to penetrate one network and attempts to steal funds, there are multiple redundant copies of the same ledger stored around the world. If one is tampered with, the others could be used as a backup to prove what funds actually belong in each account.” Forbes says blockchain is a technology which “offers a built-in mechanism for trust” for small businesses. In other words, blockchain keeps your business transactions secure.

Streamline businesses processes

Another benefit blockchain provides small businesses is that it can help streamline business processes. The process of clearing and settling a bank transaction can take days, but with blockchain technology, since the middleman is absent from the equation, transactions are able to move more quickly. This enables more transactions more quickly, allowing you to access your money more rapidly.

Smart contracts,  for instance, are a type of blockchain technology that controls the transfer of digital currencies. According to Blockgeeks, they help you in several ways.  “[You] exchange money, property, shares, or anything of value in a transparent, conflict-free way, while avoiding the services of a middleman…You’d ordinarily have to spend chunks of time and paperwork to manually process documents. Smart contracts use software code to automate tasks, thereby shaving hours off a range of business processes.”

Ultimately this means that you are not only able to make your organization more efficient, but also cut costs in the long run.

Conclusion

The benefits that blockchain technology can provide for small businesses are quite impressive. It can help you and your small business improve the security of your digital transactions, optimize operations and cut costs. If you are a small business, it’s certainly a technology worth investigating, particularly if security is a priority. If you’d like to learn more about blockchain, check out this  Blockchain Technology whitepaper from UC Berkeley.

 

Commercient can help you optimize your business processes, as well. Contact us today to find out how,