An internal notification system detected a ransomware attack on June 27th, causing the company to shut down some of its services. Many of the company’s offices were able to continue operations uninterrupted, however, some locations were temporarily disabled, causing them to lose sales during that period. Fortunately, the company previously established a ransomware response policy that dictated immediate actions and prevented the malware from spreading further into their network. The Boyd Group believes that these protocols will minimize the financial impact on their business while helping them to recover quickly. Of course, they will still be receiving multiple invoices from cyber security experts who are analyzing their network and security protocols.
The Boyd Group’s response plan will certainly mitigate some of the damage from this data breach. For one, the company attained ransomware insurance that will help them recoup some financial losses resulting from the attack. Additionally, their planned response minimized the malware’s ability to compromise their network. Even so, there are always costs associated with full recovery, meaning that a proactive defense is still the most critical component of a data breach security system.