Author Archives: Megan Carnes

Welcome back to another installment of our “Thrive Spotlight” blog series.

Our featured employee is Antwoine Adams, Senior Project Delivery Lead. In his role, he manages Thrive’s Enterprise and Strategic customers’ projects from design to delivery to execution. He serves as the liaison between our customers and the engineering teams at Thrive.

Antwoine calls Maryland home, and in his free time, he enjoys working out, watching basketball, and cheering on his son’s basketball, baseball and football games.

Hi Antwoine! Can you tell us about your background and how you came to Thrive?

My journey began as a helpdesk technician at my alma mater, Virginia Union University. My early interest in Cloud technology led me to volunteer to manage a significant PBX to VoIP project. This experience gave me a valuable boost in self-confidence and a sense of belonging in this field. Although the project was a success, I wasn’t initially considering a career as a project manager.

During that period, I was fully committed to being a Cloud engineer and had no plans to shift my focus. My transition into project management happened quite unexpectedly. I had the unique ability to both engineer and manage my projects. The company I was working for at the time recognized this skill set and approached me to assist in managing projects for other engineers. I agreed without hesitation. It was at that moment that I realized working on a project was significantly more straightforward than engineering, and I never looked back.

I joined Thrive after working at another MSP because I was seeking a fresh challenge in the same tech field, specifically within a larger company that offered a broader range of customers in its portfolio.

Where did you go to school or get training?

I completed my undergraduate studies at Virginia Union University, and for my Master’s degree, I attended South University in Savannah, Georgia. Regarding ongoing training, I firmly believe in continuous learning and utilize various resources, including reading, LinkedIn and YouTube.

What do you most enjoy about working for Thrive?

My team! I am incredibly fortunate to be part of a close-knit team that significantly makes my job more manageable. We share effective communication, collaborate seamlessly and genuinely enjoy working together.

Are there any recent exciting projects at Thrive you can tell us about?

Over the last six months, I’ve taken on the responsibility of managing some of Thrive’s high-value enterprise clients. This role has allowed me to demonstrate the significance of having a dedicated program manager and instill confidence in our ability to complete projects for these clients

Are you interested in learning more about Thrive? Click here!

And don’t forget to follow us on Twitter and LinkedIn for the latest news, and continue checking our blog for more in our “Thrive Employee Spotlight” series. Until next time…

Many UK businesses may not know that as they go about their daily activities, the UK Security Services (MI5/MI6, alongside NCSC and GCHQ) are working diligently to protect their interests from state-sponsored cyber attacks. These government agencies monitor and prevent significant cyber attacks on the core systems that enable UK infrastructure (the Critical National Infrastructure or CNI) to operate.  

In this blog post, we uncover the latest threats posed by aggressive nations targeting the UK’s Critical National Infrastructure (CNI). We shed light on the severe impacts on British financial systems and businesses that have been disclosed to the public. 

Hidden Targets 

Larger organisations working in or supplying parts of the UK’s Critical National Infrastructure supply chain are typically informed about state-sponsored threats. However, smaller and medium-sized businesses are not always kept in the loop due to security concerns. Despite their inability to prevent state-sponsored attacks, SMEs must make themselves aware of potential risks within their supply chains for business continuity. 

Vulnerability in Critical Infrastructure 

Britain ranks as the third most targeted country for cyber attacks, and in 2023, it was the most targeted European nation. Recently, the vulnerability of Critical National Infrastructure (CNI) has escalated, posing a significant risk. Many CNIs have been outsourced to private companies, creating a clash between ensuring safe operations and the profit-driven priorities of private sector businesses. This friction jeopardises investment and preparation for cyber attacks, presenting a substantial threat to UK businesses. 

The outsourcing trend can lead to businesses replacing existing systems with commercial off-the-shelf products, potentially cost-effective but varying in cybersecurity protection. This increases the likelihood of severe physical disruption. The infamous 2017 WannaCry ransomware attack, although not specifically targeting the UK, is a stark example of the potential consequences of a deliberate attack. 

The HMRC has recently expressed concerns about its “old and ageing” IT systems. Failure to upgrade Whitehall’s security measures is seen as a risk for a major security breach affecting Britons’ National Insurance and bank details. Experts warn that such a breach could expose the UK to threats from Russia and China, both state-sponsored and independent. The HMRC’s annual accounts highlight the potential for a “major IT failure or security breach” due to the current software, posing a permanent risk to business operations. 

Tax expert Heather Self from Blick Rothenberg points out that the substantial expenditure involved is the obstacle to updating IT systems. She emphasises that if budgets are constrained, there is a risk of neglecting the upkeep of even the UK’s most critical systems. This ongoing situation reiterates the need for SMEs to be aware of this potentially long-term issue. 

“Very Large Probability” of a Devastating Cyber Attack 

Amplifying the existing threat landscape for SMEs, the government has issued a direct warning, indicating a 5% to 25% likelihood of a severe attack on the UK’s Critical National Infrastructure (CNI) within the next two years. This information is drawn from the 2023 National Risk Register, an annual government report consolidating risks ranging from terrorism and cyber attacks to hazardous weather incidents. The report highlights risks to vital British infrastructures, including gas and electricity supply, the NHS, the transport sector, and civil nuclear facilities. 

Typically, the anticipated attacks involve actions such as encrypting, stealing, or destroying data, which are crucial to the functioning of the UK’s CNI. This jeopardises user data and threatens public trust, especially concerning electoral processes. The assessed likelihood of such an attack is rated at 4 on a scale of 1 to 5, with 5 being the highest probability. The anticipated impact is deemed “moderate,” yet it still signifies potential economic damage in the billions of pounds, as well as up to 1,000 deaths and 2,000 casualties. 

Artificial intelligence (AI) is also identified as a “chronic risk,” presenting continuous challenges that could harm the British economy, National Security, and overall life. According to the World Economic Forum, 93% of cyber leaders believe there is a high probability of global geopolitical instability leading to a catastrophic cyber event. 

Dark Web Data Leaks 

In a recent cybersecurity incident targeting the UK, Russian hackers were suspected of leaking classified British military data on the dark web. The compromised information included details about the Porton Down chemical weapons lab, an HMNB Clyde nuclear submarine base, and a GCHQ listening post—additionally, the leak exposed sensitive data related to maximum security prisons and military sites. 

GCHQ warned about similar attempts by Iranian and Chinese hacker groups to carry out such attacks. The National Cyber Security Centre (NCSC), a part of the UK’s intelligence and security agency GCHQ, urged Critical National Infrastructure (CNI) operators, including those in energy and telecommunications, to be vigilant and prevent Chinese state-sponsored hackers from infiltrating their systems. 

According to an April-published government report on cybersecurity breaches, 32% of businesses and 24% of charities reported data breaches in the past year, with larger firms experiencing a higher rate of 69%. Despite being common targets for hackers seeking extortion, this report did not include public sector organisations. 

Analysts point out that SMEs in the finance, insurance, information, communications, administration, and real estate sectors, part of the CNI, face a higher likelihood of cyber attacks than those in other industries. Recognising this growing risk, the government has emphasised the need for all organisations to bolster their cybersecurity measures. 

Be Ready for Cyber Threats 

Staying informed about the latest cybersecurity threats affecting Critical National Infrastructure (CNI) is crucial for maintaining a solid defence. The alarming examples and statistics underscore the pressing requirement for SMEs to proactively strengthen their cybersecurity measures, especially with aggressor nations focusing on the British CNI.  

Thrive boasts extensive experience collaborating with SMEs to ensure security, even amid intricate attacks. We offer support, guidance, and assistance to help fortify your business. Reach out to us today to elevate the cybersecurity of your business. 

Welcome back to another installment of our “Thrive Spotlight” blog series.

Our featured employee is Duane Kostas, a Service Dispatch Supervisor based in the Foxboro, MA office. He manages the scheduling of Thrive’s Field Engineers, coordinates third-party resources for projects, and AdHoc matters in areas lacking Thrive employees, dispatches personnel nationwide and internationally, and fosters relationships with third-party resources to optimize service for Thrive and its customers across all company locations.

While Duane is considered a rockstar at Thrive, he used to be a literal rockstar, playing bass guitar and singing in bands for nearly 30 years! He is still passionate about music and occasionally meets with pals for jam sessions to relive the glory days.

Hi Duane! Can you tell us about your background and how you came to Thrive?

With my IT background and experience in Kaseya and ConnectWise from a previous IT support job, I started as a desk support engineer for Corporate IT Solutions in 2010. As the company expanded, I noticed the need for better team management, I became the first Service Coordinator, which was crucial in keeping day-to-day operations running smoothly. When they merged with Thrive, I came along for the ride. Post-merger, I transitioned to a Client Engagement Manager role and currently serve as the service dispatch supervisor for Thrive. Having a technical background has helped me to succeed in both roles.

Where did you go to school or get training?

I received technical training at Newbury College in Brookline, Massachusetts, and Roger Williams University in Bristol, Rhode Island. I earned an associate’s Degree in Programming from Newbury College and received an Outstanding Student Achievement Award for graduating with a 4.0 GPA.

What do you most enjoy about working for Thrive?

What I appreciate about being part of the Thrive team is the company’s enduring presence. Thrive’s continuous growth and resilience during the challenges of the COVID-19 pandemic speak volumes about the strength of its management and the dedication of its employees. It’s something that holds significant value for me.

Are there any recent exciting projects at Thrive you can tell us about?

I’m excited to continue to focus on enhancing Thrive’s dispatching process. I’m dedicated to refining the system by providing training and developing accessible documentation for everyone.

Are you interested in learning more about Thrive? Click here!

And don’t forget to follow us on Twitter and LinkedIn for the latest news, and continue checking our blog for more in our “Thrive Employee Spotlight” series. Until next time…

Thrive’s Outstanding Partner Awards Names Telarus as the Technology Solutions Brokerage of the Year

FOXBOROUGH, MASS. – January 16, 2024 – Thrive, a premier provider of cybersecurity and digital transformation Managed Services, proudly introduces its first-ever Outstanding Partner Awards to recognize exceptional collaborations within its network. Thrive is pleased to announce Telarus as the Technology Solutions Brokerage (TSB) of the Year.

These channel awards mark the launch of Thrive’s formal recognition program, spotlighting partners who exemplify collaboration, innovation and shared success that define the Thrive partner ecosystem. Each partner selected has demonstrated significant, increasing growth with Thrive in 2023.

“We celebrate Telarus as our TSB of the Year,” said John Holland, Chief Revenue Officer at Thrive. “This award reflects Telarus’ exceptional performance, dedication, and collaborative spirit, driving innovation for both parties.”

Richard Murray, COO of Telarus, expressed gratitude, stating, “This award reflects our commitment to excellence in partnership with Thrive. We look forward to continuing our collaborative journey, delivering cutting-edge solutions and unparalleled value to our clients in tandem with Thrive’s industry-leading expertise.”

Watch our Telarus Partnership Video. For more information about Thrive and its award-winning partners, please visit http://www.thrivenextgen.com/.

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About Thrive

Thrive delivers global IT outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering oversized technology returns on investment (ROI). They accomplish this with advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at http://www.thrivenextgen.com or follow us on LinkedIn.

About Telarus

Telarus, a premier global technology services distributor, has devoted over two decades to driving technology advisor impact and growth through deep market insights and experience, a partnership focus, and a comprehensive set of services, solutions, and tools. With a focus on collaboration with advisors and suppliers, Telarus enables technology advisors to source, purchase, and implement the right technology for the greatest impact.

MEDIA CONTACT: 

Kristina O’Connell
Thrive
EVP, Marketing
koconnell@thrivenextgen.com
978.764.7960 

Opkalla Recognized for Outstanding Collaboration and Achievements in Cybersecurity and Technological Modernization Services 

FOXBOROUGH, MASS. – January 16, 2024 – Thrive, a premier provider of cybersecurity and digital transformation Managed Services, is pleased to announce Opkalla as the Breakout Partner of the Year Award recipient. This is part of Thrive’s first-ever Outstanding Partner Awards to recognize exceptional collaborations within its network.  

These channel awards mark the launch of Thrive’s formal recognition program, spotlighting partners who exemplify collaboration, innovation and shared success that define the Thrive partner ecosystem. Each partner selected has demonstrated significant, increasing growth with Thrive in 2023. 

“We are delighted to acknowledge Opkalla’s strategic thinking, leadership and significant contributions to Thrive’s growth with the Breakout Partner of the Year award,” Bill McLaughlin, Thrive’s President, stated. “Our top-tier partners fuel Thrive’s cybersecurity, digital transformation and Managed Services for businesses across North America, Europe and Asia-Pacific.” 

“It’s an honor to be named Breakout Partner of the Year,” Aaron Bock, Opkalla Managing Partner, said. “We’re excited to continue working with Thrive to protect and empower businesses through Thrive’s comprehensive and advanced ​​cybersecurity, Cloud and managed solutions.” 

Watch Thrive’s Opkalla Recognition Video. For more information about Thrive and its award-winning partners, please visit http://www.thrivenextgen.com/. 

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About Thrive 

Thrive delivers global IT outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering oversized technology returns on investment (ROI). They accomplish this with advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at http://www.thrivenextgen.com or follow us on LinkedIn. 

About Opkalla
Opkalla helps their clients navigate the confusion in the technology marketplace and choose the solution that is right for their business. They work alongside IT teams to design, procure, implement and support the most complex IT solutions without an agenda or technology bias. Opkalla was founded around the belief that IT professionals deserve better, and is guided by their core values: trust, transparency and speed. For more information, visit https://opkalla.com/ or follow them on LinkedIn. 

MEDIA CONTACT: 

Kristina O’Connell
Thrive
EVP, Marketing
koconnell@thrivenextgen.com
978.764.7960 

Welcome back to another installment of our “Thrive Spotlight” blog series.

Our featured employee is Mark Kerchoff, a Cloud Architect, Platform. In his role, Mark helps design systems for Thrive clients and implements and troubleshoots the more complex environments.

Mark lives in New Canaan, Connecticut, and is primarily based out of the Greenwich office but occasionally frequents the NYC office. Mark’s downtime perfectly blends beats, sports and tasty treats. He is passionate about live music, and you’ll usually find him at rock & roll or jam band shows. Outside the music scene, Mark is the go-to soccer and tennis dad, cheering on his three sports-loving sons. He also enjoys all things culinary – cooking and eating delicious meals.

Hi Mark! Can you tell us about your background and how you came to Thrive?

My career started in April 2000 at a small Managed Service Provider (MSP) catering to hedge funds. Subsequently, I transitioned to working directly with hedge funds before finding my way to Amaranth Group. Following the closure of Amaranth Group, the IT team evolved into Edge Technology, where I’ve been an integral part of the team for an impressive 16 years. In the most recent chapter, Edge Technology has seamlessly integrated into the Thrive family, marking a year of exciting collaboration under the Thrive umbrella.

Where did you go to school or get training?

I earned my education at Northeastern University in Boston; a foundation complemented over the years by various certifications from Microsoft and VMWare. This continuous commitment to learning has been instrumental in shaping my expertise.

What do you most enjoy about working for Thrive?

Though relatively new to the Thrive family, I’m genuinely impressed by the people. The collaborative spirit and enthusiasm among team members create an environment where everyone is not just willing but eager to come together, ensuring that tasks are done efficiently and effectively.

Are there any recent exciting projects at Thrive you can tell us about?

A project that holds significant promise and excitement is related to the Edge Technology acquisition. We are actively involved in streamlining and consolidating data centers, a venture that aligns with Thrive’s commitment to innovation and excellence. It’s an exciting opportunity to contribute to the growth and success of the company in a dynamic and evolving tech landscape.

Are you interested in learning more about Thrive? Click here!

And don’t forget to follow us on Twitter and LinkedIn for the latest news, and continue checking our blog for more in our “Thrive Employee Spotlight” series. Until next time…

In the aftermath of our previous blog on cyber-attacks targeting the legal sector in the UK, we delve deeper into the latest assaults, shedding light on the dire consequences and offering insights on bolstering cyber defences to avert severe business disruptions. This article unveils recent attacks on law firms and the high stakes for failing to take adequate safety measures.

The Allen & Overy Saga: A High-Profile Confrontation

The most high-profile recent victim is Allen & Overy – the UK “magic circle” law firm that fell prey to the notorious Russian ransomware group Lockbit. This London-based legal giant, founded in 1930, is the 7th largest integrated law firm globally, with approximately 5,500 employees and 500 partners across 31 nations. Allen & Overy was in the process of merging with Sherman & Sterling and faced a cyber onslaught that threatened to expose sensitive data. The merger was to create a 4,000-lawyer firm with 800 partners across 48 offices by May 2024. Lockbit added Allen & Overy to its victim list in early November 2023, claiming they had acquired their data and planned to publish it soon.

Prompt action by external cybersecurity experts helped isolate and contain the breach, sparing the firm’s core system data, email, and document management systems. Weeks later, as forensic investigations and remediations unfold, the firm continues to operate with limited disruption, underscoring the importance of swift and well-planned responses to such threats. The speed of response by Allen & Overy and the additional remediation and planning after the attack were critical to avoid catastrophic data loss.

Dire Warnings for Legal Businesses

Lockbit, the group behind the Allen & Overy attack, should be considered a significant threat. The National Cyber Security Centre (NCSC) labelled Lockbit as the most deployed ransomware in 2022, emphasising the devastating impact of their attacks. NCSC Director of Operations Paul Chichester urges organisations to comprehend the severe consequences of ransomware assaults on operations, finances, and reputation: “It is essential for organisations to understand the serious consequences that ransomware attacks can have on their operations, finances, and reputation.”

Since January 2020, entities of various sizes operating within critical infrastructure sectors such as finance, food and agriculture, education, and healthcare have experienced attacks from Lockbit affiliates utilising diverse tactics and methods. The wave of Lockbit’s widespread attacks across these critical infrastructure sectors reinforces the urgency for heightened cybersecurity measures.

Legal Sector in the Crosshairs

Legal firms have long been prime targets due to their safeguarding of sensitive client data. Past incidents, such as the £5 million ransomware attack on Ince in July 2022 and the 2021 assault on Simplify Group, the UK’s largest conveyancing company, highlight the sector’s vulnerability.

Simplify Group’s breach, resulting in a month-long system shutdown, showcasing the significant financial implications and potential fallout for law firms facing cyber threats. Vendors and buyers were left in turmoil for up to a month, unable to finalise any transactions. As for affected data, current and former staff members from conveyancing firms using Simplify were impacted by this breach. However, there is no indication customer data was stolen. Simplify had a class action lawsuit filed against them by other law firms on behalf of outraged clients, resulting in potential financial liability and implications.

Multi-Million Costs and Business Implications

Simplify Group’s annual report reveals the attack’s direct costs amounting to £7.3 million, partially covered by insurance. The incident prompted discussions with capital providers to safeguard the company’s long-term funding and capital structure. Indirect costs, including a reduction in client intake for ten weeks while remediation occurred, profoundly impacted the firm’s financial performance.

This severely affected the results for that financial year, when the company was otherwise on track to complete a record number of cases. Shareholders injected £15 million for post-breach recovery, underscoring businesses’ substantial challenges after cyber incidents.

Regulatory Scrutiny and Urgency for Preparedness

While Simplify immediately engaged a leading cyber response team, being prepared ahead of time is necessary in this dangerous era of cyber threats. In August 2023, the ICO reprimanded Durham law firm Swinburne Snowball & Jackson (SSJ) for not having sufficient protections in place and not being aware it needed to report data breaches to the ICO.

An employee’s Outlook email account was targeted in a spear phishing attack, impacting payments to beneficiaries of a probate case. The first breach was on January 11, 2021, but SSJ only became aware three days later, and the account’s password was changed on January 15. Following the incident, SSJ notified its data insurer, the Solicitors Regulation Authority (SRA), and the ICO after 11 days. SSJ faced repercussions for lacking sufficient protections and delayed reporting of that spear phishing attack.

SSJ did not have multi-factor authentication (MFA) in place for the account, claiming that its IT contractors had not previously recommended doing so despite various bodies, including the National Cyber Security Centre (NCSC), SRA, and Law Society, advocating for strong authentication measures.

The ICO also criticised SSJ for failing to comply with GDPR obligations regarding secure personal data processing to ensure ongoing system security and confidentiality and urged training while providing standard non-compulsory recommendations on governance, identity and access controls, technical control selection, staff training, and supply chain security. They warned, “If further information relating to this matter comes to light, or if any further incidents or complaints are reported to us, further regulatory action may be considered.”

A Call to Action: Strengthening Cyber Defences

The SSJ case is a stark reminder of the repercussions of inadequate cybersecurity measures, while the Allen & Overy incident showcases the imperative of being proactive. At Thrive, we specialise in fortifying businesses against data theft risks. Contact us today to ensure your clients’ data remains secure in the face of evolving cyber threats.

The financial sector is bracing for a significant shift with the U.S. Securities and Exchange Commission (SEC) “Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure” rule taking effect on December 18, 2023.

As the deadline looms, financial firms must have mechanisms in place to comply with cybersecurity reporting and disclosure requirements on annual and periodic forms. 

What does this mean for your company?  

Public companies subject to the reporting requirements under the Securities Exchange Act of 1934 must disclose any cybersecurity incident that is “determined to be material”i and describe the material aspects of the incident on amended form 8-K within four business days of determining an incident was material. Additional periodic reporting is also required to disclose any previously unreported material cyber incidents or material “changes, additions, or updates” on quarterly report Form 10-Q or annual report Form 10-K, whichever is next in the reporting sequence.  

Furthermore, covered firms must also disclose information related to their processes for assessing, identifying, and managing material risks from cybersecurity threats, and whether any previously identified threats “have materially affected or are reasonably likely to affect” the entity.ii Finally, covered firms must disclose information related to the Board of Directors (or Executive Committee, as applicable) oversight of cybersecurity risk in annual reporting (Section 106(c) on Form 8-K).  

In order to facilitate effective reporting that satisfies the new regulatory requirements while also protecting the business, entities must have visibility into the cyber threat vectors impacting their business. This enablement requires a cohesive and integrated suite of data security and cybersecurity solutions including data governance, endpoint threat detection, network threat detection, cloud security monitoring/threat detection, logging, and 24×7 security monitoring.   

It’s crucial to acknowledge that the deadline is a call to action for registered financial firms who must begin complying with the reporting requirements in the next reporting cycle. In this blog post, we’ll delve into the critical aspects of the new SEC rule, address FAQs and explore how Thrive can provide solutions and guidance to navigate this new landscape. 

Understanding the SEC’s Cyber Risk Management Rules 

The SEC’s recent rule update emphasizes the need for robust cybersecurity monitoring and reporting measures from both a technical product and corporate process perspective –. The December 18th deadline is significant, highlighting the urgency for firms to enhance their cybersecurity posture and reporting mechanisms. 

FAQs: Decrypting the SEC Cybersecurity Rule 

Q1: Why is Detection and Response Crucial? 

A1: Detection and response are paramount in the new SEC cybersecurity landscape. Quick correlation of incidents is vital for containing and mitigating threats before they materially impact the business and/or clients and investors. According to the 2023 Verizon Data Breach Investigations Report, approximately 60% of incidents were discovered within days. However, 20% could take months or more before organizations realized something was amiss, which poses a significant risk. These findings showcase the importance of proactive oversight, tools and collaboration with Managed Security Service Providers (MSSPs). Furthermore, without a clear understanding of an active threat and associated impact, proper regulatory reporting and client disclosures becomes a harrowing process. 

Q2: I’m Not Sure What Our Current Capabilities Are – What Steps Can We Take? 

A2: SEC-based readiness assessments can assist with identifying IT compliance alignment with SEC rules and provide clarity for strategy development around any areas of improvement. This process will help identify gaps in cybersecurity measures and lay the groundwork for effective compliance strategies. Managing your assessment output and strategic initiatives through our vCISO service is a powerful combination that can deliver lasting results while creating business value.  

Q3: How Can Thrive Assist in SEC Compliance? 

A3: Thrive, a Managed Security Service Provider (MSSP) with over two decades of experience in financial IT, stands as a trusted partner in navigating SEC cybersecurity rules. Our dedicated POD approach combines technical and industry expertise, ensuring positive outcomes. Thrive offers a wide range of services, including SEC Readiness Assessments, Managed Detection and Response (MDR) and Security Operations Center (SOC) services, incident response planning, policy development, IT compliance and vCISO advisory. Having a defined corporate governance committee responsible for IT compliance is also integral to fulfilling the new rule requirements. 

Thrive’s Solutions for SEC Compliance 

Thrive’s comprehensive suite of services addresses the specific needs outlined by the SEC: 

• SEC-Readiness Assessments: Identify alignment with SEC IT Compliance requirements and define a tailored strategy to improve your firm’s posture. 
• Managed Detection and Response: Leverage our SOC to enhance your organization’s threat detection, investigation, and containment capabilities. 
• Incident Response Planning & Policy Development: Establish robust incident response protocols and policies aligned with SEC guidelines. 
• vCISO Advisory: Thrive is a trusted security advisor, aiding in committee definition and fulfilling the new rule requirements. 

Prepare Today for a Secure Tomorrow 

Thrive’s wealth of experience and tailored solutions position us as a reliable partner in navigating this complex landscape.  

Fill out the form below to contact Thrive today to discuss how we can support and enhance your IT Compliance transformation initiatives.

Welcome back to another installment of our “Thrive Spotlight” blog series.

Our featured employee is Justin Tourtelotte, EVP, Project Delivery & Business Operations. Justin creates, implements, and manages Thrive’s customer onboarding processes. He focuses on creating protocols that can scale, enabling Thrive team members to do their jobs efficiently, and satisfying clients to the highest level.

Justin’s home in Duxbury, Massachusetts, is always abuzz with his wife, four kids, a dog and a cat. Justin and his family enjoy living close to the shore for spontaneous and fun days on the beach or water.

Hi Justin! Can you tell us about your background and how you came to Thrive?

Bill Burke, the VP of Revenue Integration, referred me to Thrive. Bill and I used to play Men’s League Hockey together and he thought I would be a great match for a new role at Thrive as the Technical Director of Onboarding.

This was precisely the work I was already doing for the last 16 years at Eze Software, which sold trading order management systems to Asset Managers.  I directed specialized consulting and engagement teams that project-managed and configured software implementations. My team building, project management, and software design background have been applicable in the managed services business as there was a need to structure project implementation processes and improve the use of internal tools.

Where did you go to school or get training?

I studied Computer Science and Business Management at Providence College for my undergraduate degree and received my MBA in Technology and Innovation from Northeastern University.

What do you most enjoy about working for Thrive?

I thoroughly enjoy implementing innovative solutions and operational processes with Thrive colleagues. The diversity and range of skills across these individuals create a fun and collaborative environment to work in. We are an agile group that works hard to do things correctly and develop processes that scale with growth. I love building an organization from the ground up and putting my team members in a position where they can be successful and grow with the business.

Are there any recent exciting projects at Thrive you can tell us about?

Recently, we have spent time enhancing our project management tools in ServiceNow. We have made significant progress building implementation templates for as many Thrive Services as possible. These implementation templates allow for consistent deployment, documentation, and support handoff practices to be followed by all parties. This makes onboarding new business units accessible and brings employees up to speed on Thrive services and our core processes.

Are you interested in learning more about Thrive? Click here!

And don’t forget to follow us on Twitter and LinkedIn for the latest news, and continue checking our blog for more in our “Thrive Employee Spotlight” series. Until next time…

A devastating storm of cyber attacks is raining down on the British law industry. Considering its over 230,000 solicitors and legal executives handling delicate data on client mergers, acquisitions, and general legal proceedings, these attacks have a distinctly devastating impact on the UK legal field.

In a recent review, the Solicitors Regulation Authority (SRA) identified that, since 2020, cyber attacks had targeted 75% of law firms, resulting in a devastating loss in 23 out of 30 businesses, having lost more than £4 million. In this blog, Thrive sheds light on the magnitude of this destruction and guides you in effectively safeguarding your sensitive client information against such attacks.

Rising Threat: UK Law Firms Face Surge in Data Breaches Amid Shift to Remote Work

Data breaches are not a new threat for law firms, but they are exploding in prevalence. According to the Equality & Human Rights Commission (CRC), 73 of the UK’s top 100 British law enterprises have been targeted, rising from 45% in 2018-19 to 73% in the most recent financial year.

A substantial shift in the work/life balance in the UK prompted by the Covid-19 pandemic has been the critical factor to this trend. The pandemic forced over 60% of companies to transition to Cloud-based work, a trend that has continued into the post-Covid era. As a result, storing more client information online makes law firms extremely attractive online targets.

UK Law Firms Face 4,000 Daily Cyber Attacks, Costs Surge

90% of the top UK law firms have personally experienced this threat – 55% of which faced viruses and other malware, and 16% of which faced extreme attempts to hack into their company’s network. To put this into context, over 4,000 cyber attacks are launched every day. This equals 170 every hour and almost three every minute. Law firms must protect themselves and their clients against this vastly underestimated but dangerous threat.

The shift to remote online working has also impacted the costs of such a breach. Attacks that previously cost companies £2.8 million now cost £3.57 million due to the sheer quantity of online client data. The overall rise in data breach costs is 10%, with the average weighing around £3.05 million.

These numbers refer to the larger law firms, but what about SMEs in the legal sector?

Cyber Attacks Costing Unprepared Firms an Average of £150,000

SMEs are equally exposed to cyber attacks, as they’re perceived as easier targets by hackers who assume they do not have the measures to handle them. Small or medium law businesses could unwittingly be exposed to these well-orchestrated attacks simply because they are unaware of the costs that other law firms are facing.

The average data breach cost for businesses of this size is £310,000. Still, if the company is unprepared, it can cost additional billable hours to seek help from experts to investigate the cyber breach, notify victims, and take extra preventive measures to avoid future attacks. The SRA has shown that this number can reach around £150,000 for unprepared firms.

Although becoming steadily less commonplace, many SMEs have minimal pre-emptive measures to deal with such an attack. Typical law firm cyber attacks have previously been initiated through an item of hardware with old, unpatched software on it. This is the ‘open window’ that allows attackers to gain entry to systems. The impact on other companies in the field has seen the entirety of a firm’s data locked, resulting in a hefty ransom demand to allow the company to continue working.

These real-life examples of legal businesses did not have an adequate cyber incident response plan in place, which resulted in the companies ultimately floundering and seeking urgent help from their IT support teams and local police. Some situations were so dire that paying the ransom seemed the only option. This cements the need for a standalone cyber insurance policy, disaster recovery plan and employee cyber awareness training.

Magic Circle Attack

A recent case of this occurring is that of London-based Allen & Overy, the latest major ‘magic circle’ corporation attacked by ransomware hackers. They announced this incident following posts on X (formerly Twitter), claiming hacker group Lockbit had targeted the prominent firm, threatening to publicise sensitive files.

Lockbit is a hacking group notorious for locking access to government and corporate networks and demanding payment in return for not publishing private data and correspondence, such as the high-profile Royal Mail hack in January we previously blogged on – blocking its access to data until payment. Thankfully, Allen & Overy had a technical response team in place and an independent cyber security adviser on standby to aid in the containment and isolation of the attack. This resulted in minimal affected client data, not impacting their email or document managing system – all thanks to the preventive measures they had taken.

In another similar case, Gateley, a UK Top 50 firm whose cyber team quickly identified an intrusion and acted immediately, securing all systems. The firm did state that it was confident that its IT support had successfully limited the impact of the cyber attack and did not foresee any evidence of a material effect on the company’s financial performance, with just 0.2% of its data affected.

NCSC Best Practices for Cybersecurity

Published advice from the NCSC is that companies should ensure they back up important data regularly and use offline storage facilities, which render a degree of protection against ransomware and other cyber threats. Multifactor authentication is, as ever, recommended, as well as ensuring the least privileged access to safeguard against potential attacks.

However, to ensure that the best measures are put in place for your business, a thorough risk assessment should be performed – identifying weak points in your business and prioritising cybersecurity investments. Employees should be comprehensively versed on your firm’s threats and the best action when dealing with them.

Best practice includes enforcing user access controls and ensuring that businesses and their employees have strong password policies, significantly minimising the risk of unauthorised access. A significant risk to SMEs that fail to safeguard their clients’ data in these ways is that of legal challenge – with consequences ranging from client lawsuits to fines from the ICO.

If this blog has caused you to reflect upon the readiness of your firm when tackling this genuine threat, don’t hesitate to contact Thrive.

We are highly experienced in working alongside SMEs in your sector to reach absolute security in the face of data breaches and similar recent threats. We can help you guarantee your business’s and its employees’ safety by staying ready against these ever-growing risks.