In the current digital environment, where cyberthreats are commonplace, it makes perfect sense to have cyber liability insurance. However, just having a policy in place doesn’t guarantee a smooth claims process.
Cyber insurance policies come with varying terms and coverage, requiring meticulous examination of inclusions and exclusions and deciphering technical jargon. Having a thorough understanding of your policy sets realistic expectations and prepares you to handle potential cyber incidents with confidence.
This blog aims to help you get the most out of your cyber liability insurance. Keep reading to learn more.
Mastering Your Cyber Insurance Claims
Here are some key steps to optimize your coverage:
Thorough Policy Understanding
Delve into the nuances of your policy. Scrutinize terms, conditions and coverage limits. Identifying inclusions and exclusions aligns your expectations effectively, empowering you to grasp the extent of protection offered.
Precision in Application
Accuracy is paramount when applying for cyber insurance. Detailed and precise information regarding your organization’s cybersecurity measures, risk management practices and past incidents or breaches aids insurers in evaluating your risk profile accurately.
Documentation of Security Measures
Maintaining comprehensive records of cybersecurity measures, policies, procedures and incident responses becomes crucial evidence during the claims process. These records showcase proactive steps taken to mitigate cyber-risks.
Timely Incident Reporting
Immediate reporting of cyber incidents or potential claims to your insurer as per policy requirements is essential. Swift notification initiates the claims early, allowing for a prompt investigation — a critical aspect of a successful claims process.
Detailed Loss Documentation
Comprehensive documentation and quantification of financial losses incurred due to cyber incidents are vital. Including costs related to business interruption, data restoration, legal fees and other expenses supports your claim’s accuracy.
Cooperation with the Insurer’s Investigations
Full cooperation with the insurer’s investigation, providing requested information, interviews and access to systems and records, is imperative. Failure to cooperate might lead to claim delays or denials.
Regular Policy Review
Consistent review of your cyber insurance policy is crucial. Align it with evolving business needs and changing cyber risk landscapes. This step allows necessary adjustments to coverage, endorsements or additional coverages matching your risk profile.
Enhancing Cybersecurity Practices
Continuously improve cybersecurity measures based on industry standards. Regular assessments to identify and mitigate vulnerabilities showcase a proactive approach, potentially influencing positive claim outcomes.
Databranch stresses the importance of conducting vulnerability assessments regularly, at least every quarter if not more frequently. This is due to the dynamic nature of information technology. Many changes occur on a day-to-day basis that can introduce new exposures associated with information security.
Security shortcomings found during a vulnerability assessment can almost always be fixed. Many times, the fixes are very easy to accomplish.
Expert Consultation
Seeking guidance from insurance professionals, legal counsel and specialized IT service providers offers invaluable insights. Their advice aids in optimizing coverage and effectively navigating the claims process.
Databranch can help your business implement many of the pre-requisites for a cyber insurance policy, such as performing vulnerability assessments, enabling MFA, restricting administrative privileges, and even installing a data backup and recovery solution.
Ensuring a Successful Payout
While obtaining cyber insurance is vital, maneuvering the claims process for a successful payout is equally essential. Our seasoned experts specialize in cyber insurance claims and understand policy nuances and claim procedures.
With extensive experience, we’ve successfully guided numerous businesses through complexities, offering tailored strategies to enhance claim success. Reach out to Databranch today at 716-373-4467 option 6, or [email protected] to schedule a no-obligation consultation to optimize your cyber insurance coverage and fortify your business against cyber incidents effectively.
Download our infographic today for more information on cyber insurance claims and why yours may be denied.
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In recent years, email has become an essential part of our daily lives. Many people use it for various purposes, including business transactions. With the increasing dependence on digital technology, cybercrime has grown. A significant cyber threat facing businesses today is Business Email Compromise (BEC).
Why is it important to pay particular attention to BEC attacks? Because they’ve been on the rise. BEC attacks jumped 81% in 2022, and as many as 98% of employees fail to report the threat.
What is Business Email Compromise (BEC)?
Business Email Compromise (BEC) is a type of scam in which criminals use email fraud to target victims. These victims include both businesses and individuals. They especially target those who perform wire transfer payments.
The scammer pretends to be a high-level executive or business partner and will send emails to employees, customers, or vendors. These emails request them to make payments or transfer funds in some form.
According to the FBI, BEC scams cost businesses around $1.8 billion in 2020. That figure increased to $2.4 billion in 2021. These scams can cause severe financial damage to businesses and can also harm their reputations.
How Does BEC Work?
BEC attacks are usually well-crafted and sophisticated, making it difficult to identify them. The attacker first researches the target organization and its employees. They gain knowledge about the company’s operations, suppliers, customers, and business partners.
Much of this information is freely available online. Scammers can find it on sites like LinkedIn, Facebook, and organizations’ websites. Once the attacker has enough information, they can craft a convincing email. It’s designed to appear to come from a high-level executive or a business partner.
The email will request the recipient to make a payment or transfer funds. It usually emphasizes the request being for an urgent and confidential matter. For example, a new business opportunity, a vendor payment, or a foreign tax payment.
The email will often contain a sense of urgency, compelling the recipient to act quickly. The attacker may also use social engineering tactics. Such as posing as a trusted contact or creating a fake website that mimics the company’s site. These tactics make the email seem more legitimate.
If the recipient falls for the scam and makes the payment, the attacker will make off with the funds. In their wake, they leave the victim with financial losses.
How to Fight Business Email Compromise
BEC scams can be challenging to prevent, but there are measures businesses and individuals can take to cut the risk of falling victim to them.
Educate Employees
Organizations should educate their employees about the risks of BEC, along with how to identify and avoid these scams. This includes employees recognizing tactics used by scammers such as: urgent requests, social engineering, and fake websites.
Training should also include email account security, including:
- Checking their sent folder regularly for any strange messages
- Using a strong email password with at least 12 characters
- Changing their email password regularly
- Storing their email password in a secure manner
- Notifying an IT contact if they suspect a phishing email
Contact Databranch today if your company lacks on-going cybersecurity training. Our Breach Prevention Platform and Security Awareness Training will give your employees the resources they need to spot real world phishing attempts.
Enable Email Authentication
Organizations should implement email authentication protocols.
This includes:
- Domain-based Message Authentication, Reporting, and Conformance (DMARC)
- Sender Policy Framework (SPF)
- DomainKeys Identified Mail (DKIM)
These protocols help verify the authenticity of the sender’s email address and can also reduce the risk of email spoofing. Another benefit is to keep your emails from ending up in junk mail folders.
Deploy a Payment Verification Process
Organizations should deploy a payment verification processes, such as two-factor authentication. Another protocol is confirmation from multiple parties when making a business related payment. This ensures that all wire transfer requests are legitimate. It’s always better to have more than one person verify a financial payment request.
Establish a Response Plan
Organizations should establish a response plan for BEC incidents. This includes procedures for reporting the incident as well as freezing the transfer and notifying law enforcement.
Use Anti-phishing Software
Businesses and individuals can use anti-phishing software to detect and block fraudulent emails. As AI and machine learning gain widespread use, these tools become more effective.
The use of AI in phishing technology continues to increase. Businesses must be vigilant and take steps to protect themselves.
Here at Databranch, our managed clients have the comfort of knowing that their systems are monitored and maintained on a 24/7 basis. Our tool-stack not only increases your protection from malware and phishing, but is also capable of detecting a breach in you network and isolating that device.
Enable Multi-Factor Authentication (MFA)
BEC can occur when a hacker gains access to your email’s login credentials. However, here are many valuable tools you can use to fend off these bad actors even after they have stolen your credentials.
According to a study cited by Microsoft, MFA is proven to prevent approximately 99.9% of fraudulent sign-in attempts.
This is because MFA adds a layer of cybersecurity protection by confirming the authenticity of users who are logging in to various platforms. This is completed by entering a code from your mobile device into the application you are trying to log into, or by approving a prompt that is sent to your mobile device.
This means that unless the hacker also has your mobile device, they will not be able to approve the login attempt.
Reach out to Databranch today if your interested in setting MFA up for your business accounts.
Need Help with Email Security Solutions?
It only takes a moment for money to leave your account and be unrecoverable. Don’t leave your business emails unprotected. Get in touch today at 716-373-4467 x115 or [email protected] to discuss our email security solutions.
Article used with permission from The Technology Press.
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Once upon a time, our most precious assets were confidently protected behind layers of security defenses. Cash was neatly stacked in a cast metal safe which was bolted to the floor of the building. Customer lists and bank records were locked in a filing cabinet and only accessible to the person who had the key. Human Resource records were protected by the shelter of the impenetrable HR office door.
Then, digital electronics revolutionized the typical business office. Instead of accessing records from a locked filing cabinet, employees now used computers to navigate a digital file system which contained an abundance of information – much of it considered to be confidential. The sensitive documents that were once tangible and secured behind a physical lock and key were now accessible in digital format and stored in the data network for end users to access.
Security controls such as passwords and file permissions were established to protect the confidential information in its new digital format. This was a time however, when computing devices were stationary and did not typically leave the confines of the physical office. Employees would report to the office for work, log onto their computer, and only then – be granted with access to confidential information. The data that companies treasured most rarely – if ever – left the building.
The same statement cannot be made today. Mobile computing devices are very popular and can be found in most corporate computing devices. Employees are no longer forced to work on a computer that is tethered to the floor beneath their office desk. Laptops and tablets have provided employees with the freedom and flexibility to work from just about anywhere. Mobile devices have also changed the corresponding security landscape too.
The Customer Lists, HR records and Bank Statements are now leaving the building.
The 2 Significant Risks Associated with Mobile Computing Devices:
People lose them and people steal them.
The most common item stolen by thieves is cash, the second is electronic devices. So, what happens when the hotel maid swipes your work laptop or tablet? Or, what if it’s accidentally left at a train station or airport?
The answer to both questions is simple: Someone now has a device that contains sensitive and confidential business information. Chances are that “Someone” is not a trusted entity at all. Many data breaches start with a stolen work device. The stolen property is then compromised, and the thief has the ability to use or sell the stolen data.
There is no doubt that mobile computing devices pose a real security challenge. We have grown accustomed to the elasticity they provide and it is unreasonable to think we will revert back to using the stationary computer we once used at our desk. Laptops and tablets are here to stay.
Human beings will continue to lose these devices and criminals will continue to steal them. Although we can fight to minimize these occurrences through effective awareness training, the reality is that we will not be able to prevent them all together.
However, there are security controls you can put in place to help minimize your businesses risk when it comes to laptops and tablets.
Use a VPN
Free Wi-Fi may be a welcome site when you’re on the road, but it can also be dangerous. You don’t know who else is using that Wi-Fi. A hacker hanging out on the connection can easily steal your data if you’re not protected.
It’s better to use either your mobile carrier connection or a virtual private network (VPN) app. VPN plans are inexpensive and will keep your data encrypted, even if you’re on public Wi-Fi. It is highly recommended that VPNs are secured using Multi-Factor Authentication, this provides an additional layer of security against threat actors.
Visit our website here to learn more about VPNs and what factors to consider when choosing a plan.
Backup Your Data
Don’t lose all your work data with the device! Back up your devices to the cloud or local storage before you travel. This ensures that you won’t lose the valuable information on your device.
Need help with a Data Backup and Recovery plan for your business? Contact us today or visit our website to learn more.
Restrict Privileges
Local Admin Privileges allow employees to make adjustments to their work computers without the need for IT interference. This means that they can download programs, connect to printers, and modify software already installed on their computer.
This can be convenient, but poses a major cybersecurity risk.
If a device is stolen and the thief were to gain access to an account with local admin privileges, the damage could be endless. This is especially true for a business that is not utilizing security measures such as Multi-Factor Authentication (MFA) or Password Managers.
Once a hacker has breached your computer they could download malware, spyware, or even ransomware. Resulting in computer files being locked, credentials being stolen, or even a virus spreading throughout your entire network.
Visit our website here to learn more about Local Admin Privileges.
Databranch Can Help
There are key digital solutions we can put in place to keep your business safer from online threats. Contact us today at at 716-373-4467 x115 or [email protected] to schedule a chat about mobile security.
Content provided curtesy of Cyberstone.
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No business wants to suffer a data breach. But unfortunately, in today’s environment, it’s difficult to completely avoid them. Approximately 83% of organizations have experienced more than one data breach. (IBM Security 2022 Cost of a Data Breach Report)
These breaches hurt businesses in many ways. First, there is the immediate cost of remediating the breach. Then, there are the lost productivity costs. You can add lost business on top of that along with lost customer trust. A business could also have extensive legal costs associated with a breach.
Visit our website here to see what the cost of downtime would be for your business.
According to IBM Security’s report, the cost of a data breach climbed again in 2022. The global cost of one breach is now $4.35 million, up 2.6% from last year. If your business is in the U.S., the cost rises to $9.44 million. In Canada, the average data breach costs companies $5.64 million.
Costs for smaller companies tend to be a little lower. But breaches are often more devastating to SMBs. They don’t have the same resources that larger companies do to offset all those costs.
It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.
Companies don’t need to resign themselves to the impending doom of a data breach. There are some proven tactics they can take to mitigate the costs. These cybersecurity practices can limit the damage of a cyberattack.
All these findings come from the IBM Security report. They include hard facts on the benefits of bolstering your cybersecurity strategy.
Cybersecurity Tactics to Reduce the Impact of a Breach
Use a Hybrid Cloud Approach
Most organizations use the cloud for data storage and business processes. Researchers found that 45% of all data breaches happen in the cloud. But all cloud strategies are not created equally.
Breaches in the public cloud cost significantly more than those in a hybrid cloud. What is a hybrid cloud? It means that some data and processes are in a public cloud, and some are in a private cloud environment.
What some may find surprising is that using a hybrid cloud approach was also better than a private cloud.
Put in Place a Disaster Recovery Plan & Practice It
You don’t need to be a large enterprise to create an Disaster Recovery (DR) plan. The DR plan is a set of instructions for employees to follow should any number of cybersecurity incidents occur.
Along with this, it is the Business Continuity Solution put in place by the business to monitor backup processes, implement recovery objectives and restore your data to its former state.
Here is an example. In the case of ransomware, the first step should be disconnecting the infected device. DR plans improve the speed and effectiveness of a response in the face of a security crisis.
Having a practiced Disaster Recovery plan reduces the cost of a data breach by an average of $2.66 million per incident.
Need help setting up your Disaster Recovery plan? We’re ready to help you with a custom-built business continuity solution that meets the needs of your unique business. Give our experts a call at 716-373-4467 x115 or click here to get started.
Adopt a Zero Trust Security Approach
Zero trust is a collection of security protocols that work together to fortify a network. An example of a few of these are:
Approximately 79% of critical infrastructure organizations haven’t adopted zero trust. Doing so can significantly reduce data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach.
Use Tools with Security AI & Automation
Using the right security tools can make a big difference in the cost incurred during a data breach. Using tools that deploy security AI and automation brought the biggest cost savings.
Data breach expense lowered by 65.2% thanks to security AI and automation solutions. These types of solutions include tools like advanced threat protection (ATP). They can also include applications that hunt out threats and automate the response.
Here at Databranch, we use a number of automated remote monitoring tools that will inspect your system 24/7, 365 days a year to help prevent attacks from happening to your organization. Click here to learn more.
How to Get Started Improving Your Cyber Resilience
Many of these ways to lower data breach costs are simply best practices. You can get started by taking them one at a time and rolling out upgrades to your cybersecurity strategy.
Databranch will even help you put together a roadmap to achieve this in the most efficient way possible. Address the “low-hanging fruit” first. Then, move on to longer-term projects.
As an example, “low-hanging fruit” would be putting multi-factor authentication in place. It’s low-cost and easy to put in place. It also significantly reduces the risk of a cloud breach.
A longer-term project might be creating an incident response plan. Then, you would set up a schedule to have your team drill on the plan regularly. During those drills, you could work out any kinks.
Need Help Improving Your Security & Reducing Risk?
Working with Databranch can take the cybersecurity burden off your shoulders. Contact us today at 716-373-4467 x 115 or [email protected] to discuss your security needs.
Article used with permission from The Technology Press.
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Our technology inevitably comes with us when we travel. Some people won’t even travel to the end of the block without their smartphones. Whether you travel for work or pleasure, not having your technology there when you need it can ruin your day.
Travel smarter and more securely by doing several checks before you go. Use our handy tech travel checklist below, it can save you from lost devices or a data breach.
1. Check Your Apps
Have you ever sat at an airport gate wondering why it looked so empty? You then found out that your gate had changed, and you had no idea. You go rushing to the other end of the concourse, hoping you’re not too late.
How did everyone else know about the gate change? They most likely had the app for the airline and received a notification.
Before you leave for a trip, make sure to download any apps you may need. It’s better to download them when you’re at home on your own Wi-Fi. Waiting until you’re at the airport could cause connectivity or security issues.
Some of the apps you may want to download or update before your trip are:
- Airline app
- Train app
- Hotel app
- Weather app
- City tourism app
2. Check Your Cords & Adapters
People leave behind countless chargers and adapters every day. They litter airports, restaurants, and train stations around the world. Make sure to bring a backup charger for your laptop, tablet, or phone. Otherwise, you may find yourself paying a premium price for a new charger in a gift shop.
3. Check Your Power
A great way to ensure you have the power you need is to buy a small portable battery. You can find these in most major retailers or online. They are small “blocks” that hold a charge and can power up a cell phone in a pinch.
Having this extra backup also helps you avoid potential juice-jacking ports. These are fake or compromised public USB charging ports that hackers use them to steal your data when you plug in your device.
4. Check Your Mobile Plan
Traveling for work is exciting, but it can also lead to issues connecting with clients. Being away from the office means missed calls an unheard voicemails.
Handing out you personal mobile number may seem like a good solution. However, having clients or coworkers reach you at all hours of the day can blur the line between your professional and personal life. It can also get expensive if you’re on long calls or using your own mobile data.
An alternative is to set up a VoIP app that you can use with your office while you’re traveling. These enable both calls and SMS, but you do need an internet connection.
Interested in learning more about VoIP and the functions it provides? Reach out to Databranch today! Our Rock-It VoIP platform offers flexibility and scalability to accommodate for fluctuations and growth in your business, and we can service locations nationwide. With Rock-IT VoIP, we also port your numbers so they stay the same and handle any upgrades, maintenance, and programming!
5. Check or Add a VPN
Free Wi-Fi may be a welcome site when you’re on the road, but it can also be dangerous. You don’t know who else is using that Wi-Fi. A hacker hanging out on the connection can easily steal your data if you’re not protected.
It’s better to use either your mobile carrier connection or a virtual private network (VPN) app. VPN plans are inexpensive and will keep your data encrypted, even if you’re on public Wi-Fi.
Visit our website here to learn more about VPNs and what factors to consider when choosing a plan.
6. Check Your Backup
Unfortunately, mishaps occur when traveling. You may leave your phone behind in the airport, have your luggage lost, or get your device stolen while in a crowded area.
10% of all laptop thefts happen in airports.
Don’t lose all your work data with the device! Back up your devices to the cloud or local storage before you travel. This ensures that you won’t lose the valuable information on your device.
Need help with a Data Backup and Recovery plan for your business? Contact us today or visit our website to learn more.
7. Check Your Device Security
Make your devices as secure as possible before you hit the road. When we’re traveling, our minds are occupied by other things. So, you may not think to check your antivirus or avoid suspicious phishing links.
Protect your devices before you go using:
- Antivirus/anti-malware
- DNS filtering
- Screen lock with passcode
- Sharing features turned off
- VPN application
- Find-My-Device feature turned on
Improve the Security of Your Devices Now
Don’t leave your company devices unprotected. Contact us today if you want to discuss your cybersecurity in greater detail. We can arrange a quick chat to discussed some options we have available that would help enhance your businesses security. Give us a call at 716-373-4467 x 115 or email us at [email protected] to learn more.
Article used with permission from The Technology Press.
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There’s a reason that browsers like Edge have added breached password notifications. Data breaches are an unfortunate part of life that can have costly consequences for individuals. Hackers can steal identities, compromise bank accounts and even sell your credentials on the dark web.
Cybercriminals breach about 4,800 websites every month with form jacking code. It has become all too common to hear of a large hotel chain or social media company exposing customer data.
Hackers can breach your personal information and passwords without you knowing it. The time from breach to notification of the breach can be lengthy. One example is the data breach of CafePress which is a popular online retailer that prints personalized items.
CafePress suffered a data breach in February 2019. That breach exposed millions of names and addresses, security questions, and more. Hackers also breached social security numbers that weren’t encrypted.
As mentioned, the breach happened in February. But many consumers weren’t notified until late summer. The FTC recently took action against the company due to its careless security practices.
The point is that months or years can go by without you knowing about compromised data. Unless you happen to look at the right website, you may not even realize it. Those breached password features in browsers are helpful, but what if you have other information beyond a password compromised?
It’s best to protect yourself with some knowledge. We’ll help by listing several recent breaches. If you’ve interacted with any of these companies, you’ll want to take steps to protect yourself from the fallout.
Recent Breaches of Personal Information That May Impact You
Microsoft Customer Data Breach
On October 19, 2022, Microsoft announced a breach that exposed customer data. A misconfigured server was to blame and the breach exposed certain business transaction data. It’s thought that this breach could have affected more than 65,000 entities worldwide.
2.5 Million Records Exposed in a Student Loan Breach
Did you get a student loan from EdFinancial and the Oklahoma Student Loan Authority (OSLA)? If so, you could be in trouble. The organizations notified impacted individuals by letter in July 2022.
The personal information at risk included:
- Social security numbers
- Email addresses
- Home addresses
- Phone numbers
The breach compromised the data of over 2.5 million loan recipients.
U-Haul Data Breach of 2.2 Million Individuals’ Data
Large rental firm U-Haul is a household name. It also just had a major data breach. It notified clients in August of 2022 of a compromise of some rental contracts. The contacts in question were between November 5, 2021, and April 5, 2022.
The breach exposed names, driver’s license numbers, and state identification numbers. It affected over 2.2 million individuals that rented vehicles from the company.
Neopets Breach May Have Compromised 69 Million Accounts
You wouldn’t suspect a cute site like Neopets to be a cybersecurity risk. But users of the platform got a rude awakening due to a breach of the service. An estimated 69 million accounts may have had emails and passwords leaked.
The full stolen Neopet database and copy of the source code were being offered for sale for about $94,500.
One Employee Computer Causes a Marriott Breach
Hotel giant Marriott suffered another breach in July 2022. It blamed a single unsecured employee computer. About 300-400 individuals had data leaked. This data included credit card numbers and other confidential information.
Unfortunately, the company shows a pattern of poor cybersecurity. Within the last four years, it has suffered three separate breaches. That’s enough to want to pay in cash or use a pre-paid card if you stay there.
Shield Health Care Group Exposes Up to 2 Million Records
In March of 2022, Shield Health Care Group detected a breach. This Massachusetts-based company found that hackers breached up to 2 million customer records. This includes medical records, social security numbers, and other sensitive personal data.
Flagstar Bank Takes 6 Months to Identify Individuals Affected in a Breach
In December of 2021, Flagstar Bank suffered a breach. It wasn’t until 6 months later that it identified the individuals affected. And the impact was large. It included exposed social security numbers. The hack impacted about 1.5 million customers.
8.2 million Current and Former Customers of Block Compromised
Block was formerly known as Square, a popular payment processing platform. It announced in April of 2022 that it was breached the previous December. A former employee accessed customer names and brokerage account numbers. Some accounts also had other stock trading information accessed.
About 8.2 million current and former customers had their data exposed.
Crypto.com Breach Nets Hackers Over $30 Million
Cryptocurrency may be hot at the moment, but it’s very susceptible to cyberattacks. In January 2022, over 483 users had their Crypto.com wallets breached.
The criminals made it past two-factor authentication, which is usually quite effective. They stole about $18 million in bitcoin and $15 million in Ethereum and other cryptocurrencies.
Are Your Credentials Out There?
Contact Databranch today at 716-373-4467 x 115 or [email protected] to learn more about protecting your personal data from a breach. We can help your business implement Multi-Factor Authentication or set you up with our Dark Web monitoring services. Visit out website here to learn more.
Article used with permission from The Technology Press.
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The new year has just begun and it’s a time of renewal as we plan for the possibilities to come in 2023. It’s also a time when you need to plan for resiliency in the face of ever-present cyberattacks.
Sixty-eight percent of surveyed business leaders feel that cybersecurity risks are getting worse, and they have a good reason. Attacks continue to get more sophisticated. They are also often perpetrated by large criminal organizations. These criminal groups treat these attacks like a business.
In 2021, the average number of global cyberattacks increased by 15.1%.
To protect your business in the coming year, it’s important to watch the attack trends. What new methods are hackers using? What types of attacks are increasing in volume? Knowing these things is important. It helps you better update your IT security to mitigate the risk of a data breach or malware infection.
We’ve pulled out the security crystal ball for the upcoming year and we’ve researched what cybersecurity experts are expecting. Here are the attack trends that you need to watch out for.
Attacks on 5G Devices
The world has been buzzing about 5G for a few years. It is finally beginning to fulfill the promise of lightning-fast internet. As providers build out the infrastructure, you can expect this to be a high-attack area.
Hackers are looking to take advantage of the 5G hardware used for routers, mobile devices, and PCs. Anytime you have a new technology like this, it’s bound to have some code vulnerabilities. This is exactly what hackers are looking to exploit.
You can prepare by being aware of the firmware security in the devices you buy. This is especially true for those enabled for 5G. Some manufacturers will build better firmware security into their designs than others. Make sure to ask about this when purchasing new devices.
One-Time Password (OTP) Bypass
This alarming new trend is designed to get past one of the best forms of account security. Multi-factor authentication (MFA) is well-known as very effective at preventing fraudulent sign-in attempts. It can stop account takeovers even in cases where the criminal has the user’s password.
There are a few different ways that hackers try to bypass MFA. These include:
- Reusing a token: Gaining access to a recent user OTP and trying to reuse it
- Sharing unused tokens: The hacker uses their own account to get an OTP. Then attempts to use that OTP on a different account.
- Leaked token: Using an OTP token leaked through a web application.
- Password reset function: A hacker uses phishing to fool the user into resetting a password. They then trick them into handing over their OTP via text or email.
Interested in learning more about Multi-Factor Authentication and how it can enhance your businesses cybersecurity? Read more about it here.
Attacks Surrounding World Events
During the pandemic, the cyberattack volume increased by approximately 600%. Large criminal hacking groups have realized that world events and disasters are lucrative.
They launch phishing campaigns for world events. Attacks come for everything from the latest hurricane or typhoon to the war in Ukraine. Unsuspecting people often fall for these scams. This is because they are often distracted by the crisis.
People need to be especially mindful of scams surrounding events like these. They will often use social engineering tactics, such as sad photos, to play on the emotions.
Smishing & Mobile Device Attacks
Mobile devices go with us just about everywhere these days. This direct connection to a potential victim is not lost on cybercriminals. Be on the lookout for more mobile device-based attacks, including SMS-based phishing (“smishing”).
Many people aren’t expecting to receive fake messages to their personal numbers. But cell numbers are no longer as private as they once were. Hackers can buy lists of them online. They then craft convincing fake texts that look like shipping notices or receipts. One wrong click is all it takes for an account or data breach.
Mobile malware is also on the rise. During the first few months of 2022, malware targeted to mobile devices rose by 500%. It’s important to ensure that you have good mobile anti-malware. As well as other protections on your devices, such as a DNS filter.
Elevated Phishing Using AI & Machine Learning
These days, phishing emails are not so easy to spot. It used to be that they nearly always had spelling errors or grainy images. While some still do, most don’t.
Criminal groups elevate today’s phishing using AI and machine learning. Not only will it look identical to a real brand’s emails, but it will also come personalized. Hackers use these tactics to capture more victims. They also allow hackers to send out more targeted phishing messages in less time than in years past.
Schedule a Cybersecurity Check-Up Today
Is your business prepared for the cyber threats coming in 2022? Don’t wait to find out the hard way! Contact us today at 716-373-4467 x 115 or [email protected] to schedule a cybersecurity check-up to stay one step ahead of the digital criminals.
Article used with permission from The Technology Press.
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Ever since passwords have been around, they’ve been a major source of security concern. Eighty-one percent of security incidents happen due to stolen or weak passwords. Additionally, employees continue to neglect the basics of good cyber hygiene.
For example, 61% of workers use the same password for multiple platforms. Plus, 43% have shared their passwords with others. These factors are why compromised credentials are the main cause of data breaches.
Access and identity management have become a priority for many organizations. This is largely due to the rise of the cloud. As well as the practice of people needing to only enter a username and password to access systems.
Once a cybercriminal gets a hold of an employee’s login, they can access the account and any data that it contains. This is especially problematic when it’s an account like Microsoft 365 or Google Workspace since these accounts can access things like cloud storage and user email.
Below, we’ll explain what conditional access is, as well as how it works with multi-factor authentication (MFA). We’ll also review the advantages of moving to a conditional access process.
What Is Conditional Access?
Conditional access is also known as contextual access. It is a method of controlling user access. You can think of it as several “if/then” statements, meaning “if” this thing is present, “then” do this.
For example, conditional access allows you to set a rule that would state the following. “If a user is logging in from outside the country, require a one-time-passcode.”
Conditional access allows you to add many conditions to the process of user access to a system. It is typically used with MFA. This is to improve access security without unnecessarily inconveniencing users.
Some of the most common contextual factors used include:
- IP address
- Geographic location
- Time of day
- The device used
- Role or group the user belongs to
Conditional access can be set up in Azure Active Directory. It can also be set up in another identity and access management tool. It’s helpful to get the assistance of your IT partner. We can help with setup and the conditions that would make the most sense for your business.
The Benefits of Implementing Conditional Access for Identity Management
Improves Security
Using conditional access improves security and allows you more flexibility in challenging user legitimacy. It doesn’t just grant access to anyone with a username and password. Instead, the user needs to meet certain requirements.
Contextual access could block any login attempts from countries where no employees are. It could also present an extra verification question when employees use an unrecognized device.
Automates the Access Management Process
Once the if/then statements are set up, the system takes over. It automates the monitoring for contextual factors and takes the appropriate actions. This reduces the burden on administrative IT teams. It also ensures that no one is falling between the cracks.
Automated processes are more accurate and reliable than manual processes. Automation removes the human error component. This helps ensure that each condition is being verified for every single login.
Allows Restriction of Certain Activities
Conditional access isn’t only for keeping unauthorized users out of your accounts, you can use it in other ways as well. One of these is to restrict the activities that legitimate users can do.
For example, you could restrict access to data or settings based on a user’s role in the system. You can also use conditions in combination. Such as, lowering permissions to view-only. You could trigger this if a user holds a certain role and is logging in from an unknown device.
Improves the User Login Experience
Studies show that as many as 67% of businesses don’t use multi-factor authentication. This is despite the fact that it’s one of the most effective methods to stop credential breaches.
One of the biggest reasons it is not used is because of the inconvenience factor for employees. They may complain that it interferes with productivity. Or say that it makes it harder for them to use their business applications.
Using conditional access with MFA can improve the user experience. For example, you can require MFA only if users are off the premises. You can put in place extra challenge questions on a role or context-based basis. This keeps all users from being inconvenienced.
Interested in learning more about MFA and how it can increase cybersecurity for your business? Click here to read more.
Enforces the Rule of Least Privilege
Using the rule of least privilege is a security best practice. It means only granting the lowest level of access in a system as necessary for a user to do their work. Once you have roles set up in your identity management system, you can base access on those roles.
Conditional access simplifies the process of restricting access to data or functions. You can base this on job needs. It streamlines identity management. This is because it contains all functions in the same system for access and MFA rules. Everything stays together, making management simpler.
Click here to read more about local admin privileges and the associated risks.
Get Help Implementing Conditional Access Today!
Once conditional access is set up, the automated system takes over. It improves your security and reduces the risk of an account breach. Contact Databranch today at 716-373-4467 x115, [email protected], or fill out the form below to request a consultation to enhance your cybersecurity.
Article used with permission from The Technology Press.
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Credential theft is now at an all-time high and is responsible for more data breaches than any other type of attack.
With data and business processes now largely cloud-based, a user’s password is the quickest and easiest way to conduct many different types of dangerous activities.
Being logged in as a user (especially if they have admin privileges) can allow a criminal to send out phishing emails from your company account to your staff and customers. The hacker can also infect your cloud data with ransomware and demand thousands of dollars to give it back.
How do you protect your online accounts, data, and business operations? One of the best ways is with multi-factor authentication (MFA).
It provides a significant barrier to cybercriminals even if they have a legitimate user credential to log in. This is because they most likely will not have access to the device that receives the MFA code required to complete the authentication process.
What are the Three Methods of MFA?
When you implement multi-factor authentication at your business, it’s important to compare the three main methods of MFA and not just assume all methods are the same. There are key differences that make some more secure than others and some more convenient.
Let’s take a look at what these three methods are:
1. SMS-Based
The form of MFA that people are most familiar with is SMS-based. This one uses text messaging to authenticate the user.
The user will typically enter their mobile number when setting up MFA. Then, whenever they log into their account, they will receive a text message with a time-sensitive code that must be entered.
2. On-Device Prompt in an App
Another type of multi-factor authentication will use a special app to push through the code. The user still generates the MFA code at login, but rather than receiving the code via SMS, it’s received through the app.
This is usually done via a push notification, and it can be used with a mobile app or desktop app in many cases.
3. Security Key
The third key method of MFA involves using a separate security key that you can insert into a PC or mobile device to authenticate the login. The key itself is purchased at the time the MFA solution is set up and will be the thing that receives the authentication code and implements it automatically.
The MFA security key is typically smaller than a traditional thumb drive and must be carried by the user to authenticate when they log into a system.
Now, let’s look at the differences between these three methods.
What is the Most Convenient Form of MFA?
Users can often feel that MFA is slowing them down. This can be worse if they need to learn a new app or try to remember a tiny security key (what if they lose that key?).
This user inconvenience can cause companies to leave their cloud accounts less protected by not using multi-factor authentication.
If you face user pushback and are looking for the most convenient form of MFA, it would be the SMS-based MFA.
Most people are already used to getting text messages on their phones so there is no new interface to learn and no app to install.
What is the Most Secure Form of MFA?
If your company handles sensitive data in a cloud platform, such as your online accounting solution, then it may be in your best interest to go for security.
The most secure form of MFA is the security key.
The security key, being a separate device altogether, won’t leave your accounts unprotected in the event of a mobile phone being lost or stolen. Both the SMS-based and app-based versions would leave your accounts at risk in this scenario.
The SMS-based is actually the least secure because there is malware out there now that can clone a SIM card, which would allow a hacker to get those MFA text messages.
A Google study looked at the effectiveness of these three methods of MFA at blocking three different types of attacks. The security key was the most secure overall.
Percentage of attacks blocked:
- SMS-based: between 76 – 100%
- On-device app prompt: between 90 – 100%
- Security key: 100% for all three attack types
What is in Between?
So, where does the app with an on-device prompt fit in? Right in between the other two MFA methods.
Using an MFA application that delivers the code via push notification is more secure than the SMS-based MFA. It’s also more convenient than needing to carry around a separate security key that could quickly become lost or misplaced.
Looking for Help Setting up MFA at Your Company?
Multi-factor authentication is a “must-have” solution in today’s threat climate. Let’s discuss your barrier points and come up with a solution together to keep your cloud environment better secured.
Contact Databranch today at 716-373-4467 x15 or [email protected], we’d be happy to help you out.
Article used with permission from The Technology Press.
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