The global damage of cybercrime has risen to an average of $11 million USD per minute, which is a cost of $190,000 each second.

60% of small and mid-sized companies that have a data breach end up closing their doors within six months because they can’t afford the costs. The costs of falling victim to a cyberattack can include loss of business, downtime/productivity losses, reparation costs for customers that have had data stolen, and more.

You may think that this means investing more in cybersecurity, and it is true that you need to have appropriate IT security safeguards in place (anti-malware, firewall, etc.). However, many of the most damaging breaches are due to common cybersecurity mistakes that companies and their employees make.

The 2021 Sophos Threat Report, which looked at thousands of global data breaches, found that what it termed “everyday threats” were some of the most dangerous. The report stated, “A lack of attention to one or more aspects of basic security hygiene has been found to be at the root cause of many of the most damaging attacks we’ve investigated.”

Is your company making a dangerous cybersecurity mistake that is leaving you at high risk for a data breach, cloud account takeover, or ransomware infection?

Here are several of the most common missteps when it comes to basic IT security best practices.

NOT IMPLEMENTING MUTI-FACTOR AUTHENTICATION (MFA)

Credential theft has become the top cause of data breaches around the world, according to IBM Security. With most company processes and data now being cloud-based, login credentials hold the key to multiple types of attacks on company networks.

Not protecting your user logins with multi-factor authentication is a common mistake and one that leaves companies at a much higher risk of falling victim to a breach.

MFA reduces fraudulent sign-in attempts by a staggering 99.9%.

IGNORING THE USE OF SHADOW IT

Shadow IT is the use of cloud applications by employees for business data that haven’t been approved and may not even be known about by a company.

Shadow IT use leaves companies at risk for several reasons:

• Data may be used in a non-secure application
• Data isn’t included in company backup strategies
• If the employee leaves, the data could be lost
• The app being used might not meet company compliance requirements

Employees often begin using apps on their own because they’re trying to fill a gap in their workflow and are unaware of the risks involved with using an app that hasn’t been vetted by their company’s IT team.

It’s important to have cloud use policies in place that spell out for employees the applications that can and cannot be used for work.

THINKING YOU’RE FINE WITH ONLY AN ANTIVIRUS APPLICATION

No matter how small your business is, a simple antivirus application is not enough to keep you protected. In fact, many of today’s threats don’t use a malicious file at all.

Phishing emails will contain commands sent to legitimate PC systems that aren’t flagged as a virus or malware. Phishing also overwhelmingly uses links these days rather than file attachments to send users to malicious sites. Those links won’t get caught by simple antivirus solutions.

You need to have a multi-layered strategy in place that includes things like:

• Next-gen anti-malware (uses AI and machine learning)
• Next-gen firewall
• Email filtering
• DNS filtering
• Automated application and cloud security policies
• Cloud access monitoring

Databranch provides these foundational elements to all their managed service clients to ensure the protection of their business. Reach out at 716-373-4467 x 15 or [email protected] if you would like to learn more about our Foundation Security Platform and how we can help your organization be more secure.

NOT HAVING DEVICE MANAGEMENT IN PLACE

A majority of companies around the world have had employees working remotely from home since the pandemic, and they’re planning to keep it that way. However, device management for those remote employee devices as well as smartphones used for business hasn’t always been put in place.

If you’re not managing security or data access for all the endpoints (company and employee-owned) in your business, you’re at a higher risk of a data breach.

If you don’t have one already, it’s time to put a device management application in place, like Intune in Microsoft 365 or IBM’s MaaS 360 platform.

NOT PROVIDING ADEQUATE TRAINING TO EMPLOYEES

An astonishing 95% of cybersecurity breaches are caused by human error. Too many companies don’t take the time to continually train their employees, and thus users haven’t developed the skills needed for a culture of good cybersecurity.

Employee IT security awareness training should be done throughout the year, not just annually or during an onboarding process. The more you keep IT security front and center, the better equipped your team will be to identify phishing attacks and follow proper data handling procedures.

Some ways to infuse cybersecurity training into your company culture include:

• Short training videos
• IT security posters
• Webinars
• Team training sessions
• Cybersecurity tips in company newsletters

Click here to learn more about our continuous security awareness training program.

WHEN DID YOU LAST HAVE A CYBERSECURITY CHECKUP?

Don’t stay in the dark about your IT security vulnerabilities. Contact us today if you want to discuss your cybersecurity in greater detail and pinpoint potential risks. We can arrange a quick chat to review our Foundation Security Platform and how it can help enhance your organization’s security posture. Give us a call at 716-373-4467 x 15 or email us at: [email protected] to learn more.

Article used with permission from The Technology Press.

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In 2020, 75% of companies around the world experienced a phishing attack. Phishing remains one of the biggest dangers to your business’s health and wellbeing because it’s the main delivery method for all types of cyberattacks.

One phishing email can be responsible for a company succumbing to ransomware and having to face costly downtime. As many as 92% of data breaches are due to human error such as falling for a phishing email. This can result in a user unknowingly handing over the credentials to a company email account that the hacker then uses to send targeted attacks to customers.

Phishing takes advantage of human error, and some phishing emails use sophisticated tactics to fool the recipient into divulging information or infecting a network with malware.

Mobile phishing threats skyrocketed by 161% in 2021.

Your best safeguards against the continuous onslaught of phishing include:

• Email filtering
• DNS filtering
• Next-gen antivirus/anti-malware
• Ongoing employee cybersecurity awareness training

To properly train your employees and ensure your IT security is being upgraded to meet the newest threats you need to know what new phishing dangers are headed your way.

Here are some of the latest phishing trends that you need to watch out for in 2022.

PHISHING IS INCREASINGLY BEING SENT VIA TEXT MESSAGE

Fewer people are suspicious of text messages than they are of unexpected email messages. Most phishing training is usually focused on the email form of phishing because it’s always been the most prevalent.

But cybercrime entities are now taking advantage of the easy availability of mobile phone numbers and using text messaging to deploy phishing attacks. This type of phishing (called “smishing”) is growing in volume.

People are receiving more text messages now than they did in the past, due in large part to retailers and service businesses pushing their text updates for sales and delivery notices.

This makes it even easier for phishing via SMS to fake being a shipment notice and get a user to click on a shortened URL.

BUSINESS EMAIL COMPROMISE IS ON THE RISE

Ransomware has been a growing threat over the last few years largely because it’s been a big money-maker for the criminal groups that launch cyberattacks. A new up-and-coming form of attack is beginning to be quite lucrative and thus is also growing.

Business email compromise (BEC) is on the rise and being exploited by attackers to make money off things like gift card scams and fake wire transfer requests.

What makes BEC so dangerous (and lucrative) is that when a criminal gains access to a business email account, they can send very convincing phishing messages to employees, customers, and vendors of that company. The recipients will immediately trust the familiar email address, making these emails potent weapons for cybercriminals.

Enabling Multi-Factor Authentication (MFA) is one of the best ways you can protect yourself and your business from BEC. Reach out to Databranch with any questions or if you would like assistance setting up MFA for your companies users.

SMALL BUSINESSES ARE BEING TARGETED MORE FREQUENTLY WITH SPEAR PHISHING

There is no such thing as being too small to be attacked by a hacker. Small businesses are targeted frequently in cyberattacks because they tend to have less IT security than larger companies.

43% of all data breaches target small and mid-sized companies, and 40% of small businesses that become victims of an attack experience at least eight hours of downtime as a result.

Spear phishing is a more dangerous form of phishing because it’s targeted and not generic. It’s the type deployed in an attack using BEC.

It used to be that spear-phishing was used for larger companies because it takes more time to set up a targeted and tailored attack. However, as large criminal groups and state-sponsored hackers make their attacks more efficient, they’re able to more easily target anyone.

A result is small businesses receiving more tailored phishing attacks that are harder for their users to identify as a scam.

THE USE OF INITIAL ACCESS BROKERS TO MAKE ATTACKS MORE EFFECTIVE

We just discussed the fact that large criminal groups are continually optimizing their attacks to make them more effective. They treat cyberattacks like a business and work to make them more profitable all the time.

One way they are doing this is by using outside specialists called Initial Access Brokers. This is a specific type of hacker that only focuses on getting the initial breach into a network or company account.

The increasing use of these experts in their field makes phishing attacks even more dangerous and difficult for users to detect.

BUSINESS IMPERSONATION IS BEING USED MORE OFTEN

As users have gotten savvier about being careful of emails from unknown senders, phishing attackers have increasingly used business impersonation. This is where a phishing email will come in looking like a legitimate email from a company that the user may know or even do business with.

Amazon is a common target of business impersonation, but it also happens with smaller companies as well. For example, there have been instances where website hosting companies have had client lists breached and those companies sent emails impersonating the hosting company and asking the users to log in to an account to fix an urgent problem.

More business impersonation being used in phishing attacks mean users have to be suspicious of all emails, not just those from unknown senders.

IS YOUR COMPANY ADEQUATELY PROTECTED FROM PHISHING ATTACKS?

It’s important to implement a multi-layered security strategy to defend against one of the biggest dangers to your business’s wellbeing, phishing attacks. Contact Databranch today at 716-373-4467 x 15 or [email protected] if you would like to learn more about what options are available to improve your organizations cybersecurity. Our Foundation Security Plan offers a wide variety of benefits such as increasing malware/ransomware protection, reduces phishing compromises, and helps prevent data theft/loss.

To request a free Baseline Security Assessment, click here.

Article used with permission from The Technology Press.

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