Cyber insurance is an invaluable tool in your risk management arsenal. Think of it as one of the many weapons you have against cyberthreats. However, there’s a widespread misconception that having cyber insurance is enough. The truth is—without a comprehensive cybersecurity strategy, your insurance can offer only limited protection.
Through this blog, we’ll help you understand why cyber insurance should be seen as a safety net rather than a replacement for strong security.
Understanding the Limits of Cyber Insurance
In today’s business landscape, cyber insurance is a must. However, having insurance doesn’t guarantee a payout. Here are a few things that cyber insurance can’t help you with:
Business Interruption:
Your cyber insurance policy can never fully cover the cost of lost productivity due to a cyberattack. The payouts, in most cases, would be partial and won’t be enough for you to recover from the business interruption.
Reputational Damage:
Cyber insurance can’t help you win back customer trust. It would take a lot of work to repair your organization’s reputation.
Evolving Threats:
Cyberthreats are constantly evolving, and your insurance policy might not be able to offer a payout against new tactics.
Social Engineering Attacks:
Cybercriminals often trick unsuspecting victims through social engineering attacks. If your business suffers losses due to a social engineering attack, like a phishing scam, you might not be covered.
Insider Threats:
Losses resulting from an internal risk are rarely covered by insurance providers. If the breach occurs because of a threat within your organization, your policy provider may not entertain the claim.
Unsure of what an insider threat is? Visit our blog here to learn more.
Nation-State Attacks:
Some rogue state nations deploy their hackers to carry out cyberattacks in other countries. Many insurance providers consider such attacks as acts of war and do not cover them.
Six Steps to Build a strong cybersecurity posture
Implement these steps proactively to strengthen your defenses:
1. Employee training is critical for building a strong defense against cyberthreats. Hold regular sessions and bootcamps to educate your team on cybersecurity best practices.
2. Implement strong password policies and utilize a password manager.
3. Using multi-factor authentication will phenomenally improve your internal security.
4. Regularly back up your business-critical data. This will ensure you can bounce back quickly in case of a breach or a ransomware attack.
5. Keep your software and security solutions up to date. Monitor and resolve issues before hackers have an opportunity to exploit them.
6. Think of your network like your castle and do everything to protect it from hackers. Build a strong network security infrastructure, complete with firewalls, anti-virus software and threat detection systems.
Databranch can help your business implement these security measures and much more. By partnering with us, you can have peace of mind knowing that any IT issues will be addressed promptly, reducing the impact on your operations and enabling your business to run smoothly without interruption.
Build a Resilient Future For Your Business
To build a strong defense posture, you need a good cyber insurance policy and a robust cybersecurity plan. However, it can be stressful having to juggle the responsibilities of managing your business and implementing a comprehensive security strategy.
That’s where a great partner like us can offer a helping hand. We can evaluate your current IT infrastructure and create a strategy that is right for you and your unique business needs. Reach out to us today at 716-373-4467 option 6 or [email protected] to get started.
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Managing a business on your own is challenging enough without worrying about cyberattacks. However, there is cause for alarm as hackers are using artificial intelligence (AI) to launch sophisticated cyberattacks to steal your data and disrupt business operations.
The good news is there are steps you can take to protect your business. This blog will explain how AI is being used in cybercrime and how you can safeguard your business.
How Hackers Use AI
Here are some of the ways cybercriminals are exploiting AI:
Deepfakes:
Hackers use AI to create highly realistic fake videos or audio recordings to impersonate someone you know, like your boss or a trusted friend. These deepfakes can be used to trick you into sending money or sharing sensitive information.
How to spot it: Closely look for details like unnatural facial movements or sloppy voice synchronization.
AI-Powered Password Cracking:
With the help of AI, cybercriminals can effortlessly crack common and easy passwords. Hackers with access to advanced computation offered by AI can automate the breaching process, so they can try millions of combinations to guess your password.
How to fight back: Always use unique passwords. Consider reaching out to Databranch to start the process of using a password manager.
AI-Assisted Hacking:
Hackers no longer have to spend hours looking for vulnerabilities. Instead, with the help of AI, they can create automated programs that not only identify weaknesses in your system but also create new types of malware.
How to stay ahead: Keep your security systems and software updated. Also, a mandate should be set up to scan for vulnerabilities routinely.
Supply Chain Attacks:
Threat actors use AI to insert malicious code into legitimate vendor products, which eventually will compromise your system as well. In a Business Email Compromise (BEC) instance, a hacker can also insert malicious content into reply chain emails coming from vendors vendors and suppliers
How to protect yourself: Only download software from trusted sources. Always be vigilant with updates, patches, and any email links.
Boost Your Defenses
AI-powered cybercrime is a growing threat. That’s why having Databranch by your side can be the ultimate weapon in your arsenal. Partner with us to leverage advanced technology to fortify your defenses. Download our checklist today to get started.
Reach out to us today at 716-373-4467 option 6, or [email protected] for a free consultation and learn how our team can secure your business against evolving cyber risks.
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Phishing. It seems you can’t read an article on cybersecurity without it coming up. That’s because phishing is still the number one delivery vehicle for cyberattacks.
A cybercriminal may want to steal employee login credentials, launch a ransomware attack, or possibly plant spyware to steal sensitive info. For a hacker, sending a phishing email can accomplish all of this.
80% of surveyed security professionals say that phishing campaigns have significantly increased post-pandemic.
Phishing not only continues to work, but it’s also increasing in volume due to the increase in remote workers. Many employees are now working from home and don’t have the same network protections they had when working at the office.
Why has phishing continued to work so well after all these years? Aren’t people finally learning what phishing looks like?
It’s true that people are generally more aware of phishing emails and have gotten better at stopping them. However, it’s also true that these emails are becoming harder to recognize as scammers evolve their tactics.
One of the newest tactics is particularly hard to detect, the reply-chain phishing attack.
What is a Reply-Chain Phishing Attack?
Just about everyone is familiar with reply chains in email. An email is sent to one or more people, one replies, and that reply sits at the bottom of the new message. Then another person chimes in on the conversation, replying to the same email.
Soon, you have a chain of email replies on a particular topic. It lists each reply one under the other so everyone can follow the conversation.
You don’t expect a phishing email tucked inside that ongoing email conversation. Most people are expecting phishing to come in as a new message, not a message included in an ongoing reply chain.
The reply-chain phishing attack is particularly insidious because it does exactly that. It inserts a convincing phishing email in the ongoing thread of an email reply chain.
How Does a Hacker Gain Access to the Reply Chain?
How does a hacker gain access to the reply chain conversation? By hacking the email account of one of those people copied on the email chain.
The hacker can email from an email address that the other recipients recognize and trust. They also gain the benefit of reading down through the chain of replies. This enables them to craft a response that looks like it fits.
For example, they may see that everyone has been weighing in on a new product idea. So, they send a reply that says, “I’ve drafted up some thoughts on the new product, here’s a link to see them.”
The link will go to a malicious phishing site. The site might infect a visitor’s system with malware or present a form to steal more login credentials.
The reply won’t seem like a phishing email at all. It will be convincing because:
- It comes from an email address of a colleague. This address has already been participating in the email conversation.
- It may sound natural and reference items in the discussion.
- It may use personalization. The email can call others by the names the hacker has seen in the reply chain.
Business Email Compromise is Increasing
Business email compromise (BEC) is so common that it now has its own acronym. Weak and unsecured passwords lead to email breaches. So do data breaches that reveal databases full of user logins. Both are contributors to how common BEC is becoming.
In 2021, 77% of organizations saw business email compromise attacks. This is up 65% compared to the year before.
Credential theft has become the main cause of data breaches globally.
The reply-chain phishing attack is one of the ways that hackers turn that BEC into money. They either use it to plant ransomware or other malware or to steal sensitive data to sell on the Dark Web.
Tips for Addressing Reply-Chain Phishing
Here are some ways that you can lessen the risk of reply-chain phishing in your organization:
- Use a Business Password Manager: This reduces the risk that employees will reuse passwords across many apps. It also keeps them from using weak passwords since they won’t need to remember them anymore. Click here to learn more about our password manager solution, LastPass.
- Put Multi-Factor Controls on Email Accounts: Present a system challenge (question or required code). Using this for email logins from a strange IP address can stop account compromise. You can learn more about MFA here.
- Teach Employees to be Aware: Awareness is a big part of catching anything that might be slightly “off” in an email reply. Many attackers do make mistakes. Our Security Awareness Training will give your employees the tools they need to identify threats. Click here to learn more.
How Strong Are Your Email Account Protections?
Do you have enough protection in place on your business email accounts to prevent a breach? Let us know if you’d like some help!
Databranch has a foundation security suite with systems in place to identify any anomalies before cyber criminals have a chance to do significant damage to your network. Contact us at 716-373-4467 x 15, [email protected], or request more information below.
Article used with permission from The Technology Press.
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Stolen login credentials are a hot commodity on the Dark Web. There’s a price for every type of account from online banking to social media. For example, hacked social media accounts will go for between $30 to $80 each.
The rise in reliance on cloud services has caused a big increase in breached cloud accounts. Compromised login credentials are now the #1 cause of data breaches globally, according to IBM Security’s latest Cost of a Data Breach Report.
Having either a personal or business cloud account compromised can be very costly. It can lead to a ransomware infection, compliance breach, identity theft, and more.
To make matters more challenging, users are still adopting bad password habits that make it all too easy for criminals. For example:
- 34% of people admit to sharing passwords with colleagues
- 44% of people reuse passwords across work and personal accounts
- 49% of people store passwords in unprotected plain text documents
Cloud accounts are more at risk of a breach than ever, but there are several things you can do to reduce the chance of having your online accounts compromised.
Use Multi-Factor Authentication (MFA)
Multi-factor authentication (MFA) is the best method there is to protect cloud accounts. While not a failsafe, it is proven to prevent approximately 99.9% of fraudulent sign-in attempts, according to a study cited by Microsoft.
When you add the second requirement to a login, which is generally to input a code that is sent to your phone, you significantly increase account security. In most cases, a hacker is not going to have access to your phone or another device that receives the MFA code, thus they won’t be able to get past this step.
The brief inconvenience of using that additional step when you log into your accounts is more than worth it for the bump in security.
Use a Password Manager for Secure Storage
One way that criminals get their hands on user passwords easily is when users store them in unsecured ways. Such as in an unprotected Word or Excel document or the contact application on their PC or phone.
Using a password manager provides you with a convenient place to store all your passwords that is also encrypted and secured. Plus, you only need to remember one strong master password to access all the others.
Password managers can also autofill all your passwords in many different types of browsers, making it a convenient way to access your passwords securely across devices.
Review/Adjust Privacy & Security Setting
Have you taken time to look at the security settings in your cloud tools? One of the common causes of cloud account breaches is misconfiguration. This is when security settings are not properly set to protect an account.
You don’t want to just leave SaaS security settings at defaults, as these may not be protective enough. Review and adjust cloud application security settings to ensure your account is properly safeguarded.
Use Leaked Password Alerts in Your Browser
You can have impeccable password security on your end, yet still have your passwords compromised. This can happen when a retailer or cloud service you use has their master database of usernames and passwords exposed and the data stolen.
When this happens, those leaked passwords can quickly end up for sale on the Dark Web without you even knowing it.
Due to this being such a prevalent problem, browsers like Chrome and Edge have had leaked password alert capabilities added. Any passwords that you save in the browser will be monitored, and if found to be leaked, you’ll see an alert when you use it.
Look for this in the password area of your browser, as you may have to enable it. This can help you know as soon as possible about a leaked password, so you can change it.
Don’t Enter Passwords When on a Public Wi-Fi
Whenever you’re on public Wi-Fi, you should assume that your traffic is being monitored. Hackers like to hang out on public hot spots in airports, restaurants, coffee shops, and other places so they can gather sensitive data, such as login passwords.
You should never enter a password, credit card number, or other sensitive information when you are connected to public Wi-Fi. You should either switch off Wi-Fi and use your phone’s wireless carrier connection or use a virtual private network (VPN) app, which encrypts the connection.
Use Good Device Security
If an attacker manages to breach your device using malware, they can often breach your accounts without a password needed. Just think about how many apps on your devices you can open and already be logged in to.
To prevent an online account breach that happens through one of your devices, make sure you have strong device security. Best practices include:
- Antivirus/anti-malware
- Up-to-date software and OS
- Phishing protection (like email filtering and DNS filtering)
Looking for Password & Cloud Account Security Solutions?
Don’t leave your online accounts at risk. We can help you review your current cloud account security and provide helpful recommendations. Contact Databranch today at 716-373-4467 x 15 or [email protected] if you would like to enhance your security and want to discuss you options.
Article used with permission from The Technology Press.
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