The truth about Data Breaches

| May 13, 2019

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Solitaire report: Breaches lead to lost customers. 18.6x Regaining a customer post-breach costs 18.6 times more than it did to gain them initially.1. 78% of customers would not automatically return to a business after a breach.1. 95% see attempting to cover up a breach as a sign of disrespect.1.

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Nucleus Software

Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry. Its software powers the operations of over 150 cos in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance & other business areas. Nucleus Software also offers solutions to customers in the areas of Managed Infrastructure services and Application Development & Maintenance.

OTHER ARTICLES

Webroot: Widespread Lack of Cybersecurity Best Practices

Article | April 7, 2020

A new list of most and least cyber secure U.S. states shows a disturbing lack of cybersecurity best practices. According to Webroot‘s fourth annual ranking, New York, California, Texas, Alabama and Arkansas are the least cyber secure states in the country, while Nebraska, New Hampshire, Wyoming, Oregon and New Jersey are the most cyber secure. Tyler Moffitt, Webroot security analyst, tells us none of the states had an average score greater than 67%. Also, there is very little difference between the most secure and least secure states, he said. No state scored a “C” grade or higher. That underlines a lack of cybersecurity education and hygiene nationally. However, the most cyber secure state (Nebraska at 67%) did score substantially better than the least (New York at 52%). This score was calculated through a variety of action- and knowledge-based variables, including residents’ use of antivirus software, use of personal devices for work, use of default security settings, use of encrypted data backups, password sharing and reuse, social media account privacy, and understanding of key cybersecurity concepts like malware and phishing,” Moffitt said.

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Covid-19 cyber security threat to impact businesses

Article | April 1, 2020

With millions of employees having to work from home, companies are having to look at how to keep as many business-critical functions running as possible while at the same time maintaining adequate security. “In the last week alone, we have seen phishing emails go from 25,000 a day to 125,000 – a 500 per cent increase – which means the risk is real," explains Andrew Jackson, CEO of Intercity Technology. "Whilst firewalls included within domestic broadband routers are considered sufficient for personal use and occasional homeworking, they’re not necessarily capable of withstanding prolonged periods of remote working from a large proportion of the workforce, which is why we are seeing more businesses and their employees become the targets of malicious hackers. "Just because employees are now home based doesn’t mean that security and privacy regulations such as GDPR are null and void and therefore, working closely with a trusted IT security partner is vital to help mitigate against any potential risks.

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Progress Is the Promise in National Cybersecurity Strategy

Article | March 23, 2020

How can progress be measured when it comes to shifts in national security strategy and practice? Several assessment variables might include changes in official national guidance, legal authorities, types of campaigns or operations, lexicon used in national security discourse, and early results of the application of those changes. Since 2016, with the introduction of the construct of persistent engagement and the subsequent development of defend forward, all these variables have changed in a positive manner.

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Harnessing the power technology to protect us

Article | January 21, 2021

There is a saying, ‘you can fool all the people some of the time and some of the people all the time.’ Given the fact that there is no such thing as 100% security and human nature being trusting, this has been the backbone of many cyber security scams over the past 20 years. Cyber-criminals know that they will always fool some of the people, so have been modifying and reusing tried and tested methods to get us to open malware ridden email attachments and click malicious web links, despite years of security awareness training. If you search for historic security advice from pretty much any year since the internet became mainstream, you will find that most of it can be applied today. Use strong passwords, do not open attachments or click links from unknown sources. All really familiar advice. So, why are people still falling for modified versions of the same tricks and scams that have been running for over a decade or more? Then again, from the cyber-criminal’s perspective, if it isn’t broken, don’t fix it? Instead, they evolve, automate, collaborate and refine what works. Sound advice for any business! It is possible though to be in a position where you can no longer fool people, even some of the time, because it is no longer their decision to make anymore. This can be achieved by letting technology decide whether or not to trust something, sitting in between the user and the internet. Trust becomes key, and many security improvements can be achieved by limiting what is trusted, or more importantly, defining what not to trust or the criteria of what is deemed untrustworthy. This is nothing new, as we have been doing this for years as many systems will not trust anything that is classed as a program or executable, blocking access to exe or bat files. The list of files types that can act as a program in the Microsoft Windows operating system is quite extensive, if you don’t believe me try to memorize this list: app, arj, bas, bat, cgi, chm, cmd, com, cpl, dll, exe, hta, inf, ini, ins, iqy, jar, js, jse, lnk, mht, mhtm, mhtml, msh, msh1, msh2, msh1xml, msh2xml, msi, ocx, pcd, pif, pl, ps1, ps1xml, ps2, ps2xml, psc1, psc2, py, reg, scf, scr, sct, sh, shb, shs, url, vb, vbe, vbs, vbx, ws, wsc, wsf, and wsh. As you can see, it is beyond most people to remember, but easily blocked by technology. We can filter and authenticate email based on domain settings, reputation scores, blacklists, DMARC (Domain-based Message Authentication Reporting and Conformance) or the components of DMARC, the SPF and DKIM protocols. Email can also be filtered at the content level based on keywords in the subject and body text, the presence of tracking pixels, links, attachments, and inappropriate images that are ‘Not Safe For Work’ (NSFW) such as sexually explicit, offensive and extremist content. More advanced systems add attachment virtual sandboxing, or look at the file integrity of attachments, removing additional content that is not part of the core of the document. Others like ‘Linkscan’ technology look at the documents at the end of a link, which may be hiding behind shortened links or multiple hops, following any links in those documents to the ultimate destination of the link and scan for malware. Where we are let down though is in the area of compromised email accounts from people that we have a trust relationship and work with, like our suppliers. These emails easily pass through most email security and spam filters as they originate from a genuine legitimate email account (albeit one now also controlled by a cyber-criminal) and unless there is anything suspicious within the email in the form of a strange attachment or link, they go completely undetected as they are often on an allow list. This explains why Business Email Compromised (BEC) attacks are so incredibly successful, asking for payments for expected invoices to be made into a ‘new’ bank account, or urgent but plausible invoices that need to be paid ASAP. If the cyber-criminals do their homework and copy previous genuine invoice requests, and maybe add in context chat based on previous emails, there is nothing for most systems or people to pick up on. Only internal processes that flag up BACS payments, change of bank of details or alerts to verify or authenticate can help. Just remember to double-check the telephone number in the email signature before you call, in case you are just calling the criminal. Also, follow the process completely, even if the person you were just about to call has just conveniently sent you an SMS text message to confirm, as SMS can be spoofed. Not all compromised email attacks are asking for money though, many are after user credentials, and contain phishing links or links to legitimate online file sharing services, containing files that then link to malicious websites or phishing links to grant permission to open the file. To give you an idea of the lengths cyber-criminals go to, I’ve received emails from a compromised account, containing a legitimate OneDrive link, containing a PDF with a link to an Azure hosted website, that then reached out to a phishing site. In fact, many compromised attacks are not even on email, as social media is increasingly targeted as well as messaging services or even the humble SMS text message via SIM swap fraud or spoofed mobile numbers. As a high percentage of these are received on mobile devices, many of the standard security defences are not in place, compared to desktop computers and laptops. What is available though are password managers as well as two-factor authentication (2FA) and multi-factor authentication (MFA) solutions which will help protect against phishing links, regardless of the device you use, so long as you train everyone in what to look out for and how they can be abused. One area I believe makes even greater strides in protecting users from phishing and malicious links is to implement technology that defines what not to trust based on the age of a web domain and whether it has been seen before and classified. It really does not matter how good a clone a phishing website is for Office 365 or PayPal if you are blocked from visiting it, because the domain is only hours old or has never been seen before. The choice is taken out of your hands, you still clicked on the link, but now you are taken to a holding page that explains why you are not allowed to access that particular web domain. The system I use called Censornet, does not allow my users to visit any links where the domain is less than 24 hours old, but also blocks access to any domains or subdomains that have not been classified because no one within the global ecosystem has attempted to visit them yet. False positives are automatically classified within 24 hours, or can be released by internal IT admins, so the number of incidents rapidly drops over a short period of time. Many phishing or malicious links are created within hours of the emails being sent, so having an effective way of easily blocking them makes sense. There is also the trend for cyber-criminals to take over the website domain hosting cPanels of small businesses, often through phishing, adding new subdomains for phishing and exploit kits, rather than using spoofed domains. I’ve seen many phishing links over the years pointing to an established brand within the subdomain text of a small hotel. Either way, as these links and subdomains are by their very nature unclassified, the protection automatically covers this scenario too. Other technological solutions at the Domain Name System (DNS) level can also help block IP addresses and domains based on global threat intelligence. Some of these are even free for business use, like Quad9.net and because they are at the DNS level, can be applied to routers and other systems that cannot accept third party security solutions. On mobile devices both Quad9 and Cloudflare offer free apps which involve adding a Virtual Private Network (VPN) profile to your device. Users of public Wi-Fi can be made secure via a VPN, though it’s preferable to have a premium VPN solution on all your user’s mobile devices, as these can be centrally managed and can offer DNS protection as well. Further down the chain of events are solutions like privileged admin rights management and application allow lists. Here, malware is stopped once again because it is not on a trusted list, or allowed to have admin rights. There is also the added benefit that users do not need to know any admin account passwords, so as a result cannot be phished for something they do not know the answer to. Ideally, no users are working with full administrator rights in their everyday activities, as this introduces unnecessary security risks, but can often be overlooked due to work pressures and workarounds. Let’s not forget patch management is also key, because it doesn’t matter how good your security solutions are if they can be bypassed because of a gaping hole via an exploit or vulnerability in another piece of software, whether at the operating system or firmware level, or via an individual application. Sure, no system is perfect and remember there is no such thing as 100% security, which is where the Endpoint Detection and Response (EDR) solutions and Security Information and Event Management (SIEM) solutions come into play. These can help minimize the damage through rapid discovery and remediation, hopefully before the cyber-criminals fully achieve their goals. By harnessing the power of technology to protect us, layering solutions to cover the myriad of ways cyber-criminals constantly attempt to deceive us, we can be confident that emotional and psychological techniques and hooks will not affect technological decisions, as it is a binary choice, either yes or no. The more that we can filter out, makes it less likely that the cyber-criminals will still be able to fool some of the people all the time. This allows security awareness training to focus on threats that technology isn’t as good at stopping, like social engineering tricks and scams. The trick is to spend your budget wisely to cover all the bases and not leave any gaps, which is no easy feat in today’s rapidly changing world.

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Spotlight

Nucleus Software

Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry. Its software powers the operations of over 150 cos in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance & other business areas. Nucleus Software also offers solutions to customers in the areas of Managed Infrastructure services and Application Development & Maintenance.

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