Data breaches are devastating for an organization.  Like any cyberattack, a data breach requires an immediate response.  The victim has to identify the scope and scale of the breach, whether it is limited to a data breach or whether other systems were affected, and take steps to prevent further access from the perpetrator.  Some data breaches come as part of a larger ransomware attack, were the threat of releasing sensitive data is used to leverage payment instead of more traditional ransomware that holds physical devices ‘hostage’.  Payment is often ineffective, with perpetrators releasing the data anyways one they’ve received their untraceable ransom money.

Then, there is the additional legal and economic fallout to a company after the data has been released.  These data breaches don’t just hurt a major corporation, they also reveal sensitive information about that organizations clients, partners, and prospects.  With data collection on individuals becoming more expansive, and digital privacy rights eroding, the potential impact of data breaches on the individual increases dramatically.  Anything from your browsing history, recent purchases, family information, medical details, banking and financial information, or social security number could be revealed without you even knowing it happened. The latest example of a major data breach shows just how sensitive this released data can be.

London-based security firm TurgenSec announced that nearly 345,000 files from the solicitor-general of the Philippines, including sensitive information for ongoing legal cases, have allegedly been breached and made publicly available. The released documents included hundreds of thousands of files ranging from “documents generated in the day-to-day running of the solicitor-general’s office, to staff training documents, internal passwords and policies, staffing payment information, information on financial processes, and activities including audits, and several hundred files titled with keywords such as “private, confidential, witness, and password”.” TurgenSec said after discovering the breach that the “data breach is particularly alarming as it is clear that this data is of governmental sensitivity and could impact on-going prosecutions and national security.”

For the past year, we’ve been profiling major cyberattacks in order to raise awareness about the increase in cybercrime after 2020.  Businesses have been struggling to balance remote work with the increased security necessary. Some, unable or unwilling to invest in structural security improvements, are instead choosing to take out insurance policies against cyberattacks.  Cyber insurance or “cyber-liability insurance” helps companies recover from cyber threats and attacks. Having a cyber insurance policy reduce disruptions and downtime during an incident, as well as potentially helping to absorb the financial cost of dealing with and recovering from the cyberattack. But what happens when a giant in the cyber-insurance field is the one targeted?

Insurance company CNA offers many different insurance solutions to its customers, including cyber insurance policies to protect against ransomware attacks.  In a public statement, CNA confirmed that “on March 21, 2021, CNA determined that it sustained a sophisticated cybersecurity attack” and that “the attack caused a network disruption and impacted certain CNA systems, including corporate email”.  The hacking group known as Phoenix also encrypted data on over 15,000 CNA devices, potentially compromising sensitive client information.  While CNA is working with the FBI to mitigate the fallout from this attack, it may be the start of a ‘second wave’ of cyberattacks.

Bystanders may be wondering why this attack is so significant. Simply put, threat actors, especially those utilizing ransomware, are incentivized to target organizations with cyber insurance.  This may seem counterintuitive, given that cyber insurance is marketed as a product that counters cyber attacks.  However, threat actors have realized that when they attack an insured organization, they are more likely to receive payment.  If Phoenix was able to identify CNA clients who have purchased cyber insurance, those organizations may be future targets.

If you’ve purchased cyber insurance for your organization through CNA, acknowledge that your risk of attack has increased, and monitor the news for more information on what information was compromised.  Additionally, consider improving your business’s other cybersecurity measures. Finally, if you’re interested in help identifying flaws in your business’s security, reach out to us at info@optfinity.com for more information.

2020 shifted the business world’s mindset on a lot of important issues.  Policies about time off, remote work, sick policies, and office communication have all adapted in response to the pressures of the coronavirus pandemic. However, the dramatic global increase in cybercrime, especially ransomware attacks, have created a new pressure on businesses to adapt their security policies as well.  This shift in security has resulted in relatively new products like cyber insurance increasing in popularity, as smaller companies look for a one-step security solution.  However, experts in the field are promoting a more holistic style of digital threat prevention called “cyber resilience.  But what is cyber resilience, and you can you implement it at your organization?

Cyber resilience is the ability to predict, resist, recover from, and adapt to both adverse and changing business conditions. By creating a cyber resilient business, you increase your ability to respond flexibly and efficiently to a multitude of potential attacks or general failures.  Implementing cyber resilience at your place of business means creating backups, strategies to minimize downtime, disaster response plans, managing cyber decisions from a business-oriented perspective, and finally, using a data-centric security strategy.

Data-centric models deliver the most value when they are used to create visibility throughout a business.  Endpoint security, IAM, and security controls are all examples of how to provide that increased visibility that makes data-centric models so valuable.  Finally, zero-trust models are becoming ever-more popular.  The NSA went so far as to issue guidance on implementing a zero-trust model, saying that “Zero trust is a security model, a set of system design principles, and a coordinated cybersecurity and system management strategy based on an acknowledgment that threats exist both inside and outside traditional network boundaries.”

With the increase in digital threats and cyber attacks over the past two years, experts are recommending for organizations to take another look at their security protocols.  However, some people are falling prey to common misconceptions about digital threats and cybersecurity and leaving their organization vulnerable as a result.  Here are 5 of the most common misconceptions about digital threats and cybersecurity.

Myth #1 : THREAT ACTORS ONLY TARGET BIG BUSINESSES

Many small-to-medium business owners don’t view ransomware and other digital threats as real dangers for their organization.  Because SMBs have fewer employees, store  locations, and revenue than large conglomerates like Google or Target, decision makers often assume that threat actors like hackers will view them as too small a fish.  The truth is that 76% of all cyberattacks are against businesses with less than 100 employees.

MYTH #2 : CYBERSECURITY IS TOO EXPENSIVE

The coronavirus affected many small business’s ability to pay their bills.  Many are cutting down on spending that the organization’s decision makers have deemed frivolous.  Cybersecurity spending has been one of those expenses–but it shouldn’t be! Basic security protocols, like multi-factor authentication, password managers, and phishing awareness campaigns are inexpensive ways to protect your business from real threats.

MYTH #3 : you need an in-house expert

Some people believe that an in-house expert is necessary for business security.  However, the expense of a full-time, salaried employee can be too much for a small business to afford.  Furthermore, one employee rarely has the experience, expertise, or time to fully meet the security needs of an organization.  However, one option that isn’t often considered is outsourcing your security concerns to another company. By outsourcing, you can take advantage of a full suite of security experts, for less cost than an in-house team.

myth #4 : anti-virus software is good enough

Anti-virus and anti-malware programs are an important tool in ensuring your devices’ security.  Despite their usefulness, they are not a substitute for strong security policies and enforcement. If the hackers use a new kind of malware to infect your network or PC then there’s a high chance that these anti-virus software won’t be able to detect those. These programs are only the first line of defense for your system.

Myth #5 : threats are from the outside

When people consider what cybersecurity threats look like, they often imagine a lone hacker sitting in a dark basement.  Most attacks, in fact, are internal, with over 75% of data breaches coming from insiders at an organization.  Security protocols need to take into account that not everyone within an organization needs access to sensitive information and tools.  Take a look at our article on internal threats if you’re interested in learning more.

Almost 10 million devices have been compromised by a popular scanning app.

Lavabird Ltd’s Barcode Scanner was a popular barcode and QR code scanner downloaded to almost 10 million devices from the Google Play Store.  Android devices, unlike newer generation Apple products, do not have a built in QR code scanner or a barcode reader, making an app like Lavabird’s a must have for many consumers.  Unlike some malicious apps, Lavabird’s Barcode Scanner had been on Google’s official app store for years. The app had a clean security certificate, thousands of positive reviews, and no obvious malicious code.  This meant that security-conscious consumers, who are aware of potential dangers, downloaded the app believing it was safe.  That made it all the worse when what should have been a routine update transformed the app into malware

Malwarebytes, a cybersecurity company dedicated to identifying and preventing malware infections, began receiving complaints from customers in late December.  These customers were experiencing ads opening themselves using their device’s built in internet browser.  This type of malware, sometimes called “malvertising”, is typically connected with new app installations.  However, those consumers had not downloaded any new apps that could have been causing the problem.  The company eventually discovered that this malware was coming from Lavabird’s Barcode Scanner, which had been operating on these devices without issues for years.

The good news is that, if your device has been infected, uninstalling the app seems to remove the malware as well.  What’s more concerning is the fact that an app was able to build up a large following before discretely pushing a malicious update.  For consumers, this means that doing due diligence on an application prior to downloading it is no longer enough.  So how do you keep your devices and your data safe?

The first step is knowing what apps you have downloaded on your phone. Make a point of deleting apps that you no longer use, and monitor your phone for any changes in performance after an app is downloaded or updated.  If you are a decision-maker at a business that issues ‘work phones’ to employees, consider restricting app downloads and updates so that you can monitor the phone’s performance.  If you’re looking for outside assistance in developing a security plan for your company’s mobile devices, you can always reach out to us at info@optfinITy.com.