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Business Email Compromise: The Second Costliest Crime

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Cyberattacks, specifically Business Email Compromise attacks are back in the national news. This feature story on CNN.com covers the risk, nature, and impact of Business Email Compromise attacks on a national level.

Back in March of 2022, we blogged about Real Estate Cyber Security and the rapid increase in Business Email Compromise (BEC) attacks. We followed up in April of 2022, with a post Business Email Compromise – The Costliest Type of Cybercrime. The post explained how BEC attacks work and how you can prevent them.


Are YOU safe from Business Email Compromise Attacks?
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A $2.9 Billion Problem

With 2023 adjusted losses exceeding $2.9 Billion, the FBI’s 2023 Internet Crime Report identifies BEC attacks as the second-costliest type of crime. In a recent survey by CertifID, more than half of the 650 homebuyers and sellers were not fully aware of these types of fraud risks.

While the victims in the CNN article believe the compromise was from the title company, these breaches often initiate with the real estate agent or brokerage. The fragmented system of real estate franchisors, franchises, brokers/groups, and agents, gaps in cybersecurity awareness and protections are common. Real estate is a rich target for these BEC attacks. Large dollar amount transactions and low security-vigilance among agents, buyers, and sellers attracts cyber attacks.

Your Business Email Compromise Risk

The scope of BEC attacks spans businesses of all sizes.  Your small business is a target because you are less likely to have adequate cybersecurity protections in place.  As a small business, you are also less likely to have procedural checks and balances in place. Your chance of identifying and thwarting a BEC attack is lower.

Business Email Compromise attacks may target payments you make, or those your customers make to you. In either case, a successful BEC can destroy your reputation, expose you to litigation and liability, and cost you tens of thousands of dollars.

Your Next Step

Your best next step is to evaluate how well you are protected from BEC attacks.  Use Referral Code 24RSA50 to request savings of at least 50% off our Rapid Security Assessment*. You can also schedule a brief, free call with one of our Cloud Advisors to discuss your cybersecurity risk and protections.

About the Author

Allen Falcon is the co-founder and CEO of Cumulus Global.  Allen co-founded Cumulus Global in 2006 to offer small businesses enterprise-grade email security and compliance using emerging cloud solutions. He has led the company’s growth into a managed cloud service provider with over 1,000 customers throughout North America. Starting his first business at age 12, Allen is a serial entrepreneur. He has launched strategic IT consulting, software, and service companies. An advocate for small and midsize businesses, Allen served on the board of the former Smaller Business Association of New England, local economic development committees, and industry advisory boards.

* Discount RSA offer requests must be received prior to 3:00 PM EST on Dec. 31, 2024.

ALERT: Threatening Emails are Spiking

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ALERT

In the last 72 hours, our clients have reported an alarming increase in threatening emails. These emails contain enough personal information to legitimately trigger worry, fear, and in some cases, panic. 

This post covers three types of threatening messages and how to respond.

The Attacks

This type of attack is known as a “Exposure Threat” or “Fear of Exposure” attack. Attackers threaten to release embarrassing or sensitive information about you or your business. They may share bits of information or make claims that imply or confirm that they really do have some information. 

Here are three common forms of the threat:

1 “We Know Where You Live”

The email arrives in your inbox from what looks like a “legitimate” Gmail, Yahoo!, or other email service. The subject line contains your name or that of a family member. The message includes your full address and a valid phone number. In some cases, this threat may also include a picture of your home or office. 

Most often, this type of email does not include any explicit threat or demand.

The implication “we know where you live” is intended to instill fear. The goal is to make you more likely to respond and cooperate with future threats. 

2“We Know What You Did”

This form of attack claims to have documents, images, or video of you doing something embarrassing or illegal. The attacker will claim to have access to your email account, or all of your contacts, and will threaten to share the information if you fail to pay a ransom.

This is an explicit form of extortion.

The attackers are betting that the fear of exposure will cause you to pay the demand and prevent you from reporting the attack.

3“We Have Your Information”

This form of attack threatens to disclose sensitive information about you, your business, or your customers. The threat is the damage a data breach causes. This can include serious and costly legal, regulatory, or contractual issues. The attackers may share a sample that “proves” they have the information on hand.

This attack typically includes a specific threat and an extortion demand.

The preview information shared by the attackers may be from sensitive files, but it may also be available from other sources. This form of attack warrants some investigation.

How to Respond: Do NOT Panic!

First and foremost, do NOT panic. The success of these attacks is dependent upon your fear and your reaction. If you receive an email that is like one of these cases or similar, how you respond can make a difference.

No Specific Threat

  • If the email does not contain a specific threat or demand, your best response is to mark and report the email as spam. Doing so should direct future emails directly to your spam or junk folder.
  • You can take the extra step of reporting the message as abuse to the email server. Here are links to report email abuse for Gmail, Sky/Yahoo!, and Xfinity/Comcast.

With a Specific Threat

  • If the email contains a specific threat, you can and should report the message as spam/junk. We recommend your report this to your IT service provider. Your IT team should investigate the possible risks and take appropriate preventative and responsive measures.
  • Extortion is a crime. While many local law enforcement departments do not have the expertise to investigate cyber crimes, most state police organizations have cyber crime units. You can also report the attack directly to the Internet Crime Complaint Center (IC3). The IC3 will route your report to the FBI and other relevant agencies. Depending on the nature of the attack, the response may range from acknowledgement of the report to a full criminal investigation.
  • If the email includes a threat to show up at your home or business if you do not respond or comply. we strongly recommend reporting the threat to law enforcement.

Possible Data Breach

  • If the threat indicates that the attacker has, or can, access sensitive data, promptly take additional steps to protect yourself and your business.
  • If the attack references personal information, placing locks on your credit reports is always a good step. If the threat mentions (or indicates) a source, such as your bank or investment accounts, report the incident directly to that institution or business. Discuss protections they can put in place on your behalf.
  • If the attack references information from your business, promptly investigate the possible breach. This may involve scanning systems for malware and advanced threats, analyzing logs for unauthorized access, and verifying compliance with security measures. The level of your investigation should match the level of risk. Your IT service provider can help you assess the situation and determine the best course of action.

Your Next Steps

You can protect yourself and your business from these attacks, and other cyber attacks before they happen. Our Security CPR model provides a guide.

  • Communicate and Educate: Learn about, and help your team understand, the risks, nature, and impact of cyber attacks. Communicate the need for vigilance and how their behaviors can enable or prevent a successful attack.
  • Protect and Prevent: Put cybersecurity policies, procedures, systems, and services in place commensurate with your business’s risks, needs, priorities, and budget. This includes advanced threat protection for email and strong settings for your SPF, DKIM, and DMARC protocols in your DNS record. 
  • Respond and Recover: Ensure that you have systems, processes, and services in place to respond and recover should an attack be successful. Beyond restoring data and systems, have resources available to address the legal, regulatory, and customer service issues that often arise. Ideally, have solutions in place that allow you to keep your business running while you respond and recover.

For help assessing your current cybersecurity protections, please send an email or schedule time with one of our Cloud Advisors to discuss our cybersecurity assessments and solutions.

About the Author

Chris CaldwellChristopher Caldwell is the COO and a co-founder of Cumulus Global.  Chris is a successful Information Services executive with 40 years experience in information services operations, application development, management, and leadership. His expertise includes corporate information technology and service management; program and project management; strategic and project-specific business requirements analysis; system requirements analysis and specification; system, application, and database design; software engineering and development, data center management, network and systems administration, network and system security, and end-user technical support.

2022 SMB IT Security Needs Study Highlights & Contradictions

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Security firm Action 1 recently published the results of its 2022 SMB IT Security study after surveying 750 small and midsize businesses.Data Protection & Security

Key Findings and Contradictions of the Action1 SMB Report

It is no secret that perceptions about our security risks differ from reality.  Not surprisingly, some of the 2022 SMB IT security needs survey results contradict one another.

52% vs 65% vs 37%

52% of respondents acknowledge that they lack sufficient skills and technology to effectively protect against cyber attacks. But 65% believe the cost of protection is too high and 37% complain that security controls hurt productivity. Businesses clearly struggle to balance the security they need with the cost and the user experience. Often SMBs are presented with security solutions designed – and priced – for larger organizations. As employees use added security steps for everyday transactions (online banking, etc.), the overhead of security protocols is less intrusive.

63% vs 81% vs 40%

While 63% believe that their SMB faces a lower cyber risk compared to larger companies, 81% of respondents had at least one security incident within the past 12 months. 40% of SMBs had 2 or more incidents. Too many SMBs continue to have a false sense of security. Cyber criminals understand that is easier to hack 10, or even 100, small businesses than it is to successfully attack 1 large enterprise. And with current tools, cyber attacks are inexpensive to launch and manage.

Where the Security Risks Exist

40% vs 39% vs 34%

The most common forms of successful cyber attacks are password attacks (40%), ransomware or other malware (39%), and phishing (34%). Note that these forms of attack are not mutually exclusive.  One form of attack, malware for example, can be used to gather the information needed for a successful password breach.

63% vs 43%

Looking at root causes, 63% of SMB IT Security study respondents noted that attacks began with phishing.  Unpatched systems were the starting point for 43% of attacks. These numbers make sense as these attack vectors provide access to information that supports further attacks.

Who is Helping

96% vs 23%

The vast majority of SMBs rely on outside experts for help with their security needs.  93% of respondents use an IT firm for at least some of their IT security needs.  That said, 23% of small businesses are looking to replace their IT service providers in the coming year. While security is not the only trigger for changing providers, it is one consideration.

48% vs 33% vs 29%

SMBs responded that poor system performance (48%), system outages (33%), and long problem resolution times (29%) are the three primary reasons for switching service providers. Each of these issues relate to business interruptions.

2022 SMB Security Study Conclusions

Examining the SMB IT Needs Security Study results, we see three clear conclusions.

  1. Failing to recognize the risks leads business owners to under value security technology and services.  The cost to respond and recover to a single incident dwarfs the cost of reasonable protections.  For SMBs, the average successful cyber attack can disrupt business operations for 18 to 21 days at a total cost to recover exceeding $200,000.
  2. With 50% of employees working remotely, at least part time, individuals and systems are more exposed to attack. Physical security is no longer sufficient. SMBs need a security services designed to protect against the most common and the most costly types of cyber attacks.
  3. As an IT service provider, we must ensure that our services, first and foremost, do no harm.  While security protocols can introduce some inconveniences, our services cannot interfere with performance, availability, or reliability.

Next Steps to Improve Your IT Security

Step back and take a look at your security services and footprint.  Our Rapid Security Assessment is a quick and simple starting point to identify security gaps. You can also schedule a call with one of our Cloud Advisors to review your security and IT services.

 

Security Trends Will Impact Small Businesses

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Security, Privacy, & ComplianceSpeaking at a recent CRN-hosted security summit for midsize enterprises, Paul Furtado, Gartner’s Vice President of Midsize Enterprise Security stated, “The only thing harder than defending yourself against a cyberattack is telling your executives and your partners why you didn’t do enough to protect yourself.”  His comments reflect current security trends from our historic “Trust but Verify” security model to one that is “Never Trust; Always Verify” — also known as Zero Trust.

Expectations are changing and our tolerance for breaches is dropping.  More than 56% of successful attacks exploit known vulnerabilities with patches available for more than 90 days.  Frankly, many of us are failing at the fundamentals of IT security and this needs to change.

While smaller in size, SMBs remain prime targets of cyber attacks.  With “Ransomware as a Service” readily available, finding and attacking vulnerable small businesses is inexpensive and effective.  SMBs are more likely to have fewer security protections; SMBs are less likely to be able to recover from an attack and more likely to pay ransoms.

Here are 7 security trends that warrant our attention and action:

1 Zero Day Exploits

As the name implies, Zero-Day  Exploits take advantage of newly discovered security holes before our tools and systems can be updated to prevent an attack.

Next Gen solutions are needed to protect from attacks on devices, in the flow of email, and in web traffic.

2 Insider Threats

Insider risk refers to every account that has access into an organization’s environment such as service accounts, custom integrations, and API accounts. Insider threats, meanwhile, are the small percentage of insiders actually doing something that will cause a security incident, intentionally or not.  For example, the increased use of QR codes allows attackers to create malicious QR codes that install keyloggers and screen grabbers to steal identities and multi-factor authentication tokens.

We need Security Awareness Training to help individuals understand the risks and build safe habits.

3 Regulatory Changes

As noted, security expectations are changing.  State and federal laws are changing. Passed by the Senate this year, the Strengthening American Cybersecurity Act will require businesses to report significant cyber events within 72 hours and ransomware payments within 24 hours. These requirements lay on top of other federal regulations, multiple states’ privacy laws (CCPA, MA PII, etc.), and industry regulations (PCI-DSS, etc.).

With cyber insurance and cyber response services in place, small businesses are more likely to avoid fines, losses, and legal actions.

4 IoT

Internet of Things devices, and similar automation technologies are popular and often lack basic security features.

As IoT-based solutions move into smaller businesses, we need to secure and monitor devices and the networks on which they run.

5 Supply Chain

Bad actors know that attacks on supply chains can be more effective than attacking an intended target.

If your smaller business is in the supply chain of a larger company, expect security to become an issue.  They are likely to request — or demand – additional security measures as a condition of your business relationship.  And, be ready to demonstrate (prove) that you actually do what you claim on the security checklist.

6 Data Mining

Data mining enables attackers to not only go after your business, but your vendors and customers as well.  Imagine attackers telling your customers their private data will be released if you do not pay the ransom.  Even more common, imagine your customers receiving emails “from” (impersonating) you instructing them to send money.

We need to start protecting unregulated data in the same ways we protect regulated data.  Encryption, for example, does not prevent a breach but ensures the data cannot be used.

7 Ransomware

It would be nice to think we are past the ransomware pandemic, but we are not.  Over 80% of ransomware attacks are on small and mid-size businesses. Because attacks have moved beyond encryption to data exfiltration, attackers are likely to understand your business and set ransoms that are steep, but payable (often 1% to 1.5% of annual revenue).  Businesses hit by ransomware average more than 20 days of significant business disruption. On average, they permanently lose more than 35% of their data.

A response and recovery plan that includes business continuity ensures that you can keep your business running while you recover from and respond to an attack.

Your Next Step

Please contact us to evaluate your security footprint and needs, and discuss possible next steps, or schedule a no-obligation introductory call with one of our Cloud Advisors.

XChange of Ideas – Security

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XChange EventsLooking at what we learned during three packed days at the XChange 2022 Conference, we have much to share.  The XChange conferences help IT service providers, like Cumulus Global, explore emerging trends, challenges, products, and solutions.  While we attend to improve our service offerings and business, many of the insights will benefit your business as well. This XChange of Ideas shares three emerging security trends.

1 Security is Not a Technology

Most small and midsize businesses see themselves as having security because they have some security technologies and systems in place.  Security, however, is not a technology; security is an ecosystem that spans people, processes, and systems, as well as a lifecycle of prevention, response, and recovery. As important, we need to understand that managing our security

Most businesses still lack the basic set of security protections that span the security lifecycle. A solid security foundation should include advanced threat protection, next-gen endpoint protection, DNS security, web protection, multi-factor authentication, and encryption. A solid backup/recovery is also necessary; having a business continuity solution is preferred.

With the dynamic nature of threats and cyber attacks,  many businesses are at higher risk and should be deploying advanced security services. Advanced security services may include managed security incident detection and response (MDR) services, internal application whitelisting, segmentation, and other protections that can detect, halt, and stop the spread of an attack.

2 Cyber Insurance is Not Assurance

Cyber Insurance is more than a good idea, it is a necessity for almost every business.  But cyber insurance is not assurance that you can quickly recover from a cyber attack.

  • Cyber insurance underwriters have you complete a questionnaire or audit about your cyber protections, policies, and procedures. When you submit a claim, most cyber insurers will ask you to demonstrate that the protections were in place, how they were functioning, and that you follow the policies and procedures noted in your application.  If you cannot show that you do what you promise, expect your claim to be denied.
  • Your cyber insurance underwriters may prevent you from starting your systems and data recovery. Recovery typically destroys evidence of the attack, it’s cause, and it’s method of propagation. You may be unable to restore your systems and data for days — or even weeks — while your insurer completes a forensics investigation.

Having the right protections in place, and being able to demonstrate compliance, is a clear expectation to resolve cyber insurance claims.  Having a continuity solution in place that allows you to return to operation in parallel with a forensics investigation should be considered.

3 HIPAA is Not Just For Doctors

HIPAA is the regulatory cornerstone for protecting personal health information (PHI). These regulations control how we store, transmit, and share — procedurally and technically — PHI. Compliance, however, is not just required of healthcare providers, insurers, and others direct access to patient records. Businesses serving healthcare providers — those that sign a Business Associates Agreement — face compliance requirements as well.

HIPAA enforcement is expanding beyond Covered Entities to Business Associates, as is notable on the US Department of Health and Human Services Office of Civil Rights HIPAA “Wall of Shame”

If you are not sure that your security services are up to par, contact us about our security assessments, or schedule an intro call with one of our Cloud Advisors.

Different Types of Email Security Features

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Different Types Of Email Security Solutions Can Help Protect your Business

When launched Cumulus Global 15 years ago to provide small and midsize businesses (SMBs) with email security and security solutions. As early adopters, we saw how managed cloud services and solutions made enterprise grade solutions affordable and effective for small businesses.  While much as changed over the past decade and a half, we still face email-based threats.

Email Attacks are Easy

According to Verizon’s 2021 Data Breach Report, email remains one of the most common vectors for attacks. And, phishing attacks are at the top of the list. Email phishing attacks remain prevalent because they are relatively easy. Cyber attackers are able to say one step ahead of our defenses, in large part to the rise in social engineering. With more of our personal information available through social media, attackers can use psychological tactics and personalized messaging to target specific individuals (spear phishing) and business leaders (whaling). In doing so, they garner sensitive information and gain access to systems and data.

Business Email Compromise

Business Email Compromise (BEC) attacks impersonate your email domains or emails for specific users. In most instances, BEC attacks look and feel like legitimate emails from your business. Combined with social engineering tactics and personalize information, they are hard to spot and often successful.  Cyber security attacks can be “internal” that target your employees, or “external” that use your business to defraud your customers and associates.

Email and Domain Impersonation

Preventing email and domain impersonation attacks bypass account level security, including multi-factor authentication. To prevent these attacks, recipients should only accept email that can be authenticated as coming from your domain.

Different Types of Email Security Protection: Good, Better, Best

Currently, you have three levels of email domain security that can protect your business and your identity: Good, Better, and Best.

Good: SPF Sender Policy Framework

SPF verifies emails sent from valid IP addresses, either from your domain or authorized senders. While most small businesses have an SPF record configured, errors cause individual emails, or emails from marketing and CRM systems, to be flagged as spam by the recipient. Cyber attackers can spoof email addresses to give the appearance of a validated sender.

Better: DKIM DomainKeys Identified Mail

DKIM verifies that have been digitally signed by the sending domain, or by services sending email on behalf of the domain. Proper configuration is technical and involves cryptographic key management; errors can lead to fake messages with valid DKIM signatures. Cyber attackers can remove the DKIM signature using sophisticated relay attacks.

Best: DMARC Domain-based Message Authentication, Reporting,
and Conformance

DMARC authenticates email origin by aligning identifiers from SPF and DKIM, and instructs recipients to deliver, quarantine, or reject failed emails by policy. DKIM helps improve email deliverability. Is the best protection against email and domain impersonation attacks, whether they target your employees, vendors, or customers. Reporting enables you to see email sources and manage your policies.

Protect Your Business With Our Email Security Services

While you set up SPF and DKIM with DNS record entries, DMARC is best implemented as a service. Doing so provides you access to settings, reports, and analysis tools. For most small and midsize businesses, the level of protection DMARC provides is worth the minimal cost.

You can learn more with our eBook: Email Security: Good, Better, Best.

To discuss your email security configuration, make an appointment with one of our Cloud Advisors, send us an email, or fill out our contact form.

4 Pillars of Cloud Security: The Most Important Strategies to Know

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Learn about the four pillars of cloud security that can help you reduce risk, increase agility, and run more efficiently: (C/I/A), external threat protection, data loss protection, and compliance.

While Cyber Security month comes and goes, the four pillars of cloud security remain integral to long term business success.  In what seems like a never-ending process, we continue to face new and advancing cyber security threats to the integrity of our data, identities, and businesses.  For those of use with small and midsize businesses, we need to ensure our systems and information are secure. At the same time, we want to keep our IT systems simple and manage our budgets.

Four Strategies for Cloud Security

To strike the right balance, we need to assess our current security foundation, identify gaps, and fill in services where needed. Doing so creates a security foundation that covers your basic needs.  From there, with the four pillars of cloud security in place, you can add services and build the security footprint you need to meet industry expectations and regulatory requirements.

A sound cloud security foundation is built on four pillars of cloud security.

1. Basic C/I/A

Ensure the confidentiality, integrity, and availability (C/I/A) of information you create, receive, maintain, or transmit.

This first pillar of cloud security establishes your basic security infrastructure that protects against attacks and prevents breaches across your IT systems.  It also creates your ability to respond to issues and recover, key to ensuring business continuity and resilience.

2. External Threat Protection

Identify and protect against reasonably anticipated threats.

This pillar of cloud security focuses on the attacks and threats from outside your business. From phishing, ransomware, and business email compromise, to DNS and advanced persistent threats, the focus is on protecting your data, applications, systems,  and people from harm.

3. Data Loss Protection

Identify and protect against reasonably anticipated uses and disclosures.

Data breaches and data loss result from configuration issues, application errors, and individual actions. Permission errors, inappropriate sharing, and other actions are often accidental, resulting from a lack of understanding of policies and/or how systems work. They can, however, result from intentional acts of misconduct. Proper data protection and security solutions will help protect against these internal risks and threats.

4. Compliance

Ensure workforce and business compliance.

Nearly all businesses must meet basic legal requirements to protect sensitive information. Most businesses must also adhere to industry and additional legal requirements.  This cornerstone encompasses the policies and procedures that ensure your team, and your business meet your compliance requirements. IT also includes the tools and methods to enforce policies and report on compliance.

Tactics for Implementing the Four Pillars of Cloud Security

To ensure your cornerstones are set and your cloud security foundation is place, conduct a security footprint assessment.  For each pillar of cloud security, identity the services you have in place and those that may be needed. The assessment should cover the “CPRs” of security:

  • Communication/Education
  • Protect / Prevent
  • Respond / Recover

For more information, send us an email or complete our contact form.

Dark Web Security Risks and Dangers

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Dark Web Risks: Threats to Be Aware of, and How to Protect Yourself and Your Business

We offer a monitoring service for dark web risks.  In August, we received alerts for more than 40% of the companies we monitor about dark web risks and danger.

Threats from information mining and third party breaches continue to pose a risk.  The level of risk varies based on the source, scope, and nature of the breach. Learn about the dark web threats to be aware of, and learn what strategies you can implement to protect yourself, as well as your business.

Direct and Indirect Security Threats from the Dark Web

Third party breaches from the dark web pose direct and indirect security threats. A direct threat, as the name implies, represented a compromised identity with direct access to your system.  Indirect threats are breaches with information that enables more advanced attacks against your systems and user identities.

Direct threats, while less common, represent a breach of usernames and passwords for your system.  The source of direct threats may not be your systems. Hackers with access to valid email addresses and similar passwords will try permutations and patterns to gain access.  While they may then use the compromised credentials themselves, they may also put them up for sale or lease on the Dark Web.

Indirect Threats take many forms, and are a big risk on the dark web.  Identities with similar passwords are sold to hackers that will use them to gain access.  Personal identifying information is valuable to hackers looking to create effective spoofing and phishing attacks.  Repetitive breaches identify targets more easily compromised and/or more likely to respond to a phishing attack with personal information.

Dark Web Dangers and Threat Sources

Sources for Dark Web security threats vary.  Most common is a third party breach, for example the LinkedIn breach in 2018.  Given that many people use their work email address as an identity for LinkedIn, along with identical or similar passwords, the breach gave hackers a means to test access to core businesses services.  Simple testing of leaked passwords, permutations, and common patterns provides access to core businesses systems, including accounts on Microsoft, Google cloud, Salesforce, and others.

Growing in frequency, hackers grab personally identifying information matched to known email addresses.  While first and last names may not appear to create much risk, cyber criminals can use PII to create sophisticated spoofing and phishing attacks.  Your zip code, home address, job title, role in your company, and who you work with and for can all be used to create more effective attacks.  When matched to data from social media accounts — where you shop, foods you like, answers to “survey” questions that mirror security prompts — criminals can refine their attacks and sell your data for more on the dark web. This is why data protection services are highly recommended in todays environment.

Protecting Yourself and Your Business from the Dark Web

More than 70% of people use the same or similar passwords across systems, which is a huge dark web danger. When employees use work email addresses for other services, the nature of their passwords creates risks when any of these third party systems experiences a breach. Compromised third-party passwords reduce the effort required for cyber criminals to compromise other accounts. LinkedIn, Egnyte, Dropbox and other reputable services have all experienced breaches over the past few years.

An additional risk from third-party systems is the risk of personally identifying information, or PII.  With a valid email address and leaked or breach PII, cyber attackers have access to information that allows them to personalize phishing emails and other attacks.

Monitoring the Dark Web for these third party breaches, and responding appropriately, helps protect your employees and your business.

 

Data Breaches are Still a Thing

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As we speak with small and midsize business executives, we sometimes hear that cyber attacks and the risk of data breaches are no longer seen as a threat serious enough to warrant attention and spending.  We understand this hesitancy. Even with the level of media visibility, the prevalence of security solutions and a weariness of the constant focus on security can lead to the conclusion that we can let our guard down.

The reality, however, is that the rate of cyber attacks jumped about 600% in 2020.  More businesses are getting attacked and more attacks are successful.

A List of Breaches

For perspective, in the last 4 weeks, the cyber security experts at ID Agent have published data on these major breaches. Many are likely to be familiar to you or represent a major government entity.

  • Metropolitan Police Department of the District of Columbia
  • Pennsylvania Department of Health
  • The Resort Municipality of Whistler
  • CNA Financial
  • OfficeDepot
  • Personal Touch Holding Corp
  • Facebook
  • Hobby Lobby
  • Illinois Office of the Attorney General
  • Wyoming Department of Health
  • Eversource Energy
  • California State Controller
  • LinkedIn
  • The New York Foundling
  • University of Maryland Baltimore
  • CareFirst BlueCross BlueShield Community Health Plan District of Columbia (CHPDC)

The Case for Concern

The list, above, is only a sample and only represents larger breaches.  Cyber attacks hit small and midsize businesses on a daily basis. Even so, we often view protection and recovery services as insurance.  We do not want to pay for coverage; we hope we never need to use it; and we do not see the value until we are a victim.

A Model for Success

Cyber security differs from insurance. We can reduce the risk of successful attacks with foresight, planning, and protections. Our CPR Cyber Security Model balances awareness, prevention, and response.

Communicate and Educate

Involve everybody in the solution. Communicate the risks and your commitment to protecting the business and your employees. Educate your team on the risks, how to spot and report attacks, and how their behavior can prevent or help an attack.

Protect and Prevent

Implement multi-layer, multi-vector protections that focuses on your people (identities), data, applications, and systems. Use “next gen” solutions that analyze behaviors and that can learn as risks evolve.

Respond and Recovery

No defense is perfect. Have services in solutions in place that let you recover and return to operations within a time frame that protects the health of your business. More than getting data and systems back on line, we recommend that you put in place the forensics, legal, public relations, and customer service resources you will need in a cyber attack emergency.

Want to learn more?  Want to assess your cyber security protections and risks? We can help.  Email us or complete our contact form to schedule a complimentary meeting with one of our Cloud Advisors.

 

Remote Workforce Security: Tips, Challenges & Lessons Learned

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As part of its Global Year in Breach – 2021 report, security firm ID Agent found that remote workforce security is more difficult than generally thought. With many of the changes in how we work expected to continue, as business leaders we need to embrace hybrid work as the way of the future.

What Exactly is Remote Work Security?

Remote workforce security is a subset of IT cybersecurity that focuses on protecting corporate data and other assets when employees work outside of a physical office. Implementing strong security protocols and technologies for remote access, educating employees on how to identify security risks and stay safe, and strengthening your overall business data protection and security are some of the best ways to secure your remote workforce.

What to Know When Developing Security Procedures for a Remote Workforce

Pandemic Triggers Panic

2020 and the onset of the global COVID-19 pandemic presented new challenges. The biggest challenge was cybercrime. The mix of understaffed IT departments, maintenance failures, unpreparedness, record-breaking cybercrime, and employee stress taxed IT teams and services. Cybercriminals took advantage of this golden opportunity, and businesses were hit hard.

Businesses needed to rapidly shift to remote operations. For those with older technology, this shift was especially difficult. Everybody became a remote worker. IT teams needed to become instant experts in remote workforce security, including knowing the four pillars of cloud security. For too many businesses, it was a mad scramble to to get their teams remotely or face shutting down entirely. Many employees lacked training in remote work; many IT teams had never managed remote security at scale. A barrage of unintentional, insider threats assaulted IT teams daily.

Stress Creates Vulnerabilities

Why was the massive shift to Work from Home such a boon to cybercrime?

IT departments were unprepared and understaffed.  Only 39% of IT executives polled felt they have adequate IT expertise on staff to assist with remote work issues. Only 45% of organizations reported having and adequate budget to support remote work.

At the same time, employees were dealing with unexpected stress at home and more likely to make cybersecurity mistakes. Over 50% of respondents admitted they were more error-prone while stressed. 40% said they made more mistakes when tired or distracted. Altogether, 43% of workers surveyed acknowledged mistakes resulting in cybersecurity repercussions for themselves or their company while working remotely.

Cybercrime Complications

Chaos and confusion created opportunities for cybercriminals. Experts estimate that overall cybercrime was up by 80% in 2020. Much of that increase was from phishing attacks. Cybercriminals took advantage distracted, stressed workers, with limited IT support, and immense numbers of email. In 2020, phishing attacks skyrocketed by more than 650%. Attacks hit 75% of companies and accounted for almost 80% of all cybercrime.

Successful ransomware also jumped more than 145%. In 2020, 51% of all businesses and 40% of small and midsize businesses experienced a ransomware attack. 50% of attacks on SMBs used vicious double extortion ransomware. Ransomware will continue to top the list of cybercrime trends in 2021.

FAQs About Remote Workforce Security

Next Steps for How to Secure Your Remote Workforce

Stopping ransomware and decreasing your company’s risk of a successful cyberattack against remote and hybrid workers starts with stopping phishing and its destructive effects. We have tools that help your IT team support and protect your people and your business, while also protecting your budget.

To learn more about you cyber risks, and solutions to fit your needs and budget, contact us and schedule a complimentary Cloud Advisor Session.

 

library

Understanding Third Party Breach Alerts

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eBook | Source: Cumulus Global —
Third party breach alerts inform you of third party data breaches that may pose risks to your business. This eBook looks at the information provided in third party breach alerts
and, using examples, discusses how to interpret and use the information provided.

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A Cyber Insurance Primer (Slide Deck)

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Slide Deck | Source: Cumulus Global —
Cyber Insurance is a tool, not a solution. This deck is from our June 2022 3T@3 Webcast: A Cyber Insurance Primer and discusses the what and why of cyber insurance and how it fits into your cyber security and incident response plans.

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15 Best Practices for Cyber Protection

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eBook | Source: Cumulus Global 

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Webcasts

Get IT Ready for Recession

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(7/19/2022) – Cutting IT costs can help your bottom line in the near-term, but may do more harm than good. Smart IT planning helps your business survive and thrive through a recession and beyond.

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A Cyber Insurance Primer

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(6/21/2022) – With the increase in cyber attacks, cyber insurance is a necessity. All too often, however, businesses learn that the process is significantly more complicated. Cyber Insurance is a tool, not a solution.

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Next Normal: IT Efficiency

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(02/23/2021) – COVID-19 and the events of the past 10 months have, and continue, to change the way we run our businesses. Are the IT choices made during the crisis the best for your business in the long term?

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