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Debunking Cyber Insurance Myths

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Cyber Insurance Risk Assessment

Your business faces an ever-increasing array of cyber threats. Beyond protections, cyber insurance is an essential component of a robust risk management strategy. Therefore, understanding cyber insurance realities is necessary for you to make sound security and business decisions. In this post, we focus on debunking common cyber insurance myths.

1MYTH: Cyber Insurance Policies Offer the Same Level of Protection

In reality, policies vary significantly with respect to coverages and services. Opting for bundled policies generally results in coverage gaps, as most general liability policies treat cyber coverage as an add-on.These gaps leave your businesses vulnerable to liabilities and losses.

Standalone cyber insurance policies, provided by financially strong carriers, offer comprehensive protection tailored to the specific needs of your business. They address unique risks associated with cyber threats given your industry, business size, and other risk factors. Standalone policies also often include coverage of forensics, temporary resources, and other recovery needs. Dedicated coverage helps you respond more effectively to a cyber incident.

2MYTH: Your IT Security Measures Dictate Your Premiums.

While robust security practices can positively impact premiums, broader industry trends and company-specific factors play a more significant role in determining pricing.

Industry-wide loss ratios have a substantial impact on insurance costs. Peer group averages impact premiums as well. Insurers assess the risk profile of businesses within sectors. As insurers issue more policies and analyze claims, insurers refine actuarial, incorporating additional factors and risks.

3MYTH: Cyber Insurance Policies do Not Pay Out

Many businesses hesitate to buy standalone cyber insurance policies out of fear that their policy will not pay out in the event of a claim. Reputable cyber insurers with strong financials rarely deny claims with a valid cause..

Inaccurate, or fraudulent, applications are the most frequent reasons for claim denials or reductions. 

Your application must accurately reflect your cyber insurance risk profile. The information you provide on your cyber insurance application should reflect a thorough review process. Cybersecurity tools offer verification of your security profile.

4MYTH: Cyber Insurance is All You Need

Many businesses, including yours, may need additional layers of protection for specific cyber risks. These additional coverages may not be available within a traditional cyberinsurance policy.

Cyber warranties offer additional layers of protection by covering these specific elements of cyber risk. Combining cyber warranties with cyber insurance creates a more comprehensive safety net. This approach bolsters your overall security strategy and ensures appropriate coverage.

5MYTH: Robust Cybersecurity Measures Eliminate the Need for Cyber Insurance

Investing in strong cybersecurity defenses provides crucial protection for your business. No security profile or system, however, will stop every cyber attack, data breach, or data loss incident. Cyber threats continually evolve. Even the most secure systems fall victim to sophisticated attacks.

Cyber insurance serves as your financial safety net. Beyond covering direct financial losses, better policies help you recover from incidents that slip through the cracks of your security measures. These resources include forensics, data recovery, customer relations, legal expenses, and more. Cyber insurance protects you financially if and when a cyber attack gets past your defenses.

6MYTH: Obtaining Cyber Insurance is Complicated and Time-Consuming

The thought of obtaining cyber insurance deters many businesses from seeking the coverage they need. Horror stories of complex applications, surveys, and audits create anxiety and fear of the process. 

Unfortunately, this myth can come true. Businesses that apply through general insurance agents and fail to leverage knowledgeable IT resources often run into issues during the underwriting process.

Cumulus Global partners with cyber insurance specialists that offer streamlined application processes and non-committal quotes. Our partners work with more than two dozen carriers, ensuring you have options to choose the policies that meet your business needs and budget. Non-biased policy reviews help you understand your coverages and make informed decisions.

Related Information

Cyber Security Requirements for Cyber Insurance (eBook)

5 Questions for Lower SMB Cyber Insurance Premiums (Coffee & Clouds)

Security CPR (Cloud Burst)

Security CPR Managed Security Services (Service Overview)

Your Next Step 

Avoid falling prey to cyber insurance myths. Contact us and let us introduce you to our cyber insurance partners.

We can provide you with a Cyber Insurance Risk Assessment and help you assess your cybersecurity profile.

About the Author

Bill Seybolt bio pictureBill is a Senior Cloud Advisor responsible for helping small and midsize organizations with cloud forward solutions that meet their business needs, priorities, and budgets. Bill works with executives, leaders, and team members to understand workflows, identify strategic goals and tactical requirements, and design solutions and implementation phases. Having helped over 200 organizations successfully adopt cloud solutions, his expertise and working style ensure a comfortable experience effective change management.

Email Cybersecurity Risks: 3 Things to Know

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Email Cybersecurity Risks

As we have shared in the past, cyber attacks constantly change and evolve. We face new attack vectors, or methods, and old methods reappear. Email remains the most common starting place for cyber attacks. These attacks may be direct, or they may be the first step of a larger attack.

Over the last few months, we have seen an increase in new and reappearing email-based cyber attacks. Here are three types of attacks that you may be unaware of, but should protect against.

1 Email Burst Attack.

As the name implies, an Email Burst Attack begins when the attackers send a burst of legitimate-looking, identical emails. To the victim, the attack appears to be a technical issue, as they may receive anywhere from 10 to more than 100 emails within 20 to 90 seconds. The attack continues with a phone call or email impersonating an IT employee or a vendor. The victim is asked to “reset” a password or download software to “fix the problem,” giving the attackers access to credentials and/or the computer.

Email Burst Attacks are difficult to detect and can result in significant breaches and loss.

2 An Old-School Cyber Attack Returns

An email-based cyber attack that uses Google Groups is back after several years in the shadows.  In this attack, the cyber attacker creates a Google Group, directly adds members, and sends emails to the group members. These emails range from basic spam to sophisticated phishing attacks.

The emails look legitimate because the email is from the Google Groups service, a trusted sender. As such, a Google Group attack is difficult to identify and defend against.

3 Visual Risks On The Rise 

Email-based cyber attacks often use images and “calls to actions” that appear to be from a trusted source or brand. 

Attackers will use images of, or from, legitimate websites to mimic the look and feel of stores, banks, and other trusted businesses. To detect these attacks, you need to compare the image and branding with the email header and meta data. This type of scanning is beyond the ability of most email threat protection services.

QR Codes pose a similar risk. In order to validate that a QR Code is safe, you need to scan the image and test the underlying URL. Because QR Codes are not a “link click”, most email scanners cannot validate they are safe.

Protecting Yourself

The newest generation of email threat protection services include the abilities to detect and mitigate these attacks. These services include:

  • Detecting and blocking email burst attacks
  • Letting administrators and users manage graymail, so that Google Group and similar attacks can be identified and blocked
  • Scanning emails using AI-empowered computer vision to verify branding and safely test QR codes.

Cumulus Global offers email threat protection services with these capabilities within our Managed Cloud Services and as a stand-alone service offering.  

Your Next Step

Get more information and assess your email threat protection services, or schedule a no-obligation meeting with one of our Cloud Advisors.

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. As COO, Chris overseas our Service Team, providing expert consulting, cloud migration, education, and support 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.

The Kaseya Attack Effect

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Data Protection & SecurityThe Kaseya attack demonstrates how cyber crime is a big, organized business.  How big? You can subscribe to “Ransomware as a Service” and outsource attacks on your intended targets.  How organized? Hacker groups and service providers, such as the REvil Ransomware Group and DarkSide, actively manage their brands and reputations.  The REvil attack on Kaseya shows us that cyber criminals are technically advanced and operationally sophisticated. The nature of the attack, and its scope, should scare you.

By using known vulnerabilities in Kaseya’s VSA Remote Monitoring and Management system, REvil was able to create an automated ransomware distribution network. They used the very systems that Managed Service Providers (MSPs) use to monitor and manage customer servers, computers, and networks.

The Impact

MSPs update their Kaseya VSA servers automatically installed the Ransomware on their customers’ systems, as well as their own. Best estimates are that up to  1,500 small and medium-sized companies are victims. While this number seems small, those 1,500 business face an existential threat. Remember: more than half of businesses victimized by ransomware fail within six months.

Most MSPs shut down their Kaseya VSA services before spreading the ransomware. These firms had no ability to monitor, manage, or remotely support their customers. Customers facing IT issues were met with longer diagnostic and resolution times, resulting in business disruption, lost productivity , and the possibility of data loss.

As a managed cloud service provider, Cumulus Global does not use the Kaseya VSA system.  Our clients were not at risk, via our services, from this attack.

The Lessons

We were on the sidelines for the Kaseya attack. We understand, however, that the way in which may cloud services are managed create connections between vendors, resellers, partners, and customers. While these connections do not generally provide any access to customer data, they do provide access to management functions and information about users.  This information, in turn, could be used to improve the effectiveness of phishing attacks, spoof identities, and gain access to systems.

As a trusted IT advisor and a managed cloud service provider, we are part of a connected supply chain. We take our responsibility to secure our part of that chain seriously. While we follow commercially accepted best practices for security and privacy, the Kaseya attack warns us to step back and re-evaluate our strategy, policies, and procedures.

Our Next Steps

Cumulus Global is conducting an internal review of all of our internal and operational systems, including vendor portals and services we use to order, provision, manage, and support cloud services. As part of this review we are examining our policies and procedures related to:

  • Identity management and protection
  • Access to the systems
  • System level permissions related to function and data
  • Roles and responsibilities with respect to security and privacy
  • Business continuity plans and capabilities

Through this process, we are challenging our assumptions, re-assessing how we operate security and effectively, and raising our expectations for how well we protect ourselves and our customers.

We will also be making recommendations to our clients, and the broader community, on steps they can take to improve their security profile and protections.

Your Next Steps

As a user of cloud services, and technology in general, have responsibilities as well.

We Can Help

To assess your cyber security status, discuss your risks and needs, and identify solutions that fit your business and your budget, contact us to schedule a complimentary session with one of our Cloud Advisors.

The State of SMB Cyber Security

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Data Protection & SecurityGone are the days when cybercrime was exclusively a big business problem. In the modern workplace, all businesses are at risk, regardless of their size or industry. Today, we recognize that implementing a cyber security program, much like hiring people and growing sales, is an essential part of running our companies.

With 43% of cyberattacks targeted at SMBs, it’s not surprising that many have identified cybersecurity as a priority. And while most of us have deployed protections, it is challenging to know if you have the right balance of protection relative to your risk.

Here are 4 key findings from research conducted by Microsoft:

01 Businesses understand that cybercrime is a problem, but understate the severity of the threat and overestimate their preparedness

The vast majority of businesses (85%) cite cybercrime as a concern, and more than half (56%) believe it is a top priority. Businesses are backing up this belief with action. Most have begun to invest both time and dollars into protecting their company from hackers and other malicious actors.

However, when you look a little deeper, it becomes clear that many have underestimated their risk. 74% of businesses don’t believe they are likely to be attacked at all and that corporations are two times as likely to be attacked.

90% of businesses say they have the right protections in place to prevent an attack, and those with more than 50 employees are even more confident. It is encouraging that businesses are investing in security, but the reality is that they are at greater risk than they think. Nearly half (41%) have been attacked

02 Small and medium-sized businesses are just as likely to be attacked as large corporations

For solutions that do cost money, businesses allocate about 15% of IT budgets go to cybersecurity,  and  21% plan to increase how much they spend protecting the company. Businesses recognize that this investment is worth it because three out of four know that it costs more to recover from an attack than it does to prevent one.

03 Employees can be a business’s biggest protection and also their biggest threat

As a small business owner, you face many of the same threats as larger businesses, but also unique challenges.

Given the number of security events tied to employees, businesses run the risk of underestimating the threat of employees leaking data or  sharing sensitive information, whether maliciously or accidentally.

Insider threats take several forms. Employees or partners may find it more convenient to transfer sensitive data using personal email or an unsecure cloud drive, not realizing the risk to your company. In fact, 30% of security events are attributed to careless or uninformed employees. More alarming is the roughly 36% of attacks where a malicious employee steals sensitive data.

04 Businesses have begun taking steps to protect themselves and there is a set of solutions and practices available to them

Most small and midsize businesses don’t have the same scale of resources to combat security threats and implement cyber security solutions as larger entities.

Fortunately, there are right-sized solutions and strategies designed to overcome the unique vulnerabilities of smaller companies. An effective security strategy doesn’t have to be expensive—or time-consuming. With a few simple, no-cost/low-cost steps, you can make a significant  impact on your company’s overall security profile. The key is to match security to your business needs and your budget.

To assess your cyber security status, discuss your risks and needs, and identify solutions that fit your business and your budget, contact us to schedule a complimentary session with one of our Cloud Advisors.

Top 3 Types of IT Security Threats and How to Prevent Them

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Data Protection & SecuritySecurity Threats: 3 You Know and 1 You Should

Security threats take many forms. Most owners of small and medium-sized businesses (SMBs) are aware of the need to defend against the top three — viruses, ransomware, and phishing attacks — but their organizations are generally not as prepared to deal with the risks related to employees leaking data or sharing sensitive information, whether maliciously or accidentally.

Top 3 Types of IT Security Threats

1. Viruses

According to research conducted by Microsoft, infection by a computer virus is the most commonly cited among security threats facing businesses. Preventing viruses requires an integrated approach to endpoint and identity management.

How to Prevent Viruses:

  • Deploy next-gen antivirus software, with advanced threat protection, installed and updated, on all devices
  • Use web filtering and monitoring services to prevent infection, even from trusted sites
  • Roll out mobile device management to secure work devices (including laptops and desktops), as well as personal devices used for work
  • Enforce the use of multi-factor authentication as part of an integrated identity and access management solution

2. Ransomware IT Security Threats

Ransomware is a type of malware that restricts access, encrypts files, or even stops you from using your systems. Like viruses, ransomware can enter the company through insecure endpoints or unsuspecting users.

While virus protections also protect against ransomware, no protection is perfect. You need to be ready to respond and recover in the event of a successful cyber attack. This includes implementing solutions and services, and ensuring you have the proper protocols in place.

How to Prevent Ransomware Security Threats

  • Backup your data and system images, in the cloud, to ensure your ability to restore and recover
  • Encrypt all data, at rest and in motion
  • Deploy business continuity services to spin-up copies of servers in parallel with remediation
  • Pre-arrange access to forensic, legal, and communications resources to ensure a proper business response
  • Acquire cyber insurance to cover remediation, recovery, and regulatory costs, along with lost revenue
  • Focus on the four pillars of cloud security, and continue to review them on a yearly basis

3. Phishing Attacks

The majority, 67 percent, of cybersecurity professionals surveyed consider phishing attacks to be the greatest security threat facing your business and employees. Take the proper steps today to protect your people, your data, and your business.

How to Prevent Phishing Attacks:

  • Configure advanced threat protection services to identify and block attacks via email using links and/or attachments
  • Monitor inbound and outbound email traffic
  • Provide your team with awareness training to recognize problem emails, and how to respond/act
  • Instruct your team to report suspicious messages, links, and attachments
  • Deploy domain level services to prevent identity-spoofing

1 Additional IT Security Threat You Should Know

!! Internal Leaks & Threats

Insider security threats are often overlooked, and small and midsize businesses are generally unprepared to deal with these IT security threats, accidental or malicious. Surveys indicate that 53% of organizations have experienced insider attacks against their organization.

These risks take several forms. About 37% of internal leaks can be attributed to careless or uninformed employees. In many cases, these employees are using personal, less secure or unsecured services to conduct business.  Whether consumer versions of email or cloud drives for sync and share, these “shadow IT” services pose a significant risk.

While the majority of internal leaks and threats are unintentional, 36% of internal leaks are identified as attacks by a malicious employee.

To prevent data leaks and breaches, you should:

  • Actively manage access and permissions to networks, systems, applications, and data; periodically review permissions for compliance
  • Leverage features within your systems that help you manage and protect confidential and proprietary information
  • Deploy information protection solutions, such as Data Loss Prevention (DLP) and document/message level encryption, to block sensitive data from leaving your control
  • Implement proper cyber insurance and breach response protocols

>> Take Action Against IT Security Threats

All of the suggestions, above, fall within our CPR best-practice model for data protection and cyber security: Communicate & Educate; Prevent & Protect; Respond & Recover.

To assess your cyber security status, discuss your risks and needs, and identify solutions that fit your business and your budget, contact us to schedule a complimentary session with one of our Cloud Advisors.

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.

 

Business Email Compromise: 10 Stats; 5 Solutions

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Business Email Compromise (BEC) is a type of phishing-related fraud with far-reaching consequences. Not only can BEC attacks hurt your business, companies you work with can be damaged as well. BEC threats are hard to detect and mitigate, given the a byzantine structure of the attack.

Here are 10 statistics that demonstrate the increasing risk of BEC attacks, along with 5 solutions that reduce the chance of your business becoming a victim.

10 BEC Statistics

1Business email compromise rose by 14% overall in 2020 and up to 80% in some sectors
265% of organizations faced BEC attacks in 2020

3In 2020, BEC costs increased rapidly, from $54,000 in Q1 2020 to $80,183 in Q2.
4The energy and infrastructure sector topped the 2020 list with 93% of attacks
560% of the information on the dark web could potentially damage businesses

6In 2020, 80% of firms experienced an increase in cyberattacks

762% of BEC scams involve the cybercriminal asking for gift or money cards.
8The most common type of BEC scam is invoice or payment fraud
9Payment/invoice/billing scams skyrocketed by 155%, in 2020

10The average amount requested in wire transfer-based BEC attacks nearly doubled to $75,000 in the fourth quarter.

Protecting Against BEC Attacks

The most effective way to prevent business email compromise attacks is a strong, multifaceted defense against the primary delivery system: phishing email.  Here are 5 solutions that help you mitigate threats and the risk of successful cyber attacks.

1 Phishing Resistance Training

An absolute must-have for any organization in today’s tumultuous world is a strong cybersecurity culture. Too many employees are still clicking on dangerous messages. Strengthen your security culture and reduce your risk of suffering email-based cyberattacks by up to 70%.

2 Advanced Threat Protection

Go beyond attack profiles and blacklist lookups. Take advantage of next-gen protections that assess content and context, leverage machine learning, and analyze the behavior of links and attachments.

3 DNS / Web Protection

Secure your DNS traffic to help prevent cyber attacks that spoof or use your identity.  Block known, dangerous web sites. Block malicious web content and downloads, even from trusted sites that have been hacked.

4 Identity Access Management

Secure your user identities over time with a comprehensive approach. Include multi-factor authentication, password vaults, and single-sign on for your best protection.

5 Dark Web Monitoring

Your team probably uses their work email address (identity) to log into third party services. Breaches in these services put your business at risk. Monitor you domain for potential breaches so you can take action before you become a victim.

To learn more about these Business Email Compromise, other cyber threats, 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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State of Security for Small and Midsize Businesses

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eBook | Source: Microsoft —
This eBook identifies key findings in studies and surveys covering security for small and midsize businesses, and provides set of recommendations to ensure …

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Protect Your Business – Top 3 Security Threats

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eBook | Source: Microsoft —
This eBook explores how you can safeguard your business against the top three security threats, plus the one threat your business is probably overlooking.

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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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Email Security and Reliability

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(8/17/2021) – A deep dive look at email security and reliability, with a focus on how DMARC prevents business email compromises, spoofing, and phishing attacks. In addition to protecting you from inbound attacks, DMARC protects your domain’s reputation and helps ensure reliable email deliverability.

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Email Security and Compliance

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(7/20/2021) – An updated look at email security and compliance. Summarizing risks and trends, we dive into a tiered approach to ensuring your business, data, employees, and reputation are protected.  We also discuss emerging compliance requirements and steps you can take to ensure you operate within regulatory, industry, and policy expectations.

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Small Business Guide to Cyber Threats, Security, and Response

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(6/15/2021) – A practical guide to cyber threats and security. We will share data that quantifies the most prevalent types of risks and will outline practical, reasonable, and affordable steps you can take to both protect your business and, should an attack succeed, respond and recover.

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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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