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Category Archives: Cyber Risk Management

4 Questions to Ask When Choosing a Cloud Computing Provider

cloud computingMoving an aspect of your business—like email, payment processing, data storage, etc.—to the cloud can help you save money and streamline processes. As an added bonus, cloud service vendors can handle administrative tasks like security, maintenance, backup and support, allowing you to focus on the day-to-day operations.

However, with so many cloud computing solutions and vendors to choose from, it’s hard to know what to look for.

To ensure the process goes smoothly and that you choose the right provider, it’s important to ask yourself the following questions:

  1. What’s the vendor’s track record? Before landing on a cloud solution, it’s important to consider the vendor’s reputation. In general, it’s best to find a company that has been in business for a fair amount of time and has a good history of service.
  2. What are the vendor’s capabilities? After understanding what you are looking for in a cloud computing solution, it’s critical that your vendor can meet your needs. Your provider should be able to implement your desired solution on day one and have the expertise to continually offer new ways to adapt to changing markets.
  3. What’s their pricing? A vendor may have everything you need, but could end up being out of budget. Determine a realistic amount you’re willing to pay for cloud services and compare that number to your options. It’s also important to only pay for what you use. Don’t be afraid to renegotiate if a company wants you to pay for extra bells and whistles you don’t need.
  4. Is my data safe? In an age where cyber crime is common and proprietary data can be lost with the click of the mouse, security is key. When researching vendors, ensure that you know the location of their data centres and what precautionary measures they have in place to prevent a hack. If possible, consult an expert to see if a prospective vendor is compliant with all applicable industry security standards.

Keeping in mind the above tips will ensure that, when the time is right to migrate your company’s data or processes to the cloud, you are prepared to choose a vendor that will help achieve your goals.

© Zywave, Inc. All rights reserved.


Canada Ranks Poorly in Lost Revenue and Continuity After Ransomware Attacks

Skull and crossbones on binary code with message of infection. Eps10. RGB. Global colors

Ransomware is a type of malicious software that is specifically designed to block systems or files until a victim—typically a company or high-ranking professional—has paid a sum of money to regain access. These types of attacks can be costly, sometimes averaging up to $50,000.

According to the recent report, the State of Ransomware, by malware remediation company Malwarebytes, Canadian businesses were among those most likely to pay ransomware demands. Additionally, the report, which examined 5,400 IT staff across Canada, the United States, the United Kingdom and Germany, showed that Canadian businesses ranked among the highest for lost revenue and business interruption following an attack.

In total, around 75 per cent of Canadian businesses admitted that they would pay an attacker to regain access to key systems and functionality. Other interesting findings from the report included the following:

  • Ransomware can impact more than the original infected system or file. In the report, Canada ranked the highest for ransomware penetration, as close to half of attacks affected 26 per cent or more of a company’s extended network.
  • Executives and senior-level staff are typically the targets of ransomware schemes.
  • On average, ransomware attacks in Canada were twice as expensive as those in the United States.
  • Business applications were found to be the most common vulnerability to ransomware in Canada. While email attacks are common in other countries, Canada’s strict anti-spam laws could be contributing to the lower number of email attacks.
  • Despite Canada ranking poorly in terms of business interruption and overall cost as it relates to the impact of ransomware attacks, 51 per cent of surveyed businesses claimed they were confident in their ability to stop an attack.
  • Health care and financial services were found to be the most common industry targets for ransomware attacks.

Ransomware attacks are a serious concern—one that continues to impact Canadian businesses. In the past year alone, more than one-third of security attacks in Canada were ransomware-related. To protect themselves from this ongoing threat, organizations should consider having a risk assessment done to determine and remediate potentially vulnerabilities.

© Zywave, Inc. All rights reserved


The Risks of Allowing Employees to Use Tablets

iStock_cell & tablet-000022454376SmallTablets and other such devices have become increasingly common in the average workplace. And, while these devices can be important for your employee’s daily work, they also represent a cyber risk if they are not properly managed.

The following are just a few of the major risks associated with having tablets in the workplace:

  • Mobile malware. Tablets are typically infected by malware via malicious apps and phishing scams. When this happens, a cyber criminal can gain unauthorized access to the device and associated network systems. In general, iOS tablets like iPads are safer from malware than Android tablets. However, mitigating the risk of malware typically comes down to the user. Workers should avoid downloading unfamiliar apps.
  • Loss of data. Following a security breach, data loss is inevitable. For tablets, this could mean that users are locked out of their devices altogether. To protect your business, employees should always back up their data, and ensure that no sensitive or proprietary information is stored on it.
  • Unsecured networks. Unsecured networks are a particular concern for tablets because they are easy to take on the go into areas with free and public Wi-Fi connections, like cafés and airports. These connections are not always secure and can be easily hacked by cyber criminals. To prevent this, employees should be reminded that no public Wi-Fi is safe. For further protection, offer a virtual private network (VPN) that your employees can utilize to safely use the internet off-site.
  • Theft. In addition to virtual threats from hacking and phishing scams, cyber criminals could just as easily steal the tablet itself. This could give them unlimited access to proprietary or personal information. To combat this, employees should never leave their devices unattended. Using a secure password can also help prevent theft of information.

Above all, employers should have a personal device policy in place that accounts for security threats. Employees should know what they can and cannot do with their devices and how to protect the sensitive information contained within. These policies should be extended to other personal devices with internet access, such as smartphones.


4 Takeaways from a Cyber Study

Cyber lock with chainsThe Scalar Security Study is an annual report that examines how prepared Canadian businesses are for cyber threats. Specifically, the study surveyed 654 IT and IT security practitioners to determine the average cost of a cyber attack, whether organizations feel prepared for cyber threats and what tactics they find most effective when it comes to protecting themselves. The following are some of the major findings from the study:

  1. The number of cyber attacks is increasing. Survey responders reported experiencing an average of 40 cyber attacks per year. This number represents a 17 per cent increase compared to last year’s report. It’s important to note that many of these cyber attacks related to the loss of sensitive information.
  2. Organizations are less confident in their ability to protect themselves. Cyber attacks are increasing in frequency and sophistication. What’s more, insufficient personnel or lack of in-house expertise were found to be the major reasons for why organizations felt unprepared for the increasing threat. In fact, only about 37 per cent of organizations felt they are winning the war against cyber criminals.
  3. Organizations are concerned about security threats from mobile devices. Mobile devices and applications were two of the major security concerns for organizations. These risks require both technological and internal governance to help mitigate the risk.
  4. Intellectual property is a major and expensive target of cyber criminals. The loss of intellectual property and other proprietary information due to cyber attacks impacted 33 per cent of the businesses surveyed, with the average cost of the loss coming in just under $6 million.

In addition to the above, the report found that cyber security threats will increase in severity. Businesses will need to adapt to the changing landscape if they are to protect themselves from the devastating losses associated with cyber crime.

©  Zywave, Inc. All rights reserved.


Preventing Social Engineering Attacks

Social EngineeringReliable security systems can prevent losses for your business. While many businesses invest large sums of money into building sound physical structures and robust IT systems or even hiring on-site security guards, they often overlook the biggest security vulnerability—people.

No matter how dependable security systems might be, people with authorized access to those systems will always be a vulnerability. That’s why criminals have begun employing a series of tactics called “social engineering” to convince people to give them access—something that costs companies billions each year, and is completely preventable.

What is social engineering?

Social engineering is the art of accessing information, physical places, systems, data, property or money by using psychological methods, rather than technical methods or brute force. In order to do so, social engineering relies upon a set of tactics that exploit psychological weaknesses and blind spots in order to convince victims to give social engineers what they want.

That’s what can be so dangerous about social engineering—criminals can use psychological blind spots to have employees willingly give unauthorized parties access, information or property. These attacks can occur in a number of different forms, including a well-crafted spear-phishing campaign, a plausible-sounding phone call from a criminal posing as a vendor, or even an on-site visit from a “fire inspector” who demands access to the company’s server room.

Psychological Weaknesses

There are a number of different types of attacks, but social engineers almost always prey upon the following psychological weaknesses in order to get what they want:

  • Fear of conflict. People dislike conflict and confrontation and will use almost any excuse to avoid them. Social engineers exploit this by exuding confidence when they ask for information or physical access that they have no right to. When social engineers display confidence, most people prefer to comply with requests rather than challenge them.
  • Getting a deal. Confidence artists have always relied upon the greed of their victims; social engineers exploit a similar principle. These criminals have often been known to use gifts and giveaways to get victims to let down their guard. Sometimes, the giveaway itself will be used to masquerade a piece of malicious code that the unsuspecting victim then uploads to his or her computer.
  • Sympathy. Sometimes, social engineers employ a softer tactic, using charisma and humor to gain sympathy or to ingratiate themselves to an individual or group. By establishing rapport and breeding positive feelings, victims are too distracted to realize that they’re being scammed.
  • Need for closure. The need for closure is a well-documented psychological need, and one which social engineers exploit. In the event that they are ever questioned or confronted, social engineers who’ve done their homework will have an answer to any challenge or question likely to come their way. In most cases, any answer—even if it’s undocumented, unsubstantiated or blatantly untrue—offers people psychological closure, giving them the sense that they’ve done their due diligence.

Preventing Social Engineering Attacks

Educating your employees is essential to minimizing the risk of social engineering. Even the best security system will fail if employees willingly allow unauthorized use of their workstations or email their system credentials to a criminal. In order to make your educational efforts stick, consider employing the following strategies:

  • Encourage your employees to “Stop. Think. Connect.” The “Stop. Think. Connect.” campaign is a global initiative that encourages people to be smarter about online privacy and security. The motto is an easy-to-remember way to approach divulging sensitive information, both in person and online.
  • Make a personal connection. The same principles that make your company vulnerable can make your employees vulnerable in their personal lives. Show employees how the same practices for security at work will make them more secure in their personal lives as well.
  • Use “social proof” to your advantage. Social engineers will often deploy social proof—evidence of a large number of people or select important people engaging in a behaviour as proof of its validity—in order to gain compliance. Use that to your organization’s advantage by making sure executives and managers make security a top priority as an example for the rest of the company.
  • Train. Getting the information out there is important, but most adult learners retain more information when they receive interactive training. Consider specific social engineering training that encourages questions and incorporates interactive examples that relate directly to your employees’ work activities.
  • Test. Make sure your educational and training efforts work by conducting regular tests. Despite growing awareness of social engineering tactics like phishing, large numbers of people still open emails and click on links that they shouldn’t. Consider conducting an in-house phishing audit to find out just how many employees have taken their security training to heart.

Remain Vigilant

Your employees will always represent a possible vector of attack for criminals, which is why you should always remember the human factor when considering security. Just as your company upgrades systems and installs software patches, so too should you periodically remind your employees of best practices and determine what new tactics social engineers are using to exploit people.

 

©  Zywave, Inc. All rights reserved.


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