With email being the biggest business productivity tool out there, it’s no surprise that it’s also the main vehicle for cybercrime. Email phishing is the most common type of online exploitation, which grew by 173% in Q3 of 2023 compared to the previous quarter of the same year!

Google blocks about 100 million phishing emails every single day. That’s a huge number for just one platform. Most of us suffer from email overload, but it’s also the medium which feels safe and secure. There’s something about email that feels personal, it’s addressed to us and is now in our virtual – and physical – space. Which is probably why it’s such a successful tool for phishing.

Often we’re responding or taking action on an email in a rush. A quick email reply before lunch break, or rushing to a meeting. It’s those that catch us unawares. Various recent studies have looked into what causes the bulk of data breaches, and unfortunately, it’s us, users. Some say it’s about 88%, whereas others put the number closer to 95% of data breaches are caused by human error.

Here are five tactics and tools to help strengthen your organization’s IT security on the email front:

1. Employee education

Most of us are generally overwhelmed with emails. And often we respond in a rush, trusting that the email is from a reliable source, bearing honest information. Taking that for granted is exactly what cyber-criminals rely on. This is why an employee education and awareness program is absolutely crucial when it comes to internet security. Even the most savvy technology users get caught out, because criminals have one job, and that’s to catch us in a brief moment of unawareness or to make victims of the ignorant.

While it seems insignificant, it’s things like checking sender email addresses, opening attachments with caution, or checking links before, that could halt a data breach. Seemingly obvious, it’s those things that are at the heart of email phishing scams.

2. The wolf in CEO’s clothing

More and more, the Chief Executive of a company is targeted by hackers. Often, the CEO’s IT profile has access to all data systems, so it’s the most valuable access point. When executives are used for phishing, it’s known as ‘whaling’. Impersonating the CEO or top brass is also a brilliantly simple method to trick employees into providing information and access. Who’s going to say no to the CEO? Hackers will create a fake email account and request information from appropriate staff members.

Making employees aware of this sort of thing should form part of an education program, but it’s also a good idea to grant limited access to key systems. Creating silos of users who use a particular system is recommended, or allowing system access for a limited period. Allowing one profile (or more) complete access to all systems all the time is creating a massive platform for risk. Limited access protects the user and the organization. 

3. Cyber threat intelligence in cybersecurity

In cybersecurity, the evolution of algorithmic approaches and the integration of cyber threat intelligence have become essential in combating sophisticated hacker tactics. Modern algorithms now focus on core characteristics rather than just content, employing AI to identify impersonations in writing style and language. This is combined with pattern analysis to block malicious emails. Concurrently, cyber threat intelligence, which analyses the motives, targets, and methods of attackers, has become a crucial defense layer. 

As attackers use advanced methods like legitimate domain emails and clean IP addresses, it’s vital to have robust security systems that blend advanced algorithmic analysis with continuous threat intelligence, and human experts still play a huge role here, to effectively detect and counter hacker activities.

4. View email as just one piece of the security puzzle

While email is a useful tool to access an organization’s assets, it’s not the only one. But it’s important to ensure that all avenues are coordinated to block threats, from cloud applications, to websites accessed by employees. And technology systems are also only one aspect of cybersecurity. Much of an organization’s protection lies in ensuring staff is vigilant and educated. Email security should not be a silo, but rather it should be integrated into the bigger picture of the entire technology environment, which should be integrated into the company culture.

5. A multi-layered approach with emphasis on attachment scanning

In enhancing email security, a multi-layered approach is paramount, with a significant emphasis on the vigilant scanning of attachments. These attachments are often the carriers of malware and other cyber threats. Advanced scanning techniques are crucial, utilizing not only traditional malware signature detection but also heuristic analysis to identify new, unknown threats. This involves examining attachments in a controlled environment, or ‘sandboxing’, to detect any malicious behavior.

Additionally, this multi-layered strategy should integrate robust phishing detection, continuous cyber threat intelligence updates, and stringent access controls, ensuring a comprehensive defense against the diverse and evolving nature of email-based threats. 

Attackers excel in presenting an innocent front in a phishing email, and it requires not only smart systems in place, but human smarts at every level to keep a company’s data assets secure. Cybersecurity walks the fine line between maintaining efficiency and avoiding user frustration, while also keeping an organization’s key assets safe.

Contact our team of experts to learn more about developing a comprehensive cybersecurity training program for your business.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechRadar.org SOURCE

Cybersecurity Awareness Month has been celebrated in October since 2002. It’s a time for everyone, from everyday internet dwellers to private companies, to come together and work to raise awareness about the importance of cybersecurity in the world we live in.

Today I’ll take a look at the four biggest security mistakes that, even now, people still make, and explain why they’re so risky.

Mistake #1: reusing passwords across accounts

In a world where security breaches are a common occurrence, reusing passwords is one of the most dangerous digital habits to have.

Using the same password across multiple accounts means that a cybercriminal only needs that one password to access your entire digital life.

It’s hard to remember all of your login credentials, sure, especially if you have dozens of them – and when many sites force you to create a 14-digit combination of numbers, special characters, and capital letters.

Luckily, this is where password managers come into their own, and I consider them a vital addition to your online security toolkit.

Mistake #2: not updating software

This might seem like a relatively innocuous sin in the grand scheme of things. So you haven’t updated your copy of Windows since you installed it, or that copy of Acrobat Reader that sits quietly in the background until you need to view a PDF. What harm could that possibly do?

The answer is far more serious than you might think. As well as bug fixes, updates often contain security patches that block newly discovered vulnerabilities.

In fact, many hackers rely on people not updating their software, because that leaves them with an easy way to access your system and steal your data or install something malicious.

Getting through these updates can be a pain – especially if you’re unable to use your device for a little while – but keeping up with them is a no-brainer if you value your digital privacy.

Fake emails and phishing attacks are growing ever more sophisticated. Many of us are bombarded by emails claiming to be from delivery companies, banks, and even family and friends, all of them encouraging us to click on a link to verify delivery, check our bank statements, or send money to help with a broken down car.

Don’t click links in emails if it’s a message you’re not expecting or from an address you don’t recognize

At the risk of repeating what has been said many times in the past, please don’t click on links in emails if it’s one you’re not expecting, or it comes from an address you don’t recognize.

These links will send you to fake sites that exist solely to harvest your personal data and login details and, if you’re still making the mistake of using shared passwords, you might have just compromised all of your accounts.

Mistake #4: not using a VPN on public Wi-Fi

Wi-Fi is everywhere, in every shop, pub, bus, train, and office, inviting you to connect and browse the internet. But how do you know that the open Wi-Fi hotspot you’re connecting to is what it claims to be?

Sure, some of them have a confirmation page that reassures you you’re connecting to the real thing, but it’s shockingly easy to make a fake webpage. There’s also the simple truth that if a Wi-Fi point is completely open then you have no idea who might be connected to it, who might be trying to peek at your browsing habits or your messages to see what information you’re sharing.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechRadar.com SOURCE

Multifactor authentication (MFA) significantly enhances your business’s security, but it’s not invincible. Cybercriminals have found ways to exploit MFA’s weaknesses, and understanding these is essential for safeguarding your business. This article will guide you through common MFA hacks and provide preventive strategies.

How cybercriminals bypass MFA

Cybercriminals use a variety of techniques to compromise MFA systems.

MFA fatigue

MFA fatigue, also known as push bombing, occurs when cybercriminals flood users with numerous authentication requests, often through push notifications. Overwhelmed by the constant bombardment, users may accidentally or out of frustration approve one of the requests, unwittingly giving cybercriminals access. A notable example of this occurred in 2022 when cybercriminals targeted Uber’s external contractor, repeatedly sending MFA requests until access was granted.

Phishing

In a phishing attack, cybercriminals pose as legitimate entities such as banks or IT support, and send deceptive messages that prompt users to provide their MFA codes. These messages often contain a sense of urgency such as a warning of an account breach or a required security update to pressure users into acting without verifying the authenticity of the request. Once the cybercriminals have the MFA code, they can use it to bypass security systems and gain unauthorized access to accounts or sensitive data.

SIM swapping

Mobile devices are often used as a primary means of receiving MFA codes, making them a prime target for cybercriminals. In a SIM swapping attack, a cybercriminal convinces a mobile carrier to transfer a victim’s phone number to a new SIM card that they control. Once successful, the cybercriminal intercepts MFA codes sent via SMS, allowing unauthorized access to the victim’s accounts.

Strategies to prevent MFA attacks

To protect your organization from MFA hacks, follow these strategies:

Use risk-based authentication

Implement risk-based authentication that dynamically adjusts security requirements based on user behavior. For example, if a user logs in from an unusual location or unknown device, the system can automatically require additional verification. This adaptive approach helps prevent attacks by raising security standards when necessary.

Implement hardware-based MFA

Hardware security keys such as those that use Fast Identity Online (FIDO) protocols, provide stronger protection than software-based MFA. These physical devices generate unique authentication codes, making them much harder to intercept or duplicate. Consider using hardware-based MFA for highly sensitive applications to enhance your security posture.

Regularly review access rights

Grant users only the access they need. Regularly audit user permissions to ensure employees have access only to the data and systems necessary for their roles. This limits the potential damage a compromised account can cause, reducing the overall risk to your business.

Strengthen password reset processes

Password reset procedures can be a weak link in MFA systems. Make sure your reset processes require users to verify their identity through more than one channel. This additional layer of security can prevent cybercriminals from exploiting reset processes to gain unauthorized access.

Monitor high-value targets

Certain users, such as system administrators and legal or HR personnel, possess elevated privileges that make them attractive to attackers. Pay close attention to the MFA protections surrounding these accounts and implement the strictest security measures.

Stay ahead of emerging threats

Cybercriminals are constantly evolving their tactics. To ensure your systems remain resilient, keep a close eye on new attack methods and vulnerabilities, and proactively update your security measures to counter these threats.

Implementing these strategies can help you significantly bolster your company’s defenses against MFA attacks and safeguard valuable assets from unauthorized access.

Contact our team of experts to learn more about developing a comprehensive cybersecurity training program for your business.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

Small and medium-sized businesses (SMBs) no longer need to view cybersecurity as an insurmountable challenge. Cloud technology has transformed the security landscape, providing SMBs with access to enterprise-level solutions without having to maintain extensive in-house IT infrastructure or staff. Here are three security advantages the cloud offers over traditional IT setups

Access to specialized expertise

For SMBs, limited in-house resources often force IT staff to juggle multiple technologies and responsibilities, which compromises cybersecurity quality. No matter how skilled, a small tech support team cannot master every necessary service or solution, and if they focus solely on cybersecurity, other critical areas such as hardware maintenance and help desk services suffer.

In contrast, cloud service providers (CSPs) operate on a larger scale. They manage numerous servers with large teams composed of specialists for every aspect of cloud technology, including cybersecurity. This means you can fully secure your IT without compromising any other aspect of your operations.

Fewer vulnerabilities

In a traditional IT infrastructure, all aspects of your business’s IT are consolidated in one location, which can increase your vulnerability to various cyberthreats and emergencies.

For example, a server on the same network as workstations can be compromised if an employee inadvertently downloads malware. This risk extends to physical security as well; without proper cybersecurity training, employees are more likely to create vulnerabilities, such as unsecure server rooms, unlocked workstations, or poorly designed and protected passwords.

In contrast, CSPs configure their networks to reduce access points and ensure that all personnel are well trained in cybersecurity. These factors combine to minimize security risks.

Built-in business continuity

Cloud storage offers significant advantages for business continuity during unforeseen events. Its geographically distributed infrastructure creates a natural barrier between your local network and data backups. This physical separation protects against malware that rapidly self-replicates across connected devices, such as worms. By storing backups in the cloud, you create an isolated copy of your data, reducing the risk of infection.

In addition to cyberthreats, cloud storage also safeguards your data from physical disasters such as fires, floods, or power outages. In such scenarios, the cloud ensures continued access to critical information. This means employees can seamlessly resume operations from any remote location with an internet connection, minimizing downtime and disruptions.

More than improved security

Beyond secure data storage, cloud computing now offers a vast array of customizable software, powerful platforms, and on-demand services. These options give businesses access to the exact tools they need, all within a secure and managed environment.

Let us help you unlock the full potential of the cloud and streamline your operations.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

Cyberattacks target businesses of all sizes. While large corporations often grab headlines, small businesses are increasingly becoming prime targets due to their often weaker security defenses. Fortunately, by following the tips in this article, you can enhance your business’s cybersecurity posture.

Secure your cloud storage

Cloud storage provides a convenient and cost-effective solution for storing data. However, not all cloud providers prioritize security. To protect your sensitive information, select a reliable platform that offers strong encryption and access controls.

Fortify your network

Your network is the backbone of your business operations, connecting all company devices such as computers, printers, smartphones, and routers. Unfortunately, all connected devices can be entry points for cybercriminals.

To protect your network, use strong, unique passwords for every device and enable multifactor authentication (MFA) whenever possible. MFA adds another layer of security by requiring multiple forms of verification such as a password and a code sent to your phone.

Moreover, you should secure your Wi-Fi network with a robust password and create a separate guest network for visitors. Ensure your Wi-Fi is encrypted with the latest standard, WPA3, to prevent unauthorized access.

Invest in extra security tools

Bolstering your business’s digital defenses requires more than just basic security measures. Consider implementing these additional tools:

  • Virtual private network – creates a secure, encrypted connection between your devices and the internet
  • Firewall – monitors incoming and outgoing traffic and blocks suspicious activity
  • Intrusion detection and prevention systems – monitor network traffic for suspicious activities and block such activities in real time
  • Email security – detects and blocks malicious emails
  • Data loss prevention – keeps sensitive data from being accidentally or maliciously shared outside your organization

Keep software up to date

It’s tempting to ignore those software update notifications, but doing so can leave your system vulnerable. Software updates often include patches that plug security holes that cybercriminals can exploit. By promptly installing updates, you can strengthen your defenses.

Back up company data

Ransomware attacks are a serious business threat. They encrypt critical data, holding it hostage until a ransom is paid. Implementing a robust backup strategy is crucial for protecting your data and minimizing disruption if you suffer a ransomware attack.

Limit employee access to the company network

Believe it or not, many cyberattacks start from within a company. To minimize the damage caused by an insider threat, grant employees only the necessary permissions to perform their job functions. Regularly review and adjust employee permissions, and promptly revoke access when employees leave the company.

Educate your team

Many cyberattacks happen because employees make mistakes. They might click on a suspicious email, give away their password, or use weak passwords.

To prevent human error, train staff to recognize and avoid common cyberthreats, create strong passwords, and handle sensitive information securely. Conducting regular cybersecurity training and cyberattack simulations can reduce the risk of breaches.

Create a security culture

Cybersecurity shouldn’t be solely the IT department’s responsibility but rather every employee’s. Involve employees in security initiatives and encourage them to report suspicious activities. By fostering a company-wide security culture, you can create a stronger and more resilient organization.

These steps might seem simple, but they go a long way in safeguarding your business from cyberattacks.

Not sure where to begin? Don’t worry, you can turn to our IT experts for help. We offer comprehensive security solutions customized to your specific needs. Get in touch with us today to discover how we can help you build a strong cybersecurity defense for your business.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

Cyberthreats are on the rise, and no business is immune. In fact, small businesses are often targeted because they often do not have the same robust cybersecurity measures that bigger companies have in place. However, by knowing what to look out for, you can take proactive steps to defend your business from these attacks. Below, we’ll discuss common cyberthreats and how you can defend against them.

Malware

Malware refers to any malicious software designed to steal data, disrupt operations, or damage computer systems. This umbrella term covers various cyberthreats such as:

  • Viruses – self-replicating programs that spread from computer to computer
  • Spyware – software that secretly monitors and collects personal information
  • Adware – programs that display unwanted advertisements
  • Trojan horses – malicious software disguised as legitimate programs
  • Ransomware – software that blocks access to your data until you pay a ransom

To safeguard your business from malware, you should have top-notch anti-malware protection in place. You also need to educate your team about common malware and emphasize the importance of avoiding suspicious links, websites, and files to prevent infection. You can implement these and other security measures yourself, or you can team up with a managed IT services provider (MSP) who can handle all this for you, easing the burden of managing your cybersecurity and giving you peace of mind.

Phishing

Phishing is a deceptive practice where cybercriminals send fraudulent messages that appear to come from trustworthy entities to trick victims into revealing personal or financial information. Such scams often lead to identity theft, financial loss, and data breaches.

You can protect your business against phishing scams by conducting employee security awareness training where you can teach them to spot common phishing signs, including:

  • Urgent requests for personal information – Legitimate businesses rarely ask for sensitive data through email.
  • Suspicious links or attachments – Hover over links to check the actual URL before clicking. Avoid opening attachments from unknown senders.
  • Poor grammar and spelling – Phishing emails often contain grammatical or spelling errors.
  • Generic greetings – Emails addressed to “Dear Customer” or “Dear User” are likely phishing attempts.
  • Imitation of trusted brands – Cybercriminals often mimic well-known companies to gain trust.

By teaching your employees to recognize these red flags, you can significantly reduce the risk of falling victim to a phishing attack.

Distributed denial-of-service (DDoS)

A DDoS attack happens when cybercriminals bombard your servers with overwhelming amounts of traffic, causing these to crash or become inaccessible. This disruption can significantly impact your business operations, making it difficult for customers to access your services and employees to do their jobs.

DDoS attacks can be difficult to defend against because they can come from multiple sources at the same time. The effects can be long-lasting, with recovery sometimes taking days or even weeks. An MSP can help protect your business from DDoS attacks. They can continuously monitor your servers, swiftly identify and counteract malicious traffic, and create a detailed response plan to minimize downtime if an attack occurs.

Password attacks

In a password attack, cybercriminals try to break into your systems by stealing or cracking passwords. They may use brute force methods (i.e., trying countless password combinations) or use social engineering tactics to get people to reveal their passwords. Using weak or repetitive passwords makes your business an easy target for these attacks. Once in your systems, cybercriminals can steal data, install harmful software, or cause other damage.

To protect against password attacks, require your employees to use strong, unique passwords. Enable multifactor authentication (MFA) whenever possible. MFA requires users to provide more than just their password to access systems. This means even if a cybercriminal gets hold of an employee’s password, they’ll still need another form of identification to get in.

Understanding these common cyberthreats is the first step to safeguarding your business. To better boost your company’s security posture, partner with GCInfotech. We can provide expert guidance, implement security measures, and respond to incidents effectively.

Contact our team of experts to learn more about developing a comprehensive cybersecurity training program for your business.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

Ransomware casts a long shadow in today’s digital landscape, threatening businesses of all sizes with data paralysis, operational interruption, reputational damage and severe financial repercussions. The problem is particularly serious for mid-market organizations, with over half (57%) admitting they don’t regularly review and replace legacy systems, and a similar number (57%) failing to patch their systems regularly.

These security gaps create a wider attack surface and additional vulnerabilities that cybercriminals are eager to exploit. Thankfully, with a deeper understanding of ransomware and proactive cybersecurity measures, businesses can significantly bolster their defenses, and reduce the overall risk of data loss.

How does ransomware work?

Ransomware is a malicious software program designed to encrypt a victim’s critical data, essentially locking them out of their own files. Attackers will demand a ransom payment in exchange for the decryption key, creating a huge dilemma for businesses. Either pay the ransom, and risk emboldening cybercriminals, or lose access to essential data, halting operations, exposing customers to unnecessary risk and creating significant regulatory and financial headaches.

There are several methods that attackers may employ in an attempt to gain access to a victim’s network. Phishing, and the rise of spear-phishing, looks to target employees with emails containing suspicious attachments or links that, when clicked, can eventually download malware onto a device. It’s reported that 91% of all cyberattacks begin with a phishing email, and 32% of all successful breaches involve the use of phishing techniques. Exploiting known software vulnerabilities and abuse of trust attacks are additional methods employed by attackers to gain entry into business systems. In addition, ransomware operators will also look to identify your backup solutions and will either delete or encrypt these to ensure businesses cannot quickly recover and therefore avoid payment of the ransom.

The evolving threat landscape: New tactics and targets

The cybersecurity threat landscape is constantly evolving. In 2024, both businesses and individuals must be aware of novel and emerging threats, including the risks posed by new ransomware groups. Attracted by the lucrative nature of ransomware, these groups seek innovative ways to gain access to the systems that are crucial in maintaining day-to-day business operations . 

This lucrative nature can be exemplified by recent data which shows payments from ransomware victims exceeded $1bn last year – a record high. And that’s just for the cryptocurrency wallets forensics analysts were able to track. While authorities work together to take down the most prolific groups (such as the recent takedown of LockBit), these victories are often temporary, with new operators quickly filling the void.

Furthermore, attackers are shifting tactics. While data encryption remains a common method, some ransomware variants now steal data and threaten to expose it on the dark web, creating a double extortion threat. Malicious QR codes, a new variant called “Quishing,” are emerging as another potential entry point. Due to shifting tactics, user vigilance is paramount.

The focus is also shifting towards smaller businesses. BlackCat and Lockbit are two ransomware groups specifically targeting SMBs, particularly in growing economies. SMBs often lack the dedicated resources for robust cybersecurity, making them more vulnerable.

Building a fortified defense: Strategies for businesses of all sizes

While there’s no foolproof way to prevent ransomware attacks entirely, businesses can take proactive steps to significantly reduce their risk and limit the impact if an attack occurs. Cloud security solutions can be a powerful ally in this fight.

Building a strong defense against ransomware requires a layered approach. The cornerstone of this defense is a robust backup strategy. Regularly backing up critical data to a secure, offsite location, ideally managed by security professionals in the cloud, provides a safety net in case of an attack. Cloud backups are geographically separate from on-premise infrastructure, offering an extra layer of protection against ransomware targeting local systems. However, backups are only useful if they function correctly. Regular testing and training your team on the restoration process ensures a swift recovery if a ransomware attack disrupts your operations.

Beyond backups, minimizing your attack surface is crucial. This involves security hygiene practices that reduce potential entry points for attackers. Educating employees through regular security awareness training equips them to identify phishing attempts, a common tactic used to deploy ransomware. IBM’s ‘Cost of a Data Breach’ report, suggests that employee training is a particularly effective mitigator against data breaches saving organizations at least $232,867 per attack.

Regularly reviewing and tightening access controls for applications, networks, systems, and data helps minimize potential damage. The principle of least privilege should be followed, granting users only the access they need for their job functions. Taking advantage of built-in security features on devices and operating systems, such as firewalls, malware detection, and automatic updates, further strengthens your defenses. Reputable cybersecurity resources can provide easily digestible, jargon free guidance on establishing best practices for different systems. By implementing these measures, businesses can significantly reduce their vulnerability to ransomware attacks.

Cloud’s role in the fight against ransomware

Cloud security services provide additional layers of defense against ransomware. These services can continuously monitor your network activity for suspicious behavior, acting as a vigilant guard that utilizes the power of cloud infrastructure to identify and block potential threats before they can cause damage. Furthermore, cloud providers typically encrypt your data both at rest and in transit, adding an extra shield against unauthorized access. Disaster recovery services offered by cloud providers can also ensure business continuity by minimizing downtime in the event of an attack. Finally, segmenting your network using zero trust principles acts as a series of walls within your digital castle, containing a ransomware attack to the specific compromised segment and preventing it from spreading throughout your entire network.

By understanding how these attacks work and adopting a proactive approach, you can significantly bolster your defences. Regular backups, preferably stored securely in the cloud, are the cornerstone of any ransomware defence strategy. Cloud solutions offer additional benefits like continuous monitoring, data encryption, and disaster recovery capabilities.

However, defense goes beyond technology. Implementing security hygiene practices like employee training and strong access controls significantly reduces your attack surface. Leveraging built-in security features and multi-factor authentication further strengthens your posture. Remember, ransomware is constantly evolving, so staying informed about the latest threats and updating your defenses regularly is crucial. By taking these simple steps, you can transform your business from a vulnerable target and be prepared for and mitigate against ransomware attacks.

Get in touch with one of our experts today and ensure that your business stands resilient in the face of cyberthreats.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechRadar.com SOURCE

The evolving cyberthreat landscape poses a significant risk to small businesses. Cybercriminals often target such businesses due to the valuable data they possess and possibly less advanced security measures. To protect themselves, small businesses often implement safeguards including firewalls, data backups, and ongoing cybersecurity training for employees. However, these solutions alone may not be sufficient to mitigate all cyber risks. Cyber insurance can help you recover financially in the event of a cyberattack.

What is cyber insurance?

Cyber insurance, also known as cyber liability insurance, is a form of insurance that specializes in damages a business incurs due to cyberattacks or data breaches. It can cover losses because of the cyberattack and costs pertaining to the recovery process. By integrating cyber insurance into their cybersecurity strategy, businesses can significantly reduce their overall cyber risk profile.

How cyber insurance benefits your business

There are many advantages to implementing cyber insurance, such as:

Financial loss coverage
Cyber insurance provides valuable financial protection that covers various forms of financial loss, such as legal expenses from customer and employee lawsuits following a data breach, regulatory fines, and loss of income due to downtime. However, you should always check what forms of loss your cyber insurance provider actually covers and to what extent.

Ransomware payment assistance
Consider the unsettling scenario where a cybercriminal uses ransomware to obtain critical data such as your employees’ Social Security numbers or your clients’ credit card details. Recognizing the potentially devastating impact this could have on your business, you’re prepared to spend whatever is necessary to avert such a disaster. However, the amount demanded in the ransom can be steep, and meeting it could have consequences further down the line, such as being unable to purchase assets necessary for growth. Luckily, cyber insurance can assist in covering the costs of such demands.

Notification costs support
In situations where customer information does get stolen, your business has a legal obligation to inform your customers. You may also need to inform your suppliers, business partners, and stakeholders. Depending on the number of notifications and the geographic range of your business (local, regional, national, or international) this can incur significant costs. Fortunately, cyber insurance can potentially help cover the costs of your notifications.

Data recovery services
Should your business find itself the victim of a data breach that has corrupted or destroyed your data, it becomes essential to restore what has been lost. Depending on your coverage plan, your cyber insurance provider might cover the cost of data recovery services. Without the specialized tools and expertise these services provide, recovering your data can take years.

How to get cyber insurance

There is more to getting cyber insurance than simply signing on to a coverage plan. In particular, you must meet an insurance provider’s qualifications. Generally, providers look at two things when considering a client: the strength of their cybersecurity and their adherence to compliance regulations.

The more secure and compliant your business’s IT (especially for highly regulated industries such as finance or healthcare), the more likely a cyber insurance provider will accept you as a client. If it appears that your company takes a lax approach to cybersecurity or fails to comply with regulations, then the provider may reject your application.

How to make cyber insurance affordable

If you are worried about the costs of cyber insurance, there are ways to make you more eligible for a reduced rate.Take proactive security measures such as company-wide employee training, regular assessments of your security posture, and scheduled data backups with recovery plans.Implement and submit incident response reports to prove how well your cybersecurity responds to emergencies.Research the cybersecurity preparedness of any third parties your business regularly interacts with (such as business partners or vendors). Showcasing the strength of their cybersecurity also reflects well on you.

These steps and others make your company appear as less of a risk to insurance providers.

Learn more about cyber insurance and other methods to secure your systems and data by speaking to one of our experts.

We can help you find the best solutions for your business by talking to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

The digital landscape is riddled with threats: malware attacks, phishing scams, and data breaches are just a few. But by taking a proactive approach to cybersecurity, you can significantly reduce your risk and keep your business safe. Here’s a guide to fortifying your online defenses.

Create strong, unique passwords

Passwords are your first line of defense against unauthorized access to your accounts and sensitive information. This is why you should avoid using easily guessable passwords such as “123456” or “password.” Instead, create strong passphrases. A passphrase is a string of four or more random words. This extra length and randomness make them much harder for cybercriminals to crack but still easier for you to remember than a jumbled mess of characters.

For maximum security, use a different passphrase for each of your accounts. This way, if one account gets compromised, your other accounts are still safe.

Tip: Remembering multiple complex passphrases can be a challenge. Consider using a password manager, which stores all your passphrases in one place. This makes your passphrases easily accessible while keeping them safe from prying eyes.

Implement multifactor authentication (MFA)

MFA adds an extra layer of security to your online accounts by requiring additional verification beyond just a password, such as a one-time code sent to your phone or a fingerprint scan. By enabling MFA, even if someone obtains your password, they won’t be able to access your account without fulfilling the additional verification requirements.

Tip: Whenever possible, enable MFA on your important accounts, including email, banking, and cloud services.

Keep software and systems updated

Cybercriminals often exploit weaknesses in outdated software to gain unauthorized access to systems. To stay protected, regularly update your software, operating systems, and applications because these updates often include essential security patches that fix those vulnerabilities.

Tip: Set up automatic updates on all your devices so you don’t have to remember to update manually, and your devices stay continuously protected without any extra effort from you.

Use secure Wi-Fi networks

When accessing the internet, it’s important to use secure Wi-Fi networks. Public Wi-Fi in airports or coffee shops can be targeted by cybercriminals. Instead, use encrypted Wi-Fi connections, which require a password and scramble your data, making it unintelligible even if intercepted.

For an extra layer of security, consider using a virtual private network (VPN). A VPN encrypts all your internet traffic, creating a secure tunnel between your device and the internet, regardless of the Wi-Fi network you’re on.

Tip: Configure your devices to automatically connect only to trusted Wi-Fi networks that you know and use. Additionally, disable the option to connect to open networks to avoid accidental connections to unsecured Wi-Fi.

Conduct security awareness training for employees

Employees are often the weakest link in an organization’s cyber defense, as they may inadvertently fall victim to phishing scams or unknowingly compromise sensitive information. However, regular training sessions can empower your employees to recognize and respond to cyberthreats effectively.

Tip: Simulate phishing attacks to test your employees’ preparedness and reinforce training.

By following these simple yet effective tips, you can significantly enhance the online security posture of your business and minimize the risk of falling victim to cyberthreats. Remember, investing in online security is not just about protecting your data — it’s also about safeguarding the reputation and integrity of your business in an increasingly digital world.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechAdvisory.org SOURCE

Between infostealers, ransomware, and BEC attacks, SMBs are having a hard time remaining secure

Information-stealing malware, ransomware, and business email compromise (BEC), remain the three biggest cyber-threats small and medium-sized businesses (SMB) are facing, a new report from Sophos has warned.

The company claims almost half of all malware detected on SMB endpoints last year were either keyloggers, spyware, or infostealers – all malicious programs used to steal sensitive data and login credentials. 

For the researchers, this makes sense as the abuse of legitimate accounts is more difficult to spot, while opening the doors to many more criminal opportunities.

Ransomware and BEC

“The value of ‘data,’ as currency has increased exponentially among cybercriminals, and this is particularly true for SMBs, which tend to use one service or software application, per function, for their entire operation,” says Christpher Budd, director of Sophos X-Ops.

“For example, let’s say attackers deploy an infostealer on their target’s network to steal credentials and then get hold of the password for the company’s accounting software. Attackers could then gain access to the targeted company’s financials and have the ability to funnel funds into their own accounts.” 

Infostealers may be the most wide-spread threats, but ransomware remains the biggest. Fortunately for SMBs, the number of ransomware attacks “stabilized”, Sophos said, suggesting that growth slowed down. At the same time, ransomware attacks continue to evolve. Between 2022 and 2023, the number of remote encryption attacks rose by almost two-thirds (62%). Remote encryption happens when threat actors use an unmanaged device belonging to the victim organization, to encrypt files on other systems.

BEC attacks are the second-highest type of attack, right after ransomware, Sophos concluded. The attackers engaged in BEC are growing increasingly sophisticated, and often engage in a series of conversational emails with their victims, and sometimes even phone calls, before deciding to strike.

If you are looking for an expert to help you find the best solutions for your business talk to GCInfotech about a free technology assessment

Published with consideration from TechRadar SOURCE