Tag Archive for: data breach

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Emerging trends in data breaches and how to address them

Now, more than ever, it is crucial to prioritize investments in advanced threat intelligence, monitoring systems, and ongoing employee training.

In 2023, there has been a concerning surge in data breaches. During the second quarter of 2023, over 110 million accounts were compromised, a staggering 2,6 times more than in the first quarter of the year. Recent findings reveal that the average cost of a data leak has reached $4.45 million, including both direct costs, such as fines and legal proceedings, as well as indirect like reputational damage.

The good news is that the causes of such breaches are often trivial and are under your control, like neglecting to change passwords or using overly simplistic ones, or overlooking the deactivation of access by a fired employee. Businesses can readily mitigate risks to safeguard themselves from both data and the subsequent financial losses. So, what are the most common reasons for data leaks, and how can they be effectively handled?

Cloud misconfigurations

According to IBM, 82% of breaches involve information stored in the cloud. Cloud misconfigurations can lead to data exposure or even compromise entire environments. They take various forms, including improperly configured storage buckets, insecure access controls, and mismanaged encryption settings. These errors often stem from a lack of understanding of the cloud service provider’s security features or oversight during the configuration process. Attackers exploit these vulnerabilities to gain unauthorized access to sensitive information.

Solution:

– Adhere to recommendations from your cloud service provider, such as AWS, Microsoft Azure or Google Cloud. This includes configuring security groups, setting up proper identity and access management, and implementing encryption for data both in transit and at rest.

– Implement automated tools for configuring and enforcing security policies. For example, in Kubernetes clusters you may use Gatekeeper or Kyverno. They can significantly reduce the risk of human error.

– Additionally, look for software solutions and scripts to regularly check your cloud configuration against best practices and compliance standards.

Lack of permissions control

The human element remains a significant factor in 74% of data breaches, and the common reason is the lack of proper permissions control. It means that users may have access to data and systems beyond what is necessary for their roles.

The primary issues associated with this challenge include overprivileged accounts, with users having more permissions than necessary, thereby expanding the attack surface. Additionally, there is a concern about proper segregation of duties. For example, a single user may have the right to both create and approve transactions. This leads to an increased risk of fraudulent activities. Outdated settings also contribute to the problem. Imagine a fired support employee still having access to the company’s database. They could potentially download and sell sensitive data to competitors.

Solution:

– Implement least privilege concept to ensure that users and applications have only the minimum level of access required to perform their tasks.

– Utilize role-based access control to assign permissions based on job roles. This way your team members will only see resources and data necessary for their specific responsibilities.

– Implement multi factor authentication by requiring users to provide multiple forms of identification before gaining access. Even if login credentials are compromised, MFA adds an additional security barrier.

Infrequent software updates

Outdated software often contains known vulnerabilities. When businesses fail to regularly update, they leave a window of opportunity for cybercriminals. An illustrative case is Memcached, a widely utilized distributed memory-caching system for enhancing the performance of dynamic, database-driven websites. Vulnerabilities in this software were uncovered in 2016, however, it wasn’t until 2018 when a novel method for DDoS attack amplification using Memcached was exploited in notable network incidents.

Solution:

– Update at least once in half a year. Ideally, implement a patch management policy that outlines procedures for identifying, testing, and deploying software updates in a timely and systematic manner.

– Utilize automated tools to streamline the process. Automation helps to guarantee that patches are deployed consistently across all systems.

Insufficient perimeter control

This risk refers to a situation when an organization’s network boundaries are not adequately secured, allowing for potential unauthorized access to critical information or systems. The network perimeter serves as the first line of defense against external threats. Today, it extends to cloud services, remote users and mobile devices. The attack surface has expanded even further with the proliferation of the Internet of Things. From smart thermostats to industrial sensors, these gadgets often become attractive targets for hackers. Recently, it was reported that the number of IoT devices involved in botnet-driven DDoS attacks had risen from around 200,000 a year ago to approximately 1 million.

Solution:

– Deploy firewalls (such as Web Application Firewall) at network entry points to control and monitor incoming and outgoing traffic. Configuring them correctly allows only authorized and necessary communication.

– Implement Intrusion Detection and Prevention Systems (IDPS) to detect unusual or suspicious activities within the network. They can automatically respond to potential threats, mitigating risks in real-time.

– Add encryption for data transmitted over networks, including local networks, for an extra layer of protection. This way, intercepted data remains unreadable without the proper decryption keys.

Other emerging threats

Among other emerging threats is the rapid advancement of artificial intelligence. Cybercriminals use it to assess attack strategies, significantly increasing their chances of success. It is also used to amplify the speed, scale, and reach of their attacks. For example, hackers now use cutting-edge AI to create convincing phishing campaigns in nearly any language, even those with fewer historical attack attempts due to their complexity.

While there are also other cyber threats, in reality, businesses rarely face them as they are typically targeted at large corporations, government systems and critical infrastructure with top grade security. These include advanced persistent threats (APTs) orchestrated by well-funded and persistent criminals and characterized by their long-term presence within a target network. Usually, these are state-sponsored cyberattacks driven by political, economic, or espionage motives.

Safeguarding your business: universal tips

Apart from all the measures already listed, there are a few general rules to keep your business protected. First of all, conduct regular security audits and assessments, whether they concern cloud infrastructure, the status of software updates, user permissions or the overall effectiveness of perimeter control. External audits or penetration testing can also help in evaluating the organization’s security posture.

Second, invest in advanced intelligence and monitoring solutions. They can detect threats and respond in real-time. Such systems can use machine learning, behavioral analytics, and pattern recognition to establish a baseline of normal network behavior and detect deviations. Upon identifying a potential threat, the system will automatically trigger response mechanisms: block suspicious traffic, isolate compromised devices, or alert security personnel for further investigation.

Third, regularly train your employees to recognize and counteract threats, especially phishing. The latter remains one of the most common methods used by cybercriminals to gain access to sensitive data.

The effective employee training comprises two key elements, which I refer to as the “stick” and the “carrot.”

The “stick” involves educating all team members on the company’s security policies and legislative initiatives, such as GDPR. It emphasizes the collective responsibility in safeguarding confidential data, which extends beyond the information security department’s duty. Training sessions should explain the consequences of breaches, including potential fines and even dismissals. It is important to conduct these events at least once in two years, if not more often. Moreover, businesses should incorporate them into the onboarding process for new employees.

The “carrot” aspect involves workshops, meetups, and webinars focused on various cyberattacks and the latest advancements in information security. This facet of training is designed to be more engaging and enjoyable. It may include some interactive activities, such as online games and simulations. Guest speakers can take part in these events, for example, employees from the IT department, representatives from other divisions sharing insightful cases, and external market experts.

Through the combined “stick” and “carrot” measures, team members cultivate a collective immunity to information security issues, fostering a culture of mutual accountability.

And, of course, always keep abreast of the latest cyber trends to develop countermeasures in time.

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

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Tips on how to protect your business from data loss

Data loss can lead to financial loss, reputational damage, and legal complications. Therefore, it’s crucial for companies to implement effective strategies to prevent data loss and ensure the safety and integrity of their valuable information. Here are some tips and best practices that businesses can follow to minimize the risk of data loss.

Back up your data regularly

Having robust backup and recovery systems is crucial for data disaster protection. Regularly back up your critical business data to secure off-site locations, such as cloud storage or remote servers. Ensure that backups are automated, encrypted, and regularly tested to guarantee their integrity and accessibility during emergencies.

Implement strong cybersecurity measures

Among the strong cybersecurity measures you should deploy are strong passwords and multifactor authentication for all of your business’s systems. You should also install reliable antivirus and anti-malware software, and regularly scan your network for vulnerabilities.

Physical security and redundancy

Safeguard your physical infrastructure by putting in place measures to prevent or mitigate damage from natural disasters or accidents. This includes installing fire suppression systems and backup power generators, and keeping backups in secure off-site data centers. Redundancy in network infrastructure and data storage helps ensure business continuity even in the face of hardware failures or physical damage to your infrastructure.

Train your employees

One of the most common causes of data loss is human error. This is why you should invest in comprehensive training programs to educate your employees on data protection best practices, including proper handling of sensitive information, recognizing potential threats, and reporting incidents promptly. Conducting training regularly will encourage a culture of cybersecurity awareness, which is key to defending against current and emerging threats.

Create an incident response and business continuity plan

Develop a comprehensive incident response plan that outlines the steps to be taken in case of a data loss incident. Define roles and responsibilities, establish communication channels, and conduct regular drills to ensure readiness.

Additionally, you should create a business continuity plan to minimize downtime and mitigate the impact on your operations. This plan should include procedures for restoring critical systems, prioritizing essential functions, and communicating with stakeholders during a crisis. Review and revise your disaster recovery plans periodically to account for changes in your business environment or technology infrastructure.

Perform regular audits and updates

Conduct regular audits of your data protection measures to identify vulnerabilities and areas for improvement. Also, make sure to roll out the latest security and software patches as soon as they become available to ensure that your systems are fortified against emerging threats.

Use data encryption and access controls

Implement strong data encryption protocols to safeguard sensitive information both in transit and at rest, as well as access controls and user permissions to restrict access to your data and systems.

Conduct third-party risk management:

If your business relies on third-party vendors or service providers, ensure they have robust data protection measures in place. Contractual agreements must be clearly established so both parties understand their obligations when it comes to data protection. You should also regularly assess and monitor your vendors’ compliance with security standards to mitigate any potential risks they may pose to your business.

By prioritizing data loss prevention, businesses can safeguard their operations, maintain customer trust, and mitigate the potentially devastating consequences of data breaches. If you need a reliable data protection solution for your business, call our experts today.

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Cybersecurity jargon made simple

Cybersecurity is a crucial component of managing a successful company and understanding different cybersecurity terms is essential to protecting your company’s sensitive information, data, and assets can be deleted. Here’s a guide to key cybersecurity terms every business owner should know.

Malware

Malware is short for malicious software and encompasses various harmful programs designed to disrupt computer systems, steal data, or gain unauthorized access to a network. Types of malware include viruses, ransomware, Trojans, and spyware. Employing robust antivirus and anti-malware solutions is crucial to detect and mitigate these threats.

Phishing

Phishing is a cyberattack where malicious actors attempt to trick individuals into revealing sensitive information, such as passwords, credit card details, or login credentials. Phishing attacks often come through deceptive emails, spam messages, or websites that appear legitimate. Business owners must educate their employees about the dangers of phishing and promote a culture of vigilance when dealing with suspicious communications.

Firewall

A firewall is a network security solution that acts as a barrier between a company’s internal network and external networks such as the internet. It constantly scans and controls traffic coming in and out of a network using predetermined rules. These security rules help prevent unauthorized access to a system and keep potential cyberthreats at bay.

Encryption

Encryption is a method of converting plain, readable data into an unreadable format called ciphertext. It is used to protect sensitive information and maintain confidentiality during data transmission or storage. Even if the data is intercepted, the information will be unreadable without the correct decryption key.

Multifactor authentication (MFA)

MFA is a security mechanism that enhances the protection of user accounts and sensitive information by requiring users to provide multiple forms of identification or “factors” such as passwords, biometrics, and one-time codes to verify their identity. The goal of MFA is to add an extra layer of security beyond just a username and password.

Patch management

Hackers often exploit vulnerabilities in networks and applications to gain unauthorized access to an organization’s system. Patch management involves regularly updating and applying security patches to software, operating systems, and applications to close these vulnerabilities and protect businesses from potential breaches.

Data breach

A data breach occurs when unauthorized individuals gain access to sensitive information, such as customer data, financial records, or intellectual property. Data breaches can have severe consequences, including financial losses, legal repercussions, and reputational damage. Implementing robust security measures can help minimize the risk of data breaches.

Security awareness training

Security awareness training educates employees about potential cybersecurity threats and best practices to help them recognize and respond to such threats effectively.

Virtual private network (VPN)

A VPN is a software or platform that helps establish a secure and encrypted connection between a user’s device and a remote server. Using a VPN especially when connected to public Wi-Fi networks will ensure privacy and data protection.

Insider threat

An insider threat is a current or former employee, contractor, or business partner who intentionally or accidentally misuses their authorized access to compromise data security.

Security audit

A security audit is a systematic evaluation of an organization’s security policies, practices, and controls to identify potential vulnerabilities and improve overall security.

Cybersecurity is an ongoing process, and staying informed about the latest threats and solutions is essential to keep your business safe in the digital age. Protect your assets, safeguard your customers, and maintain your reputation by talking to our cybersecurity experts today.

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

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Why managed IT services is best for SMB cybersecurity

Without technology, businesses cannot compete and succeed. But with the advancement in technology comes the ever-constant threat of hackers and cybercriminals. That’s why small- and mid-sized businesses (SMBs) need to protect themselves with robust cybersecurity solutions managed by reputable managed IT services providers (MSPs).

The numbers

Through the years, the number of SMBs falling victim to cyberattacks has drastically increased. Ransomware attacks, misconfigured systems, credential stuffing, and social engineering are among the many cyberthreats that SMBs face. Also, according to Verizon’s 2021 Data Breach Investigations Report, one in every five data breach victims was an SMB. What’s more, only 47% of SMBs are able to detect breaches within days.

The financial consequences have also considerably increased. IBM’s Cost of a Data Breach Report 2021 shows that “data breach costs rose from USD 3.86 million to USD 4.24 million.”

The numbers don’t lie, so it’s only about time SMBs take cybersecurity seriously. You can safeguard your business from cyberattacks and provide a more secure customer experience by working with a trusted MSP.

Why managed services?

Partnering with MSPs is the most effective way to prevent attacks and defend against malicious threats. MSPs offer a full range of proactive IT support that focuses on advanced security, such as around-the-clock monitoring, data encryption and backup, real-time threat prevention and elimination, network and firewall protection, security awareness training, and more. Here are some of the services an MSP can offer:

    • Around-the-clock monitoring – A cyberattack can happen at any moment. By having someone watching your networks and systems 24/7, MSPs ensure that any potential threats are identified and dealt with quickly.
    • Data encryption and backup – Data encryption transforms readable data into an unreadable format. This can be done through the use of a key, which is only accessible to authorized users. This way, even if the data is compromised, it can’t be read without the key. Meanwhile, data backup is the process of creating and preserving copies of data so that it can be restored in the event of data loss.
    • Real-time threat prevention and elimination – By using technology that can detect and stop threats as they happen, this security solution can minimize the impact of an attack and keep your business data safe.
    • Network and firewall protection – Networks and firewalls create a barrier between the business network and the internet, securing confidential data, such as customer information, employee records, and trade secrets. Networks can be configured to allow certain types of traffic through while blocking others, so that only authorized users can access specific resources.
    • Security awareness training – Now, more than ever, SMBs need to be aware of cybersecurity threats and how to protect themselves. MSPs can facilitate security awareness training that can help employees spot red flags and know what to do (and not do) to keep company data safe.

Managed IT services are designed to identify and fix weak spots in your IT infrastructure, enabling you to optimize the digital backbone of your business processes. With managed IT, you’ll also have faster network performance, a solid business continuity and disaster recovery strategy, and minimal downtime. You’ll also get a dedicated team of IT professionals ready to assist you with any technology-related problems. This is much more effective and budget-friendly than having in-house personnel juggling all of your business IT needs.

Being proactive when it comes to cybersecurity is the only way to protect what you’ve worked hard to build. If you’d like to know more about how managed services can benefit your business, just give us a call — we’re sure to help.

Are you interested in learning more about cybersecurity? Call us today and discover how our wide array of tech services can safeguard 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

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Ways to safeguard your company’s data

Some of the most well-known companies in the world, including Sony Pictures, Home Depot, Adobe, and eBay, have been victims of cyberattacks. While major corporations like these are high-profile targets for hackers, small- and medium-sized businesses are not exempt from data breaches. And because it may be difficult or impossible to undo any damage caused by cybercriminals, it’s imperative for any business — regardless of their size — to take steps to fortify their systems. The following security tips can help guard company data.

Use two-factor authentication

Using a complicated password to secure your system is not an effective way to level up your cybersecurity. That’s because having to memorize a difficult password often pushes users to set that same complex password for multiple accounts. And if a hacker gets a hold of a recycled password, there’s a high probability that they could access all your accounts that use that same password.

Two-factor authentication (2FA) adds an extra layer of security to your systems and accounts. 2FA comes in many forms: it can be a biometric verification in the devices that you own or a time-sensitive auto-generated code sent to your mobile phone. This security feature works similarly to how websites would require you to confirm your email address to ensure that you are not a bot.

Encrypt all data

Encryption is an effective obstruction to hackers, since it scrambles and descrambles data every time someone tries to read it. Encryption also causes compatibility issues if the data is not being accessed via a company’s own network systems. While applying encryption can be expensive, it is certainly well worth the money because it protects your data in case it falls into the wrong hands.

Keep systems up to date

Hackers are always upgrading their tools to take advantage of outdated security systems, so companies should keep up to protect their valuable technology resources. Many companies don’t install software updates immediately, and that’s a huge problem. Updates often close existing security loopholes, which is why delayed installation can mean exposing your systems to external attacks. Keep your data safe by installing software updates as soon as they are released.

Back up frequently

Implementing several layers to your security doesn’t ensure that hackers won’t find their way into your systems. This is why you need to back up data frequently, whether it’s on-site, off-site, or by way of cloud backups. In the worst-case scenario where your systems do get infiltrated, you can restore lost data from your backups.

Monitor connectivity

Many businesses have no idea how many of their devices are connected online at a given time, so it’s very hard for them to keep track of which of these should actually be online. Sometimes, a company’s computers and servers are online when they don’t need to be, making these tempting and easy targets for attackers. It’s advisable to configure business servers properly to guarantee that only necessary machines are online and that they’re well-protected at all times.

It’s much more expensive to recover from a data breach than to prevent one. If you’re looking to protect your business IT systems from potential threats, contact us today so we can help.

To learn more about how to safeguard your business, or 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

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Managed IT Services
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Why managed IT services is best for cybersecurity

Today’s companies need technology to function. Without it, businesses cannot compete and succeed. But with technology comes the ever-constant threat of hackers and cybercriminals. That’s why small- and mid-sized businesses need to protect themselves with robust cybersecurity solutions managed by IT professionals.

The numbers

According to the Ponemon Institute’s 2019 State of Cybersecurity in Small and Medium-Sized Businesses (SMBs) survey, cyberattacks have increased dramatically. Here in the United States, 76% of companies were attacked in 2019, a significant leap from 55% in 2016. Sixty-nine percent of US businesses reported data breaches in 2019, up from 50% in 2016.

The financial consequences have also increased considerably. The average cost spent by companies because of damage to or theft of IT assets and infrastructure increased from $1.03 million in 2017 to $1.2 million in 2019. Costs due to disruption to normal operations increased from an average of $1.21 million in 2017 to an average of $1.9 million in 2019.

The attacks

Globally, the most common forms of attack on SMBs are those that rely on deception: phishing (57%), stolen or compromised devices (33%), and credential theft (30%). Worse, cybercriminals are targeting SMBs more, with reported attacks having increased from 60% in 2017 to 69% in 2019.

Why managed services?

Partnering with MSPs is the most effective way to prevent attacks and protect your business from malicious threats. MSPs offer a full range of proactive IT support that focuses on advanced security, such as around-the-clock monitoring, data encryption and backup, real-time threat prevention and elimination, network and firewall protection, security awareness training, and more.

And because managed services are designed to identify and fix weak spots in your IT infrastructure, you’ll optimize the digital backbone of your business processes. You’ll have faster network performance, a solid business continuity and disaster recovery strategy, and minimal downtime. One of the best things about managed services is that you get a dedicated team of IT professionals ready to assist you for any technology problems you may encounter. This is much more effective and budget-friendly than having in-house personnel handling all your IT issues.

Being proactive when it comes to cybersecurity is the only way to protect what you’ve worked hard to build. If you’d like to know more about how managed services can benefit your business, just give us a call — we’re sure to help.

To learn more about how to safeguard your business, or 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 smallbiztechnology.com  SOURCE

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