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.

 

Google Workspace Security

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eBook | Source: Google —
Google started in the cloud and runs on the cloud, so it’s no surprise that we fully understand the security implications of powering your business in the cloud.

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Google Workspace Encryption

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Whitepaper | Source: Google —
Security is a key consideration for organizations that choose Google Workspace. This paper describes Google’s approach to encryption and how it keeps your sensitive information safe.

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Google Security Whitepaper

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Whitepaper | Source: Google — Google fully understands the security implications of the cloud. Google services deliver better security than on-premises solutions.

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15 Best Practices for Cyber Protection

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eBook | Source: Cumulus Global 

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9 Cyber Security Tips for Small Businesses

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Since the start of the COVID-19 pandemic, cyber threats and ransomware attacks have accelerated, exceeding 30,000 attacks per day in the US. Cybersecurity measures have never been more important. The move to remote working environments as well as the vulnerability of global economies in crisis has created an open-season for cybercriminals. No business—big or small—is safe.

Small and medium businesses (SMBs) seemingly have a target on their backs, so strengthening your SMB security posture is essential right now. The good news: There are ways to protect your business against ransomware attacks. Read on below to learn about our top nine cyber security tips and best practices to keep your small business safe.

Here are nine tips you that boost your business’ resilience to cyber attacks:

Communicate & Educate

1. Conduct a security risk assessment

Understand potential security threats (e.g., downtime from ransomware) and the impact they may have on your business (lost revenue). Use this information to shape a security strategy that meets your specific needs.

2. Create straightforward cybersecurity policies

Write and distribute a clear set of rules and instructions on cybersecurity practices for employees. This will vary from business to business but may include policies on social media use, bring your own device, authentication requirements, etc.

3. Train your employees

Because cybersecurity threats are constantly evolving, an ongoing training plan should be implemented for all employees. This should include examples of threats, as well as instruction on security best practices, and periodic testing.

Prevent & Protect

4. Protect your network and devices

Implement a password policy that requires strong passwords and monitor your employee accounts for breach intel through dark web monitoring. Deploy firewall, VPN, and next-gen antivirus technologies with advanced threat protection. Ensure your network and endpoints are not vulnerable to attacks. Implement mandatory multi-factor authentication. Ongoing network monitoring is essential, as is encrypting hard drives.

5. Keep software up to date

This cyber security tip involves being vigilant about patch management. Cyber criminals exploit software vulnerabilities using a variety of tactics to gain access to computers and data. Your IT provider should automate this for your businesses with a remote monitoring and management. Keep your mobile phones up to date as well.

6. Back up your data

Daily (or more frequent) backups are a requirement to recover from data corruption or loss resulting from security breaches. Consider using a data protection tools that take incremental backups of data periodically throughout the day to prevent data loss. Remember that you need to protect your data in the cloud as well as you protect your data on local servers and workstations.

7. Know where your data resides

The more places data exists, the more likely it is that unauthorized individuals will be able to access it. Use data discovery tools to find and appropriately secure data along with business-class Software-as-a-Service (SaaS) applications that allow for corporate control of data. Eliminate redundant and “Shadow IT” services.

8. Control access to computers

Use key cards or similar security measures to control access to facilities. Ensure that employees use strong passwords for laptops and desktops. Give administrative privileges only to trusted staff as needed.

Respond & Recover

9. Enable uptime

Our final cyber security tip dives into responding and recover. Here, it’s vital to choose a powerful data protection solution that enables “instant recovery” of data and applications. In fact, 92% of managed IT service providers report that companies with business continuity disaster recovery (BCDR) products in place are less likely to experience significant downtime from ransomware and are back up and running quickly. Application downtime can significantly impact a business’ ability to generate revenue. Can your business afford downtime costs that are 23X greater (up by 200% year-over-year) than the average ransom requested in 2019?

Get In Touch To Learn More About Cyber Security Tips and Best Practices

The best defense is a good offense. A robust, multi-layered cybersecurity strategy can save your business. Contact us to learn more and for a free Cyber Security Assessment.

Manufacturers Beware: Attacks on Industrial Equipment are on the Rise

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Automation Cyber SecurityWe have seen the issue ourselves: A malware attack crosses the bridge from your network PCs to the controllers in your industrial machines. Your shop floor comes to a halt until you can recover. The effort is painful as you deal with embedded and stand-aside controllers running out-dated versions of Windows, limited network options, and compatibility issues.

The risk is so great, that ZDNet is reporting that the world’s largest and most well-known hacking contest, Pwn2Own, will focus on software for industrial equipment.  Reflecting the reality of current threats, the sponsoring organizations and the “white hat” hackers themselves see an urgent need to bring the issue of protecting your industrial equipment to the forefront.

Fortunately, best practices can help protect your operations.

While it is not always possible to protect your industrial equipment with “next gen” endpoint protection, you can take steps to protect yourselves from potentially devastating attacks and accidents.

  • Segregate
    • The network on which your production systems run should be physically or logically separate from other networks — office, voice, etc. — running in your business.
  • Isolate
    • Unless the equipment needs to communicate with the manufacturer, cloud-based systems, or other locations, the production systems network should not have paths to the outside world.
    • If the equipment needs to communicate externally, setup secure VPNs for all traffic.
  • Maintain
    • Whenever possible, update and maintain your industrial systems to run current versions of the manufacturer’s software and the underlying operating system.  Too many production machines are running obsolete versions of Windows that cannot be secured from attack.
  • Scan
    • Before moving any software or programming to a system, explicitly scan the files for malware.
  • Educate
    • Communicate with your employees about the risks and steps they can take to prevent a cyber attack to your industrial equipment as well as their computers and other devices.

Please contact us for more information or to assess your risk and discuss solutions.

 

3 Reasons You Are an Easy Cybercrime Target

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Cyber AttackAs we’ve mentioned before, more small and midsize businesses (SMBs) are falling victim to cybercrime. You might believe that hackers won’t bother targeting your business due to its small size. However, it is crucial to recognize that cybercrime aimed at smaller companies is undeniably escalating, and you could be the next cybercrime target if you do not take the necessary precautions.

According to HP’s Cyber Security and Your Business report, Cybercrime costs SMBs 4.2 times more per employee than larger businesses, and 60% of SMBs that experience a data breach are out of business in six months.

So, why exactly are cybercriminals interested in your business, and more importantly, what actions can you take to combat this threat?

Why Small Businesses are Prone to Cybercrime

It’s essential for you to acknowledge the following three reasons why you may be seen as an easy target for cybercrime and take proactive and defensive measures to protect your business.

1. SMBs spend less on security while larger businesses are increasing their security protections.

  • Your business is an easier cybercrime target because you are more likely to lack basic protections. In effect, you may attract cyber criminals because you are an easier target.
  • Budget for, and implement, reasonable protections covering user identities, access controls, user permissions, data loss prevention, and employee awareness and training.

2. SMBs do not have in-house security expertise.

  • Keeping up with risks and trends is time consuming, above and beyond ensuring that your security measures are updated and working on a day-to-day basis.
  • Leverage technology and your IT partners for automated solutions and expertise, as well as on-going management of your security and privacy solutions.

3. SMBS are moving into the cloud.

  • Using cloud applications and storage makes sense. But, your data is no longer behind a physical or logical “firewall”.  Protecting your data means protecting the cloud systems and services you use.
  • Always select business-grade services over consumer services. Implement all security features, including 2 Factor Authentication. And, when possible, integrate access to cloud services into a single system for managing user identities. And, do not forget to train, and periodically remind, your staff how their awareness and actions can allow or prevent an attack.

15 Actions You can take to Improve Your Cybersecurity

  1. Implement a robust cybersecurity strategy tailored to your business needs, including firewalls, intrusion detection systems, and antivirus software.
  2. Regularly update and patch all software and operating systems to protect against known vulnerabilities.
  3. Conduct regular security audits and risk assessments to identify and address potential weaknesses in your systems.
  4. Train your employees on cybersecurity best practices, such as recognizing phishing attempts, creating strong passwords, and handling sensitive data securely.
  5. Implement strict access controls and user privileges to limit unauthorized access to sensitive information.
  6. Encrypt sensitive data both in transit and at rest to protect it from interception or theft.
  7. Backup your data regularly and store backups in separate, secure locations to ensure data recovery in case of a breach or system failure.
  8. Develop and enforce a strong password policy, including the use of complex passwords and regular password changes.
  9. Enable multi-factor authentication (MFA) for all user accounts to add an extra layer of security.
  10. Monitor your network and systems for any unusual or suspicious activity using intrusion detection and prevention systems.
  11. Stay informed about the latest cybersecurity threats and trends through industry publications, forums, and reputable security organizations.
  12. Establish an incident response plan that outlines the steps to be taken in the event of a cybersecurity incident, including notification procedures and communication channels.
  13. Regularly educate your employees on emerging threats and provide ongoing training to ensure their knowledge remains up to date.
  14. Limit the use of personal devices for work-related activities and enforce strong security measures for those devices that are permitted.
  15. Partner with reputable cybersecurity vendors or consultants to get expert advice and assistance in securing your systems.

By implementing these actions and cybersecurity best practices, you can significantly reduce the risk of cybersecurity breaches and protect your business from potential threats. Remember, cybersecurity is an ongoing effort that requires continuous vigilance and adaptation to evolving threats.

It’s always a good time to perform a review of your IT security and data privacy policies, procedures, and systems.  Doing so is an affordable way to protect your business, your employees, and your customers from cyber crime. The cost of prevention is miniscule compared to the cost of a breach.

Interested in ensuring you are protected, contact us for a free Cloud Advisor Session, or learn about our data protection solutions and our privacy solutions.

 

The Cost of Ransomware

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The cyber criminals behind ransomware see their efforts as a volume business.  Charge too much, and victims will not pay. Targeting businesses and organizations in wealthier countries and in cities where people and businesses are most likely able to pay, the typical ransom is often about $500.  More recently, we have heard of ransoms between 1 and 2 bitcoin (about US$600 to US$1300).

The Ransom Payment is Only Part of the Cost

The cost of ransomware can vary significantly depending on several factors, including the size and type of the targeted organization, the extent of the attack, the data that is compromised, and the specific ransom demands. It is challenging to determine a typical cost as each incident is unique. However, the costs associated with a ransomware attack can include:

  1. Ransom Payment: The primary cost is often the ransom amount demanded by the attackers, which can range from a few hundred to millions of dollars.
  2. Recovery and Remediation: Organizations affected by ransomware must invest in forensic investigation, data recovery, system restoration, and strengthening their security infrastructure. These costs can include IT services, incident response teams, and cybersecurity consultants.
  3. Downtime and Productivity Loss: Ransomware attacks can result in significant disruption to business operations, leading to lost productivity, missed opportunities, and potential reputational damage.
  4. Legal and Regulatory Consequences: Organizations may incur legal fees and potential fines if the attack involves compromised customer data or violates data protection regulations.
  5. Reputational Damage: Ransomware attacks can erode customer trust and damage a company’s reputation, potentially leading to long-term financial consequences.

Every victim loses productivity from the start of the attack until it is fully resolved. Whether or not you pay, you still need to conduct a full sweep of all of your systems to ensure the ransomware has been removed. Otherwise, you risk reinfection.

Organization Who Pay the Ransomware Cost

For organizations respond and pay the ransom, they still suffer the time and cost of decrypting and validating files, a process that can consume days or weeks of IT resources. If you choose not to pay, you have the cost of recovering data from before the attacks and re-creating lost information across all of your servers, systems, and applications. We recently spoke with a company that lost less than 6 months of data. After three months, they are still working to recreate lost files and transactions as they have no way of knowing if they have missed any.

A ransomware attack can cost tens of thousands of dollars to clean up. Attacks may also damage valuable customer and vendor relationships and result in higher bookkeeping, accounting, and legal fees.

The Cost to Prevent a Ransomware Attack

The costs associated with cyber protection and prevention and the ability to recover quickly (should an attack breach your defenses) is relatively minor. The value of prevention and preparation is well worth the cost.

Organizations should invest in proactive cybersecurity measures to mitigate the risk and potential cost associated with ransomware attacks.

Learn more

You can protect your business against ransomware attacks. In our new eBook, a Business Guide to Ransomware, you will learn how malware spreads, the different types of ransomware proliferating today, and what you can do to avoid or recover from an attack. Hiding your head in the sand does not work, because today’s ransom seekers play dirty. Make sure your organization is prepared.

For a 1:1 consultation and assessment of your risk, contact us today.