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NEW DELHI: City-based Virendra Shekhawat, founder of Delhi Photography Club, which teaches photography to beginners through workshops was the target of a cyber-attack in December 2017. The company’s Facebook page which had 2 lakh followers and 10,000 paid subscribers was hacked and Shekhawat was logged out of his own account.
Despite filing a police compliant and paying a ransom, Shekhawat failed to secure access to his account. He finally accessed it after Facebook reset his account. Shekhawat made just ₹12,000 from the page that month compared with monthly earnings of ₹3,00,000 and ₹4,00,000 prior to the attack.
Cyber-attacks on small- and medium-sized businesses (SMBs) have been on the rise. According to a 2019 study by Accenture, 43% of cyberattacks worldwide are aimed at SMBs. India has 6 crore SMBs that account for 30% of the GDP as per the Confederation of Indian Industry and with the adoption of technology their contribution is only likely to grow.
Consulting firm Zinnov expects SMBs in India to consume digital services worth $80 billion in the next 5 years.
Unlike large enterprises, many SMBs often do not have resources and manpower to deal with the evolving threat landscape. On top of it, they feel that they are not at risk.
A July 2019 study by UK based cyber-security firm Keeper Security found that decision makers in 62% of companies between $1 million and $500 million did not think they would be the target of cyber-attacks. It is this perception which may discourage them to spend enough on cyber-security.
“Small budgets certainly have a role to play for small companies that might forego hardware security via firewalls and unified threat management devices, and certainly would find it difficult to hire IT staff with the skill and experience to implement security measures,” said Samir Mody, vice president, CyberThreat Lab, K7 Computing, an Indian cyber-security firm.
To cut down on spending, many are tempted to use cracked or pirated software. Mody warned that using pirated or outdated operating systems also leads to the risk of cyber-attacks since they may not get security updates.
According to an August 2019 report by Russian cyber-security firm Kaspersky, despite the availability of newer versions of software, around 41% of consumers still use either an unsupported or approaching end of support desktop operating system such as Windows XP or Windows 7.
About 40% of very small businesses and 48% of SMBs continue to rely on these operating systems. Microsoft recently killed all support including security updates and patches for Windows 7.
SMBs in banking, financial services and insurance sector are more vulnerable as they allow cyber-criminals to make monetary gain and steal sensitive data at the same time.
Similar to SMBs, startups also feature high the list of potential targets of cyber-criminals. Despite founders of startups having a better understanding of modern day cyber-security risks, and a higher likelihood of them taking steps to protect their assets, there have been frequent cyber-attacks on startups. Among Indian startups, Zomato suffered a security breach in 2017.
Also, targeting startups can sometimes be more lucrative than SMBs. “Most important thing that a startup needs to protect is its IP (intellectual property). Many of these startups have no funding for first 6 to 12 months but they have a great idea. If the idea or source code is leaked, they can lose what makes them unique,” said Mukul Shrivastava, partner, Forensic and Integrity Services, EY India.
Credibility is also important. If a customer data base is breached, startups lose credibility, which can stall future investment in addition to heavy penalties they may have to pay, added Shrivastava. A 2019 study by US-based National Cyber Security Alliance suggests that 60% of SMBs that face a cyberattack tend to go out of business within six months.
Cyber-attacks have a catastrophic effect on startups as they are characteristically anchored in technology and operate on a lean infrastructure. If this infrastructure gets compromised, it usually compromises their business entirely, warned Rakesh Kharwal, managing director, India/South Asia & ASEAN, Cyberbit – an Israeli cyber-secuirty firm.
“Any cyber-attack primarily complicates a business in three ways, i.e. operations, market perception, and legal. Now, startups also have meagre capital. A report by Data Security Council of India (DSCI) also states that the average cost of cyber-attacks has increased by 8% in India. So, for startups, it becomes tough to sustain unit economics,” added Kharwal.
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Source: National Cyber Security – Produced By Gregory Evans According to new Dark Reading research, some respondents have even left behind commercial off-the-shelf software and migrated to open-source or in-house homegrown applications. Click image to read more. The marketplace is beginning to pinch the software industry for application security failings and complications, according to a […] View full post on AmIHackerProof.com
As 2019 came to an end, Imperva CTO Kunal Anand began working with our global research team, Imperva Labs, to put together a list of the most important cybersecurity issues security leaders should be prepared for in 2020. He published his list in the blog, “Top 5 Cybersecurity Trends to Prepare for in 2020.” Since then, we’ve been digging deeper into each of his five trends in blogs that examine risk and security strategies that can keep your business safe. Today, we’ve arrived at the fifth and final trend to prepare for in 2020: defense-in-depth.
Digital Transformation is a Driver
We know that digital transformation is definitely having an impact on every aspect of our business life. Increased efficiencies, higher revenue and improved communication are just a few of the benefits we are starting to see. But the urge to be online all the time via smartphones, laptops, tablets, smart speaker systems and even IoT devices, is putting a strain on the enterprise. The lines between corporate and personal become blurred as employees use personal devices to access corporate apps in the cloud, check email one last time before going to bed, or log onto the business intranet. And everyone – customers and employees alike – wants consistent, high-speed access to all the websites and applications they need, always and everywhere.
Digital transformation has an unexpected side as well, with serious implications for security and performance.
There is a new weakest link to be aware of: the point at which the enterprise-owned network connects to a third-party network – typically at major Internet hubs. Connections to potentially vulnerable API backends, weak security or older, vulnerable versions of operating systems on personal devices, password re-use, and increasingly sophisticated cyberattacks can spell danger for even the most security-savvy organization.
DDoS attacks remain attractive to hackers: In 2019 our team saw the largest-ever attacks, five times bigger than any previously seen. At the same time, spear phishing attacks are increasingly successful. They impersonate executives through business email compromise (BEC) to execute unauthorized wire transfers and use publicly available information to trick employees into giving up their credentials. It’s easier than ever to attack mobile devices that connect to corporate assets, converting them into vectors to attack resources, steal data, and slow down access to websites and apps.
In Search of Comprehensive Security and Efficiency
Traditional defense mechanisms are not able to keep up with the increasing power and agility of cyberattacks. That’s why it’s important to keep attacks as far away as possible from the corporate network and data center. In practice, that means mitigating them close to the point of attack – at the edge. Not only is this more efficient, it can have a positive impact on the user experience as well. This approach requires us to push strong security all the way to the edge, encompassing all devices – especially mobile devices, which are often the target of attacks.
Still, edge security is not enough. We need to take a much more efficient and comprehensive risk-reduction approach than we have in the past. Traditional approaches involved separate edge security solutions to combat DDoS attacks, provide protection for web applications, detect and deter malicious account takeover attempts, etc. Even worse, there were separate providers and solutions for protecting against external threats, bad bots, hackers, and insiders who have become internal threats. And separate solutions for protecting assets that live on-premises, in the cloud, and in mixed cloud environments – at a time when many organizations are in the process of migrating from one environment to the other. Different platforms, user interfaces, and management consoles lead to inefficient operations, bombarding security analysts with massive amounts of uncoordinated alerts and increasing the management burden.
A Better Way
Businesses need security solutions that protect applications regardless of where they live, that are integrated to share important data, that can analyze complex attacks and find patterns, and that make life easier for scarce talent like security analysts. Solutions that reconcile the often-conflicting requirements for speed, performance, scalability, and protection.
The best way to accomplish this is through security that provides true defense-in-depth from the edge to inside the application itself. The ideal scenario is a“layered” security model where malicious actors must pass through multiple gates in order to execute an attack, without introducing latency or jeopardizing essential business processes.
Imperva Application Security
At Imperva, we take a security-first approach that ensures an optimal user experience while managing risk. Our global network of full-stack PoPs ensures protection at the edge while guaranteeing optimal performance and speed.
The Imperva WAF inspects all traffic destined for customer websites and mitigates malicious traffic at the nearest PoP, allowing legitimate traffic to continue on its way. Our powerful DDoS protection stops attacks of any size in three seconds or less – an industry first (and best) SLA. Our content delivery network optimizes website delivery, improving performance while reducing bandwidth costs. Our bot management provides protection against all OWASP automated threats. Our Runtime Application Self-Protection (RASP) offers security by default against known and zero-day vulnerabilities. And Attack Analytics gives analysts a prioritized set of actionable security insights to improve productivity.
The Imperva Application Security suite delivers all this in a simple, flexible, and predictable licensing approach that lets you deploy regardless of whether your devices are in the cloud, on-premises or in a hybrid model.
Featured Webinar: Take on 2020 with Vision. Imperva CMO David Gee sits down with Imperva CTO Kunal Anand to discuss all the trends you should watch for in 2020. Watch here.
The post Businesses Will Buy Down Risk With Defense-in-Depth – 2020 Trend #5 appeared first on Blog.
*** This is a Security Bloggers Network syndicated blog from Blog authored by Kim Lambert. Read the original post at: https://www.imperva.com/blog/buy-down-risk-2020-trend-5/
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A new report looking at 5G cybersecurity readiness has found that many businesses are inadequately prepared for the latest big data acceleration.
The AT&T Cybersecurity Insights Report: Security at the Speed of 5G, published today, found that enterprises are lagging behind on expanding their virtualization and software-defined networking (SDN) capabilities and are not taking the opportunity to automate security.
A degree of reticence was also detected when it came to the planned adoption of a shared security model that would enable certain functions to be shifted to carriers.
The report was built using data drawn from a survey of 704 cybersecurity professionals from around the globe, all of whom work for organizations with more than 500 employees.
Nearly all respondents in the survey expect to make 5G-related security changes within the next five years, and 16% say they have already started preparing before the mainstream wave of 5G deployments arrives.
Asked about what their preparations were focused on, the larger attack surface topped the list as a worry for 44% of respondents, followed by the greater number of devices accessing the network, which was a concern for 39%.
Ranking third and fourth, drawing the focus of 36% and 33% of respondents, respectively, were the need to extend security policy to new types of IoT devices and the need to authenticate a larger number and wider variety of devices.
Only 29% of respondents said they plan to implement security virtualization and orchestration during the next five years.
Researchers wrote: “Most of the transitions in networking have been about faster speeds or increased capacity. 5G introduces more complex networking and is being delivered with virtualization in mind.
“The latter appears to be a crucial gap in the way enterprises are preparing for 5G, as enterprises will need to take advantage of virtualization to make the network nimbler and more responsive, with the ability to provide just-in-time services. Many enterprises are not considering this as a possibility, according to our data.”
With 5G, the size of the cyber-attack surface expands, creating more opportunities for bad actors to strike. Despite this, researchers found that enterprises did not appear to have fully considered how to boost their vulnerability management programs (both patching and mitigation) for devices at the edge, which may carry vulnerabilities that go unnoticed and unpatched.
Additionally, only 33% of enterprises surveyed had implemented multi-factor authentication, and 7% said they plan to implement it during the next five years.
A spokesperson for AT&T wrote: “To better realize how large (and vulnerable) the attack surface becomes with 5G, consider that 274 petabytes of data are currently crossing AT&T’s network each day, and with 5G this number is expected to increase by 10x.”
Currently, neither 5G service nor 5G phones are available everywhere in the United States, and release dates vary for every carrier. Verizon, Sprint, Starry, AT&T, and T-Mobile are providing some coverage already, mostly in major cities, including New York, Washington, DC, Los Angeles, Houston, Chicago, Phoenix, Atlanta, Boston, Denver, and Dallas–Fort Worth.
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The post #infosec | Report Reveals Businesses Aren’t Ready for 5G appeared first on National Cyber Security.
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#cyberfraud | #cybercriminals | Payroll Fraud: A Growing BEC Threat to Businesses and Employees Alike
Source: National Cyber Security – Produced By Gregory Evans The FBI reports that direct deposit change requests increased more than815% in 1.5 years $8.3 million. This number represents the total reported losses due to payroll diversion schemes that were reported to the FBI’s Internet Crime Complaint Center (IC3) between Jan. 1, 2018 and June 30, […] View full post on AmIHackerProof.com
Source: National Cyber Security – Produced By Gregory Evans Data breaches hitting massive entities like Equifax, Facebook and Target grab headlines, but the impact on small businesses is just as severe with attacks causing bankruptcy or even forcing a firm to shutter its doors. A report issued by the National Cyber Security Alliance, based on […] View full post on AmIHackerProof.com
Businesses are adopting password security measures such multifactor authentication in greater numbers but poor password hygiene persists, LastPass research says.
Businesses are adopting password security measures such multifactor authentication in greater numbers but poor password hygiene persists, a new study by access security specialist LastPass said.
“The clear message is businesses still have a lot of work to do in the areas of password and access security,” the company said in its latest Global Password Security Report. “Even as many more businesses make the important investment in solutions to address password security and thus safeguard employee access, more action is needed after deployment to bring password hygiene up to par across the organization.”
Although LastPass aggregated data from roughly 47,000 organizations using its software platform to compile the report, the company contended that the “breadth and depth of the data set” are broad enough to extend to the wider security community.
Here’s are some of the study’s macro highlights:
- More than half of businesses globally have employees using multifactor authentication.
- IT admins take advantage of policies and integrations to increase security and streamline management, but more IT admins could be mandating the use of multifactor authentication.
- The Netherlands is the leader in multifactor authentication use.
- The ability to access passwords on mobile significantly improves the experience and employee adoption.
- Password reuse is still widespread.
- Internationally, increased regulations appear to be a driving factor in password security awareness.
- IT organizations must take responsibility for ongoing training and take proactive measures to eliminate risky password behaviors.
Here’s some drill-down data (based on LastPass customers’ responses):
- 57% of businesses globally are using MFA, up 12 percentage points from last year’s report.
- 95% of employees using MFA are using a software-based multifactor
- Employees at technology/software companies were most often using MFA. Many education organizations also have employees using MFA.
- The industries that would benefit greatly from MFA due to the sensitive customer data they handle are least likely to have employees using MFA.
- Globally, 23% of employees are accessing their passwords on their smartphone.
- Password sharing is a common practice in most businesses. Many departments or teams may have just one or two licenses for a service that needs to be accessed by several employees, or shared with external contractors or organizations.
- Businesses with fewer than 1,000 employees tend to have the highest rates of password reuse at 10 – 14 times. Larger businesses of more than 1,000 employees are at about four times.
Training employees on security hygiene best practices is a necessity for businesses, LastPass said. “Not only does training need to be a part of your original onboarding plan, it needs to be an ongoing effort to encourage adoption and usage of security tools,” the report reads.
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Three common small business scams
1. Fake billing or invoice scams
The scam: According to the ACCC’s Scamwatch, there have been 8,269 cases of false billing scams resulting in over $7 million in loses in 2019 alone. These scams occur when scammers send out fake invoices to businesses asking for payment for anything from supplies to website domain renewal. They can even be sent from a legitimate supplier or business you commonly deal with if their email address has been compromised.
How to protect your business: Both Scamwatch and NAB state that the best way for businesses to safeguard themselves against fake billing or invoice scams is through vigilance. Querying invoices or payment requests from unfamiliar sources is a must, as is contacting existing suppliers if they send through an invoice at an unusual time or with a different bank account in order to confirm whether or not it’s legitimate.
2. Tax scams
The scam: Many Aussies have likely received a dodgy call from someone pretending to be from the Australian Tax Office and figures show just how common these can be, with the ATO reporting that it had received over 40,000 reports of impersonation scams just in the period from January to April 2019!
According to NAB, there are two common small business tax scams. The first is scammers claiming to need personal and bank details in order to send a business a tax refund. The second is scammers claiming that a tax debt is owed which needs to be paid immediately (with a credit card, money transfer or even a git card) in order to avoid arrest.
How to protect your business: While the ATO has stated that it may contact businesses via a phone call, email or SMS, it has also released the following advice to help taxpayers remain cautious:
– The ATO will not send an email or SMS asking taxpayers to click on a link directing them to any login page
– The ATO will not threaten taxpayers with immediate arrest, jail or deportation
– The ATO will not request payment via iTunes or Google Play cards, prepaid cards, cryptocurrency or to a personal bank account
– The ATO will not request a fee in order to release a refund
3. Payment Scams
The scam: There a number of different common payment scams, including overpayment scams.
One example NAB gives is a ‘terminal takeover’ scam in which a scammer asks to take hold of a payment terminal when paying for goods or services. The scammer then cancels the original payment request (often while distracting the cashier) and enters a new payment amount far higher than the original which is then paid for with a stolen credit card. The scammer will then demand that a refund of the difference be made in cash or onto a different card.
How to protect your business: NAB recommends that in-person payments using a terminal are always conducted behind a counter so that potential scammers can’t edit a transaction themselves and that if a refund does need to be made, it should be done using the original card the customer provided.
Looking for more small business resources?
Check out the Mozo business banking hub for the latest small business news and a range of helpful guides, as well as comparison tables featuring some of the hottest business loans, business credit cards and business bank accounts around.
The post #cyberfraud | #cybercriminals | Australian small businesses targets of half of all cybercrime appeared first on National Cyber Security.
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Criminal cyber-attacks on UK businesses increased last year, according to the annual report of the National Cyber Security Centre.
Firms face a growing threat from ransomware, data breaches and weaknesses in the supply chain, according to the report, published on Tuesday. Emerging threats include theft from cloud storage, which the NCSC argues too many businesses put their faith in.
“Criminals are launching more online attacks on UK businesses than ever before,” a summary accompanying the report said.
The NCSC, in effect the shop window for the government surveillance agency GCHQ, was set up in late 2016 amid alarm over potential attacks on UK institutions, infrastructure and businesses.
The report, Cyber Threat to UK Business Industry 2017-2018, is published to coincide with the opening of a organised by the NCSC, which is expected to attracted 1,800 cybersecurity experts from law enforcement, government and the private sector.
Ciaran Martin, head of the NCSC, said: “The last year has seen no deceleration in the tempo and volume of cyber incidents, as attackers devise new ways to harm businesses and citizens around the globe.
“The NCSC’s aim is to make the UK an unattractive target to cyber criminals and certain nation states by increasing their risk and reducing their return on investment.”
The report was written in collaboration with the National Crime Agency. Donald Toon, director of economic and cybercrime at the NCA, said: “UK business faces a cyber threat which is growing in scale and complexity. Organisations which don’t take cybersecurity extremely seriously in the next year are risking serious financial and reputational consequences.”
Under-reporting of cybercrime by businesses means crucial evidence and intelligence about threats and offenders can be lost. Toon called for full and early reporting of cybercrime.
by the NCSC show 34 significant cyber-attacks took place between October 2016, when the agency was launched, and the end of 2017. A further 762 attacks were less serious. “2018 will bring more of these attacks,” the report said.
It does not break down the figures to distinguish which attacks were purely criminal and which were state-sponsored. The report said that the distinction can be blurred, making attribution difficult.
Among the surveys cited was one by , which recorded a 91% increase in ransom attempts between the first and third quarters of last year.
Vulnerabilities highlighted in the NCSC report included the spread of the , which includes the interconnection of household appliances and other devices. “The internet of things and its associated threats will continue to grow and the race between hackers’ and defenders’ capabilities will increase in pace and intensity,” the report said.
“Many internet-connected devices sold to consumers lack basic cybersecurity provisions. With so many devices unsecured, vulnerabilities will continue to be exploited.”
The NCSC has also issued a warning over cloud security: “As more organisations decide to move data to the cloud (including confidential or sensitive information), it will become a tempting target for a range of cyber criminals.
“They will take advantage of the fact that many businesses put too much faith in the cloud providers and don’t stipulate how and where their data is stored. This could lead to high profile breaches involving UK citizen information.”
The report warns that no matter how good a company’s cybersecurity, it is at risk if this is not matched by the management of service providers and software, which can offer a potential stepping stone into the networks of thousands of clients.
“It is clear that even if an organisation has excellent cybersecurity, there can be no guarantee that the same standards are applied by contractors and third-party suppliers in the supply chain,” the report said. “Attackers will target the most vulnerable part of a supply chain to reach their intended victim.”
The post UK #businesses face #growing #threat from #cyber-attacks appeared first on National Cyber Security Ventures.
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