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Cyber Insurance – Why your company should consider it

Hiring insurance is nothing more than a risk management strategy. In this case, the organization transfers the responsibility in the event of an unexpected event to a third party (in this case, the insurance company). And with the increase in security incidents and data breaches, insurance companies have developed a new product to help organizations reduce the risk of cyberattacks: cyber insurance.

In this case, by hiring cyber-attack insurance, the organization transfers the obligations related to the costs they would have to pay in the event of a security incident to the insurance company. Typically, these costs are associated with recovering stolen data, paying ransomware ransoms, property damage, and even image recovery. But what factors influence the growing demand of companies for cyber insurance?

The first of these is the increase in connected devices. With the development of technologies such as 5G, the Internet of Things, and Industry 4.0, the number of devices connected to the infrastructure has skyrocketed. According to Zurich Insurance, the number of connected devices in 2020 has surpassed 50 billion, an increase of 19% compared to 2019. And this number is expected to grow even more in the next few years.

Moreover, the amount of data generated by these devices has increased exponentially. According to Ace Group, the volume of online data doubles every two years. And in times when data is the new oil, protecting an organization’s data (in addition to the personal data of employees, partners, and suppliers) is not about just complying with security policies and personal data protection laws such as LGPD, GDPR, CCPA, and the Texas Privacy Act, it is about ensuring business continuity.

Another factor that influences the increase of cyber risks and contributes to an increase in the demand for cyber insurance is the migration to remote work, driven by the Covid-19 pandemic. Bring Your Own Device, shadow IT, and the use of insecure networks considerably increase the attack surface that can be exploited by malicious actors.

With this larger attack surface, the number of security incidents has also increased. A Checkpoint study has shown that the year 2021 broke records in terms of the number of cyberattacks. According to the study, there was a 50% increase in cyberattacks globally per week compared to 2020.

The costs of these cyber-attacks were also higher for organizations: according to the IBM Data Breach Investigation Report 2021, the cost of a data breach for organizations was $ 4.24 million, a 10% increase compared to 2019. In addition, the costs associated with cybercrime are estimated to have reached $ 6 trillion in 2021.

By hiring cyber insurance, organizations can ensure the costs of a cyberattack are covered by the insurance company, including operational losses and incident recovery costs. Moreover, insurance companies also offer full legal and security incident investigation support. In this way, the company can ensure that it is prepared if it falls victim to cyber attackers and that all efforts are made to recover its infrastructure affected by the security incident.

About Version 2
Version 2 is one of the most dynamic IT companies in Asia. The company develops and distributes IT products for Internet and IP-based networks, including communication systems, Internet software, security, network, and media products. Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Senhasegura
Senhasegura strive to ensure the sovereignty of companies over actions and privileged information. To this end, we work against data theft through traceability of administrator actions on networks, servers, databases and a multitude of devices. In addition, we pursue compliance with auditing requirements and the most demanding standards, including PCI DSS, Sarbanes-Oxley, ISO 27001 and HIPAA.

Awingu as a secure homeworking solution at the Municipality of Evere

Evere is a Belgian municipality with 43.000 inhabitants, in the Brussels-Capital Region with 1.220.000 inhabitants. In the municipal administration, there are about 300 computer users, working in different departments each with their own needs and work requirements. At the end of 2019, the IT team was looking for a simple and secure solution to enable teleworking for their employees.

Long before working with Awingu, the municipal administration of Evere had implemented the Citrix solution for all its users both within the municipal administration, as well as to allow employees to work remotely on an occasional basis. Over time, limitations encountered with certain specific business applications resulted in a mixed fleet of classic computers and Citrix workstations.

Too much complexity

In 2019, before the health crisis, the situation was as follows: two different solutions for workstations, one of which (Citrix) was slowly being upgraded or replaced by another solution.

“Managing two different technologies but especially the complexity of the Citrix configuration means more complex management, a higher level of skill for the IT team and higher support costs when faced with more advanced technical issues.”

“Managing two different technologies but especially the complexity of the Citrix configuration means more complex management, a higher level of skill for the IT team and higher support costs when faced with more advanced technical issues.”

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Philippe Fournier
Responsible for IT at the Municipality of Evere

Working from home

To continue to make remote working possible and in anticipation of the implementation of structural teleworking, the IT team had already initiated before the start of the pandemic to look for another solution to replace their current configuration.

When the need for teleworking exploded in 2020 due to COVID, the team was pleased to have identified and begun implementing an ideal solution like Awingu.

Advantages of Awingu

Working with Awingu brings only advantages, both for the IT department and for the end users of the municipal administration of Evere, explains Philippe :

“The licensing model is very transparent and easy, especially when compared to other solutions like Citrix or VMware, where you need a consultant just to explain the model to you. Awingu offers competing licenses, so the only choice you have to make is whether to buy or rent the licenses.”

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Philippe Fournier
Responsible for IT at the Municipality of Evere

In addition, he is very pleased that he can purchase Awingu through the CIBG’s central purchasing office. In their catalog, you can find Awingu licenses. All Brussels administrations that have joined the central purchasing office can buy Awingu licenses in compliance with public procurement legislation but without the administrative burden. When Philippe heard about this possibility from a colleague in Sint-Agatha-Berchem, a long-time Awingu customer (as well as 80 other local authorities in Belgium), he immediately saw the great advantage.

In addition, the IT team explained to him that it was relatively easy to install, set up and configure Awingu. For end users, Philippe adds, it couldn’t be simpler:

“Just go to the web, enter a predefined custom url, provide your username and password and you’re in. Then you can easily work with any application (legacy, web, SaaS) or file needed, all in a secure environment. If necessary, you can even mandate that some or all of the integrated MFA solutions be used at no additional cost.”

fournier
Philippe Fournier
Responsible for IT at the Municipality of Evere

For now, they are only using Awingu to facilitate teleworking in a seamless and consistent manner. Other goals are to enable secure remote access for external contractors via Awingu as well.

About Version 2
Version 2 is one of the most dynamic IT companies in Asia. The company develops and distributes IT products for Internet and IP-based networks, including communication systems, Internet software, security, network, and media products. Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Awingu
Awingu produces a browser-based Unified Workspace solution. It allows users to work and collaborate from virtually anywhere using any device compatible with HTML5 browsers. As a turnkey solution, Awingu offers businesses the ease and convenience of platform-independent mobility and offers everything you need to stay productive: legacy and cloud applications, documents and data. Awingu requires zero configuration and zero client software installation, making IT administration extremely simple.

ESET Threat Report details targeted attacks connected to the Russian invasion of Ukraine and how the war changed the threat landscape

  • The number of RDP attacks dropped for the first time since the beginning of 2020 (-43%), with attack attempts against SQL (-64%) and SMB (-26%) following.
  • Prior to the invasion of Ukraine, Russia and some countries of the Commonwealth of Independent States (CIS) were typically excluded from ransomware target lists, possibly due to the criminals residing in those countries or fearing retribution; in T1 2022, Russia faced the largest share of detections (12%) in the Ransomware category.
  • The war brought on an influx of phishing and scam campaigns taking advantage of people trying to support Ukraine; these were detected almost immediately after the start of the invasion.
  • In March and April 2022, Emotet operators shifted into a higher gear, launching massive spam campaigns using weaponized Microsoft Word documents, leading to the 113-fold increase of Emotet detections in T1 2022.
  • Emotet’s campaigns were reflected in the Email threats category, which grew by 37% in T1 2022.

BRATISLAVA — June 2, 2022 — ESET released today its T1 2022 Threat Report, summarizing key statistics from ESET detection systems and highlighting notable examples of ESET’s cybersecurity research. The latest issue of the ESET Threat Report recounts the various cyberattacks connected to the ongoing war in Ukraine that ESET researchers analyzed or helped to mitigate. This includes the resurrection of the infamous Industroyer malware, attempting to target high-voltage electrical substations.

ESET telemetry also recorded other changes in the cyberthreat realm that might have a connection to the situation in Ukraine. Roman Kováč, Chief Research Officer at ESET, clarifies why this report is so focused on cyberthreats related to this war: “Several conflicts are raging in different parts of the world, but for us, this one is different. Right across Slovakia’s eastern borders, where ESET has its HQ and several offices, Ukrainians are fighting for their lives and sovereignty.”

Shortly before the Russian invasion, ESET telemetry recorded a sharp drop in Remote Desktop Protocol (RDP) attacks. The decline in these attacks comes after two years of constant growth – and as explained in the Exploits section of the latest ESET Threat Report, this turn of events might be related to the war in Ukraine. But even with this fall, almost 60% of incoming RDP attacks seen in T1 2022 originated in Russia.

Another side effect of the war: While in the past, ransomware threats tended to avoid targets located in Russia, during this period, according to ESET telemetry, Russia was the most targeted country. ESET researchers even detected lock-screen variants using the Ukrainian national salute “Slava Ukraini!” (Glory to Ukraine!). Since the Russian invasion of Ukraine, there has been an increase in the number of amateurish ransomware and wipers. Their authors often pledge support for one of the fighting sides and position the attacks as personal vendettas.

Unsurprisingly, the war has also been noticeably exploited by spam and phishing threats. Immediately after the invasion on February 24, scammers started to take advantage of people trying to support Ukraine, using fictitious charities and fundraisers as lures. On that day, ESET telemetry detected a large spike in spam detections.

ESET telemetry has also seen many other threats unrelated to the Russia/Ukraine war. “We can confirm that Emotet – the infamous malware, spread primarily through spam email – is back after last year’s takedown attempts, and has shot back up in our telemetry,” explains Kováč. Emotet operators spewed spam campaign after spam campaign in T1, with Emotet detections growing by more than a hundredfold. However, as the Threat Report notes, the campaigns relying on malicious macros might well have been the last, given Microsoft’s recent move to disable macros from the internet by default in Office programs. Following the change, Emotet operators started testing other compromise vectors on much smaller samples of victims.

The ESET T1 2022 Threat Report also reviews the most important research findings, with ESET Research uncovering: the abuse of kernel driver vulnerabilities; high‑impact UEFI vulnerabilities; cryptocurrency malware targeting Android and iOS devices; a yet-unattributed campaign deploying the DazzleSpy macOS malware; and the campaigns of Mustang Panda, Donot Team, Winnti Group, and the TA410 APT group.

The report also contains an overview of the numerous talks given by ESET researchers in T1 2022, and introduces talks planned for the RSA and REcon conferences in June 2022, showcasing ESET Research’s discovery of Wslink and ESPecter. These appearances will be followed by a talk at the Virus Bulletin Conference in September 2022.

For more information, check out ESET T1 2022 Threat Report on WeLiveSecurity. Make sure to follow ESET Research on Twitter for the latest news from ESET Research.

About Version 2
Version 2 is one of the most dynamic IT companies in Asia. The company develops and distributes IT products for Internet and IP-based networks, including communication systems, Internet software, security, network, and media products. Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About ESET
For 30 years, ESET® has been developing industry-leading IT security software and services for businesses and consumers worldwide. With solutions ranging from endpoint security to encryption and two-factor authentication, ESET’s high-performing, easy-to-use products give individuals and businesses the peace of mind to enjoy the full potential of their technology. ESET unobtrusively protects and monitors 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company. Backed by R&D facilities worldwide, ESET became the first IT security company to earn 100 Virus Bulletin VB100 awards, identifying every single “in-the-wild” malware without interruption since 2003.

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