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Why Is the Healthcare Industry the Most Likely To Pay Cybercriminals for Ransomware Attacks?

Times are looking more brutal than ever for one of the world’s most critical industries. Ransomware attacks are skyrocketing, and healthcare organizations are increasingly cut off from much-needed cybersecurity insurance.  

But just how bad is the situation? A recent Sophos survey found that 66% of healthcare organizations were hit with a ransomware attack in 2021, up from 34% in 2020. Perhaps more alarming, healthcare organizations pay the ransom most often compared with other sectors (just over 60% compared with a cross-sector average of 46%. So, what’s going on here? Why is healthcare most likely to pay up in ransomware cyber-attacks? 

Why Do Cybercriminals Target Healthcare Organizations?

Healthcare organizations are a lucrative target for cybercriminals because medical records are a treasure trove of sensitive information. The Health Insurance Portability and Accountability Act (HIPAA) classifies various patient information, including Social Security Numbers, contact information, credit card information, and more, as protected health information (PHI). And PHI is one of the most valuable types of data out there.  

Beyond PHI’s higher selling price, healthcare organizations are more likely to be targeted with a ransomware cyber-attack because they’re more likely to pay the ransom. But why? 

Holding Someone’s Life in the Balance

Here’s the bottom line. We all understand why paying the ransom is bad; it feeds the hackers and incentivizes them to continue hacking, making the problem worse for all. However, not paying the ransom isn’t so simple in reality.  

In some industries, data provides a competitive advantage, but in healthcare, losing access to critical data and systems can put patients’ lives in danger. Or in other words, healthcare organizations aren’t blind to the ethical issues with paying ransoms, but getting their services back online quickly is often their top priority. When you consider that the average downtime a company experiences following a ransomware attack is 7-21 days, it’s not hard to see why healthcare companies cave to pressure.  

Medical Devices Can Present an Easy Entry Point for Ransomware Attacks

The healthcare security landscape is made increasingly complex with medical devices and The Internet of Medical Things (IoMT). Medical devices like insulin pumps, wearable biosensors, smart thermometers, and other remote patient monitoring technology play an increasingly vital role in the industry. However, these new devices open up worrying new entry points for attackers.  

As a relatively new industry, IoT still lacks strong security guidelines that help govern and secure other types of tech. At the same time, security is often not the primary concern in the development of new IoT and IoMT devices. Why? Because manufacturers want to maximize functionality while working with limited compute and hardware, which leaves minimal space for robust security and data protection measures.   

More often than not, these devices don’t store patient data. However, attackers can leverage these devices to gain access to other network resources, like a server that does hold sensitive data. Once attackers gain access to the network, they can exfiltrate data or, increasingly, install costly ransomware.   

Beyond IoMT, other complexities of the healthcare IT environment can leave healthcare companies vulnerable to cyber-attacks. For example, the need for efficient and widespread access to critical patient data across systems means two-factor authentication and zero trust defenses aren’t always feasible. 

An Increase in Ransomware Attacks is Making it Harder to Get Cybersecurity Insurance

Ransomware attacks are on the rise, healthcare IT environments are more complex than ever, and the cybersecurity skills gap puts in-house cybersecurity teams under immense pressure. With this dire picture in mind, healthcare organizations increasingly turn to cyber insurance to protect their vital assets and minimize cyber-attack damage. But there’s a problem – obtaining coverage is becoming more challenging.  

The Sophos report found that 51% of respondents said the level of cybersecurity needed to qualify for cyber coverage is now higher than in the past. At the same time, cyber insurance is becoming increasingly expensive.  

Ransomware attacks are a significant cause of changes we’ve seen in the cyber insurance market in recent years. Ransomware is now the largest driver of cyber insurance claims, and with attacks increasing, ransom payouts have soared. As a result, many cyber insurance providers have found themselves unable to keep up and have left the industry altogether. The ones that remain are changing their limits, coverage, and pricing to manage the increased risk.   

This has led to a seller’s market, where the dwindling number of providers hold all the power. They can charge what they want and be selective about who gets coverage. And unfortunately, many healthcare organizations aren’t meeting the selection criteria.  

Equally concerning is threat actors’ monitoring of cyber insurance companies’ relationships. According to Reuters, some ransomware attack check whether potential victims have policies that make them more likely to pay the ransom.  

However, the competitiveness of the cyber insurance market does seem to be having some positive effects. For example, over 95% of healthcare respondents said they have made improvements to their cyber defenses to boost their cyber insurance prospects. For example, nearly half of the covered respondents implemented new security processes and increased staff training.  

Despite the concerns surrounding cyber insurance, it’s crucial that healthcare organizations understand that cyber insurance isn’t a band-aid for weak cybersecurity. Instead, healthcare organizations need to deploy robust cybersecurity defenses that grant a speedy recovery from a cyber-attack, as well as backups and endpoint detection and response solutions.  

Wrapping Up

The healthcare industry has had a tough few years with COVID-19, rising staff shortages, increased demand for telehealth, and a constant onslaught of ransomware attacks. If the healthcare industry wants to lose its number one spot as the industry most likely to pay ransoms, it needs to take a more rigorous approach to cybersecurity. The cybercriminals will stop trying (or trying in colossal numbers) when the work becomes too hard and the reward too low. As it stands, healthcare is the low-hanging fruit for cybercriminals in 2022.

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 Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

Passwordless Authentication: A Paradigm Shift in Security

Passwordless authentication appears to be the new belle of the ball amongst tech experts. Of course, the reasons all bother on the general challenges experienced by security companies and businesses.

The security and tech world continue to advance in scope and sphere – through developing efforts to improve existing structure. These changes are prompted by the ongoing surge in security breaches in which no industry is spared.

Security issues surrounding weak passwords serve as a driving factor for these breaches — and a nightmare for IT departments. As secure as some might believe them to be,, passwords remain the weakest link in today’s workplace security network. Stolen credentials are costly to resolve and come with many negative impacts.

As organizations rethink the future of the workspace, passwordless authentication seems to be a way out.

What is Passwordless Authentication?

Passwordless authentication is any method that eliminates the reliance on passwords to provide a a smoother user experience, stronger security posture, and reduced costs.

Passwordless authentication uses methods of identity proof to replace the use of passwords, passphrases, and other shared secrets. The replacements take OTPs as an alternate means. Authenticator apps, biometrics, hardware, and software tokens make up other forms.

Businesses encourage the adoption of passwordless authentication because it removes all vulnerabilities associated with secret-based passwords. But, there’s a constraint – the market is not fully ready for its adoption. Business enterprises struggle to cover the various use cases with a single solution.

Challenges of Password Authentication

Security Limitations

Passwordless authentication is not entirely foolproof, although it’s better than a password. Hackers can use malware to intercept one-time passwords. They also insert trojans into a browser to gain access.

Costs of Deployment

The implementation of passwordless authentication requires high costs. It comes with new software, hardware, trained employees, and more. Passwordless authentication also entails a change in management plans and projects.

The deployment also comes with hardware installations and the purchase of gadgets. In addition, the choice of software comes with hidden costs, software administration, maintenance, and migration.

Passwordless Authentication Methods

Biometric Authentication

It is a method that requires using biological characteristics such as facial features and fingerprints. This authentication method allows users to instantly log into their devices .

One-Time Passcodes (OTP)/PIN

The OTP is a method that puts the responsibility of generating dynamic codes on the service provider. As a result, it eliminates having to remember passwords or downloading apps.

Foremost in this category is the time-based one-time password (TOTP). The TOTP is a transient method and must be in sync with the time zone. It works with algorithms that generate passwords on a server and client whenever there’s system authentication. A major drawback is that a user may mistakenly tap multiple times to generate a token. When this happens, they have to restart the process.

Push Notifications Authentication

Push notifications work with an installed app on the user’s phone. The user receives a notification on a registered device containing the logins date, time, and location that allows them to accept or deny access.

Magic Links Login Authentication

Magic links require a user to enter an email address into the login box. An email is then sent with a link that requires clicking to log in. A user receives this magical link to ensure safety whenever there’s a login.

The Benefits of Passwordless Authentication

Reduced Costs

Password management and storage require a lot of resources. Resetting passwords and frequently changing password storage laws are also costly. Passwordless authentication helps to remove long-term costs.

Stronger Cybersecurity Posture

Passwords no longer provide a stalwart defense as many people repeat them multiple times.

Once a password gets breached, leaked, or stolen, it’s much easier for s hacker to gain access to your other applications. This allows malicious actors to then commit financial fraud or sell trade secrets to rival companies. Passwordless authentication takes care of these challenges by offering protection against the most prevalent cyberattacks.

Better User Experience and Greater Productivity

Users often have to generate and memorize multiple passwords, and because of this they sometimes forget them, forcing the task of then resetting them. For this reason, users use simple and uncomplicated passwords, Often using the same ones for numerous applications, with an addition of an extra character. The challenge here is that hackers find it easy to access these accounts.

Passwordless authentication eliminates these challenges, as users do not have to create or memorize their passwords. Instead, they only authenticate using emails, phones, or biometrics.

Scalability

Passwordless solutions work with technology and factors that end users already possess. Therefore, it becomes easier for mobile devices and laptops to infuse the various methods. Some passwordless authentication easily integrated includes biometrics and authenticator apps, Windows Hello, and fingerprints.

Top 10 Use Cases of Passwordless Authentication

Passwordless authentication can apply to a variety of use cases including:

  • Customer payments authentication
  • Remote logins
  • Logins for financial services
  • Call center authentication
  • Personal logins
  • Customer balance access
  • Record access
  • Mobile banking
  • Wire transfers
  • Push notifications

Changing the Security Paradigm: The Big Step

Businesses that integrate passwordless authentication have a strong concern for security. Organizations now realize that many security breaches result from the use of passwords. For them, the one-time cost of implementing passwordless authentication is more rewarding.

While it’s true that passwords are still quite common, the security risks are enough reason to make a switch. With the technology quickly gaining traction, there’s no better time to integrate passwordless authentication.

Indeed, passwordless authentication is the next digital breakthrough that offers key advantages over the traditional password including:

  • It helps to lower costs while also increasing revenue. Customers tend to gravitate towards such products and services that provide trust and security.
  • Providing a smooth user experience is preferrable to any customer.
  • The presence of the technology and its adoption is a vital element for trusted security.

Nonetheless, passwordless authentication remains in its early stages. While many businesses have yet to adopt the technology, there’s a strong sentiment that its adoption will help change the face of security in the near-term.

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 Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

Common SD-WAN Challenges & How to Avoid Them

A Software-Defined Wide Area Network (SD-WAN) enables organizations to rely on a combination of transport services. The increasing use of SD-WAN for connecting enterprise networks improves productivity, reduces cost, and increases application performance.  

It is a feature-packed technology that centralizes security, management, networking, and more. Consequently, organizations with cloud solutions view SD-WAN as an infrastructure upgrade to operations. 

Wrong Approaches

A frequent occurrence with businesses is the focus on individual technical elements. Unfortunately, many such enterprises fail to realize  the need to address end-to-end solutions. 

Selection should encompass all available approaches with the choice that best suits the company’s needs, budget, and savviness. Another aspect to  consider is the fact that IT teams often fixate on price. Unfortunately, most of them misinterpret prices, opting for cheaper options resulting in  poor network performance .  

Such 0rganizations often soon encounter issues with high latency, prolonged downtimes, less supportive service-level agreements, and more. As enticing as cost savings can appear, ensure it never poses serious risk to your network connectivity or SD-WAN designs. 

Responding to this Challenge:

  • Ensure that all choices and approaches produce maximum results for the company’s network. 
  • Consider platforms with built-in cloud and security vendor access for appliances. 
  • Ensure to prioritize necessary performance features over novel ones. 
  • Technology evolves at a rapid pace, so plan accordingly with future long-term growth in mind.

Overlooking the Quality of Service (QoS) Concept for SD-WAN

One attribute that should never get overlooked is the QoS. An equally important aspect is the quality of experience. However, SD-WAN service providers never seem to offer end-to-end prioritization. Although it provides an efficient traffic segmentation and path selection, traffic movement often gets delayed. Therefore, seeking an SD-WAN approach with ‘fail safe’ technology features is crucial. 

These options must offer superior performance to MPLS across all applications. MPLS itself comes with end-to-end QoS via six settings for service-level categories, though also with delayed traffic movement.  

Responding to this Challenge:

  • Never compromise on the quality of service and quality of experience with network connectivity.  
  • Be sure to purchase local site-by-site internet underlay with low-cost service that provides high QoS and QoE along with various available features.Consult with experts to get the best-customized recommendations. 

SD-WAN Security Requirements

Some SD-WAN technology lacks security capabilities. Unfortunately, these security lapses often open the door to cyber threats. 

 For instance, there’s usually an edge security change with SD-WAN features such as virtual private network (VPN) deployment. In other scenarios, data get transferred with every migration to cloud solutions. Therefore, deploying hardware and virtualized instances with accessed security policies still comes with risks. 

 Responding to this Challenge 

  • Organizations should take time to research all vendor claims and ensure all security functions meet  company criteria. 
  • Strategize the integration of cyber security and networking solutions instead of separating the two. 
  • Make it a habit to add new layers of security systems where and when necessary. 
  • Try integrating existing security with SD-WAN solutions. 

SD-WAN Management Issues

Today’s SD-WAN solutions help to blur the lines between DIY and the type of management structure in place. Organizations never get to pick the management level traditionally. One of the drawbacks of the SD-WAN model is that it breaks most businesses’ existing centralized security inspections.  

Organizations often build hub network architectures designed around the consolidation of data streams. The idea is to backhaul traffic through a centralized channel into data centers. Firewalls are used to create  single security inspection points  so that packets get examined before making it into the data center. The presence of an SD-WAN architecture makes this method ineffective. 

By default, SD-WAN solutions lack integrated security that allows routing all traffic through a full security stack for inspection. There’s also the task of threat prevention before proceeding to its destination. 

 With SD-WAN,  lots of traffic moves outside the data center perimeter. As such, connections to the cloud from external sources like remote workers never go through the traditional inspection process. 

The outcome for organizations is a forced decision. They have the choice of forgoing the benefits of SD-WAN by backhauling traffic to the data center for inspection, or simply not securing traffic on the WAN at all. 

Responding to this Challenge:

  • Give the required training to the IT team and staff members  
  • Get dedicated staff that can oversee the end-to-end SD-WAN implementation 
  • Infuse post-implementation monitoring and management into the company’s activity. 

Cloud Connectivity Requirements

When it comes to selecting SD-WAN projects, vendors and the IT team require cloud connectivity to either AWS, Google, or Microsoft Azure. Therefore, SD-WAN vendors typically belong to one of three categories based on their cloud access capabilities. 

  • Native Cloud Access: This category includes built-in access to the vendor’s SD-WAN architecture . It involves using the cloud’s backbone infrastructure for connecting to branch office sites. For vendors that adopt the cloud as a global backbone, this is an everyday occurrence. However, this option is better for connecting to  local cloud data centers since the deployment of cloud gateway architecture is a unique system. 
  • Vendor Access Provision: This category entails vendors delivering SD-WAN appliances to a cloud environment through public gateways or private backbones. Such an option comes with more flexibility regarding  vendor features. Public gateways and private backbones route traffic more efficiently than the Internet. 
  •  Customer Access Provision: Here the customer is responsible for deploying the appliances in the local cloud-based data center with this option. This option offers cloud access in a more ad hoc and  simplified architecture. 

Responding to this Challenge:

  • Normalize analyzing deployment needs and internal application performance. 
  • After implementation, monitor application performance. It ensures that the business takes timely actions and prevents any form of disruption. 
  • It’s crucial to decide the bandwidth requirements and latency policies in a multi-cloud environment. An excellent way to achieve this is by evaluating service dependency on several micro-service segments.

These shortcomings aside, SD-WAN offers numerous benefits for organizations  looking to optimize and transform their corporate networks.

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 Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

6 Tips for Enhancing Security Across Your Remote Workforce

Before the pandemic, 17% of employees in the US worked from home five days or more per week – a share that catapulted to 44% during the pandemic, and more than 60% after the pandemic.  The COVID-19 pandemic climaxed the remote working trend, as workers were forced to work from home – a trend that continues as many organizations have embraced remote work within their company culture.

With this growing trend, organizations should enlighten employees on data security and how everyone is responsible for protecting it.  They should also create certain practices and steps to strengthen their organization’s data security. Remote workers must prioritize safe practices, data security education. 

Since 2020 began, the expectations that surround remote work have dramatically changed. The levels at which employees are looking for work-from-home jobs at an increasing rate, and employers are adopting the technologies, culture, and processes to make it happen. Across the globe, more businesses have implemented flexible schedules where employees can work on-site, remotely, or both. An estimate by Upwork stated that 36.2 million Americans will be working remotely by 2025, an 87% increase from pre-pandemic levels. 

While these flexible work options bring a huge range of benefits for both employer and employee, they also bring some challenges, particularly around data protection. The increase in working remotely must prompt organizations also, to level up their network security. Organizations can no longer rely on traditional network security to prevent unwanted network access. What to do is not difficult. It just requires technologies that enable enhancing security. 

One of the main perks of working remotely is location flexibility,  but now that telecommuting has become commonplace data security is more of a concern. This stems from employees using unsecured Wi-Fi networks or bringing company devices with confidential data to public locations. It was reported that 86% of organizations believe that remote workers increase the chances of an organization‘s data security breach. 

So, what can organizations with large remote workforces do to properly secure network access? Here are some viable ways to get started: 

Enhancing Security with a Formal Cybersecurity Policy

The first step in protecting an organization’s data is ensuring all employees view data security as a priority. Believe it or not, today, so many employees might still not know that data security is one of those things they should be highly concerned about, at both professional and personal levels. 

Employees may assume that if they are not working directly with customer data or  higher in the organization’s hierarchy, that they don’t need to worry over data security. Organizations should not assume that their employees know anything about their role or best practices in cybersecurity. 

The best place to start is by creating a cybersecurity policy. Make all existing and new employees sign and review the policy so that everyone in the company holds responsibility for protecting employer data. 

Ensure All Internet Connections Are Secure

The most common way to open your company to a data security breach is to use an unsecured Wi-Fi network. As a remote worker, you know and understand the need to get out of your house now and then. Here, remote workers need to be aware of how to ensure they keep company data secure. 

The easiest way is to ensure employees use a virtual private network (VPN). When they use VPNs before signing into public Wi-Fi networks, the employee’s internet traffic  will be encrypted and monitored for any signs of infection. Remote workers can freely step out of the house, and companies can guarantee that their data is secure. 

Note that not all VPNs are created equal. To ensure your organization uses the appropriate VPN, verify the VPN you are using and ensure it covers every factor you need, not just last-stage encryption. Once you decide on the standards you want, review the reputation of the VPN provider and conduct a cost comparison. 

Keep Strong, Varied Passwords & Use a Password Manager

Another easy way to protect your organization’s data is using strong password hygiene. Many people still don’t consider password safety an important step to prevent data breaches. Many even admit that they use the same password across various programs and devices but informing remote workers about password protection is one of the major keys to securing your company’s data. 

Using a password manager to randomly generate passwords for you is another way to lessen cyber risk. The password manager will store all your passwords safely and prevent the need to remember their different passwords. 

Enhancing Security with Two-Factor Authentication

Many organizations are adopting two-factor authentication to improve their data security. This method authenticates the user by requiring a username and password, along with either entering a PIN sent to their cell phone or answering a secret question. Though passwords can often be stolen or compromised, two-factor verification, it is unlikely for another person to have the PIN or answer a security question. 

Enhancing security even further, organizations could move to multi-factor authentication that requires additional verification, including voice or fingerprint recognition, face identification and voice recognition. This is typically more expensive and complex, but could be warranted depending on the level of security needed by an organization. 

Use Encryption Software

Encryption software is another way organizations, and their remote workers can protect data. Suppose an employee’s device gets lost or stolen. In this case, the information on the lost or stolen device can find its way into the wrong hands and open the company to vulnerabilities and data breaches. Encryption software protects organization data by barring access from unauthorized or third-party users of those devices. 

In addition, the organization should be mindful that any programs used for chatting, applications, or email should use end-to-end encryption. Popular programs like Adobe Acrobat and Microsoft Office, for instance, can easily encrypt documents and files that your remote workers use and share amongst each other.  

Don’t Forget Firewalls, Antivirus Software & Antimalware

Ensure remote workers have up-to-date antivirus software, anti-malware and firewalls on all their devices. In cases where devices are stolen, organizations might also want to wipe the lost or stolen devices remotely. Mobile device management platforms can perform most or all of these services by allowing remote workers to continue using their devices while ensuring the safety of company data.  

Employees might need the help of their employer in ensuring that their devices have these protections installed in them. Employees don’t always have the same technical expertise, so organizations concerned about data security should be ready to offer technical support help. This could mean creating partnerships with tech support services close to their remote workers or forming an internal tech support team that can guide employees through the necessary steps. 

Remote work does not have to negate data security. Once these top cybersecurity procedures are implemented and remote workers are educated, they can become standard practices quickly that the entire organization can easily commit to. . 

Final Thoughts on Enhancing Security for Remote Workers

Diligence from all management and employees is required to ensure these security measures are followed. Following the above guidelines can strengthen your organization’s security posture while keeping your data safe and secure.  

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 Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。

You Were the Victim of a Data Breach. Now What?

A data breach is something every individual and organization needs to avoid. Unfortunately, it has become all too common in today’s online world. One major way that personal information becomes compromised is through identity theft. It’s better not to imagine the extent of damage that goes along with that.

In this highly-connected world, cybersecurity is continuously increasing in scope and size.

For one, consumers want to conduct business with enterprises capable of keeping hackers away. As a result, it becomes necessary to put a response plan against data breaches. The question, therefore, is how do you prevent or respond to a data breach?

What is a Data Breach?

A data breach occurs when an organization suffers a security incident that affects the confidentiality, availability, or integrity of its data. Consequently, the rights and freedoms of individuals become compromised.

Data breaches strike every industry, sector, and individual. For individuals, the cost is often personal financial damage to investment funds, salaries, or savings. On the other hand, corporations often spend hundreds of thousands or millions in dollars to repair systems, improve defense, and more.

How Do Data Breaches Happen?

Compromised credentials are the most common method cyber attackers use to enter a database. The approach accounts for 20% of data breaches.

Most affected credentials include passwords and usernames obtained through a different security incident. Various attack methods come into play in these data breaches including brute-force attacks, megacart attacks, phishing and more. Also, a breach could result from an insider, negligence, and business email compromise (BEC).

For an inside threat, the attackers first conduct surveillance, then map out a network for the most valuable resources, before targeting a potential pathway to infiltrate the systems.

Financial motivations are the reason for most inside attacks. Some employees jump at it when they get tempting offers to make extra money. The outcome is your information changing hands.

Types of Data Breaches

A data breach is also great at ruining a brand and not just your revenue. For individual to remain safe, a knowledge of the common types of breaches is a must. You also need to know how it affects you. So, here is a list.

  • Malware or Virus: The goal of this threat is to wipe information from a computer. For companies that heavily rely on data, this is always a heavy blow.
  • Password Guessing: Stolen passwords all to often result in extreme damage. Passwords are typically hacked due to their simplicity and being easily guessable. Prime examples of this include Passwords derived from people’s names, pet names, or birthdays.
  • Ransomware: As the name suggests, this occurs when you pay a ransom to regain access to your phone or computer.
  • Phishing: Phishing involves the mirroring of a website with a fake duplicate that can highly resemble the original. When you unknowingly log into the site, the attackers steal your password to conduct their criminal activities.

How to Detect a Data Breach

As data breaches become inevitable, detection is becoming an increasingly important initiative. At this rate, cybersecurity has become an essential investment for individuals and organizations. We all need to understand who is vulnerable to data breaches and how to detect and respond to them.

Data breach detection is not always easy. It often involves an intelligent Data Security Platform, especially in the case of large companies. Their tools help to provide speed and precision when mitigating damages.

Nevertheless, there are always warning signs that indicate when your system has experienced a data breach. Here are red flags you need to the investigate:

  • Sudden user account lockouts or password changes.
  • Strange user activity such as logging in at irregular times from unknown locations.
  • Unusual pop-ups, redirections, or changes to browser configuration.
  • Unusual activity on network ports
  • Strange messages from you by email or social media
  • Strange configuration changes without an approval

Effects of Data Breaches

Irrespective of the size, a data breach can destroy a business. For example, 60% of small businesses often shut down within six months after an attack. These occurrences can stem from multiple factors including:

  • Poisoned Corporate Brand: Data breaches have a way of tainting a business reputation –the effects of which can linger long after the incident.
  • Loss of Sales: Reputational damage can lead to a loss of customers and sharp drops in revenue due to drops in customer trust.
  • Loss of Intellectual Property: Intellectual property constitutes over 80 percent of a company’s value today. Losing intellectual property can threaten the future of the company and also leaves it vulnerable. In some instances, some competing businesses will even take advantage of stolen information for their own gain.

How to Develop a Data Breach Response Plan

Have an Incident Response Checklist
Having an incident response checklist for data breaches can provide guidance for what to do during breach scenarios. It contains an outlined task to carry out so that everyone knows what exactly to do. However, the checklist should be flexible to allow adjustments for evolving threats.

Be Informed about Laws and Regulations
Regular government policy changes are often a headache for SME businesses. Because of the rise in cybercrime, governments and agencies constantly change regulations on data protection. Be sure to keep tabs on these changes and adapt to new laws.

Review New Cyber Threats
Never take the news of a data breach for granted. It’s important to consistently review new security risks as these provide highly valuable insights.

Identify Data Security Platforms
In case of a security breach, contacting a forensic service provider is safe. They are highly skilled at investigating the cause and impact of an attack. It is best to have the contact for one beforehand rather than waiting for a crisis to find one.

Steps to Take After a Data Breach

1. Identify the Source and Extent of Damage
The first thing to do about any cyber attack is to identify the source. You also need to identify the type and the extent of the damage. It is a time-consuming process when operating without a prevention system.

2. Having an Intrusion Prevention System (IPS)
An IPS automatically logs the security event to you and tracks down the source and identify of the affected files when in use. You can also gain insight into the particular actions taken by the threat actor.

3. Inform your Forensic Service Provider
You need to have a structure in place for addressing security emergencies. If you have a team, have them to swing into action immediately. Remember your checklist and let them follow the procedure for resolving the issue. If it is an inside threat, revoke the account’s privileges and change the password. Should you not have an in-house team, inform your security service provider to tackle the problem.

4. Test your Security Fix
Once the issue gets resolved, implant a short-term security fix to prevent future occurrences. Don’t forget to also test any security fix to avoid attackers using the same method. Be sure to conduct the test on all computers and servers.

5. Inform Authorities and Affected Customers
Customers need to be informed about a breach of their personal data so they take personal measures to protect their identities such as canceling credit cards and setting up two-factor authentication if available. Informing customers requires three critical factors — time, information, and thoroughness. Be sure to communicate honestly and openly where necessary and provide steps of guides for them to protect themselves. In addition, contact authorities about the breach. The government and security agencies provide post-breach regulatory standards for every industry.

6. Prepare a Clean Up and Damage Control
The loss of customer confidence is another devastating effect of data breaches. They tend to be more cautious with any organization after a breach. When you fix all breach-related issues, quickly pivot and work on restoring public trust.

Final Thoughts on Data Breaches

There is no single method for responding to a data breach . Data breaches often require a case-by-case approach along with a thorough risk assessment to determine the best course of action. The extent of damage and nature of the breach will determine the precise steps needed. The response team may work with additional staff or external experts such as IT specialists/data forensics experts. While data breaches can undoubtedly be a nerve-wracking event, the first rule is always prevention, and having a sound response plan can help put the mind at ease.

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 Portnox
Portnox provides simple-to-deploy, operate and maintain network access control, security and visibility solutions. Portnox software can be deployed on-premises, as a cloud-delivered service, or in hybrid mode. It is agentless and vendor-agnostic, allowing organizations to maximize their existing network and cybersecurity investments. Hundreds of enterprises around the world rely on Portnox for network visibility, cybersecurity policy enforcement and regulatory compliance. The company has been recognized for its innovations by Info Security Products Guide, Cyber Security Excellence Awards, IoT Innovator Awards, Computing Security Awards, Best of Interop ITX and Cyber Defense Magazine. Portnox has offices in the U.S., Europe and Asia. For information visit http://www.portnox.com, and follow us on Twitter and LinkedIn.。