Tag: cyber

Survey Finds One in Five Firms in Ireland Experienced a Cyber Attack Last Year

Aon plc, a leading global professional services firm, today released figures that reveal that most senior business leaders in Ireland plan to increase investment in cyber security and resilience in the coming years amid the evolving cyber risks facing Irish firms.  

The survey of 228 senior business leaders from companies across Ireland reveals that 18 percent of Irish firms experienced a cyber-attack or data breach in 2022. Large companies with more than 250 employees are more at risk, with 21 percent of firms facing an attack last year compared to 9 percent of SMEs.

Companies have taken steps in the past year to strengthen their cyber resilience and preparedness, with 38 percent having enhanced their data recovery and back-up systems and 35 percent having provided cyber security training to employees. This represents a slight decrease from levels seen in 2021, when 40 percent of employees were provided with cyber security training.  

Given the ever-changing cyber landscape, over two thirds of Irish firms (67 percent) plan to invest more in cyber security and resilience in the coming years. Seventy-two percent of firms with more than 250 employees are due to increase their spending on cyber security measures.

The survey also points to the growing dominance of cyber threats on an organisation’s risk register. According to the findings, cyber is now the fourth biggest business risk facing Irish organisations today.

Karl Curran, Head of Aon’s Cyber Solutions Ireland and Nordics, said: “Our figures show that cyber resilience is very much front and centre of Irish business leaders’ concerns. As the fourth biggest risk facing Irish organisations today, and with one in five firms being disrupted by a cyber-attack last year, business leaders are acutely aware of the enormity of the risk that cyber-attacks present and the need to plan accordingly. However, far too often, successfully managing cyber risk only becomes a priority after a cyber incident has occurred. Despite the majority of Irish firms planning to invest more in cyber security and resilience in the coming years, more than a quarter of Irish business leaders don’t have any plans to invest more in cyber security and resilience in the near future.

“Amidst an increasingly complex business environment, business and IT leaders are under increasing pressure to make smart security investments. And the truth is there is no one straight line approach to cyber security. It is a continuous journey focused on building resilience.

“At Aon Ireland, we encourage leaders to review their cyber security posture and take a strategic approach to managing cyber risk that is informed by data. This begins by assessing the cyber risk landscape, identifying the ways in which your IT team can mitigate challenges, transferring risk out of the business and, when faced with a crisis, recovering with speed. By taking a data-driven, circular approach to cyber resilience, business and IT leaders can come together to make better decisions that protect the future of their organisation and its people.”

To help business leaders on this journey, Aon’s Cyber Loop is a model for sustained cyber resilience that recognises the growing concern around cyber threats and supports businesses on their journey of investment. Comprising four main stages – assess, mitigate, transfer and recover – the Cyber Loop supports business leaders to maximise return on cyber security investment and become an informed participant in managing risk.

The four main stages of Aon’s Cyber Loop are:

  1. Assess

A thorough assessment of an organisation’s cyber risks will ensure that they are better informed and in a better position to agree on an appropriate risk strategy.

  1. Mitigate

Bridge the gap between understanding the technical risk of an identified vulnerability and the related financial exposure to inform decisions that can enhance security maturity and maximise return on security investment.

  1. Transfer

Despite a rising tide in cyber governance, losses still emanate from human error, system failure or security failure. Aon’s experts help businesses to identify, quantify and transfer cyber risk into the insurance market.

  1. Recover

Aon’s team of experts are experienced in maximising possible recovery of costs and working towards a cashflow neutral position.

To learn more about Aon’s Cyber Loop, visit https://www.aon.com/cyber-solutions/thinking/the-cyber-loop-a-model-for-sustained-cyber-resilience/.

F-Secure launches new Total cyber security package

Cyber security provider F-Secure today releases a new version of its premium cyber security service Total. Total now enables users to protect themselves from complex cyber threats with one simple solution. Integrating previously separate F-Secure SAFE, FREEDOME and ID PROTECTION into a single easy-to-use app, Total offers users the very best in online protection. 

Recent F-Secure research found that 60% of people find managing security of all connected devices impossible. By launching one app that offers complete security and privacy on desktops, phones and tablets, with no complicated set-up and jargon free, F-Secure is making security simpler for their customers.

What’s new?

  • Same app for every family member adapts to individual protection needs

  • Optimised child user experience (including own UI scheme)

  • Family rules enhanced with VPN

  • People & Devices for easy license, user and Family Rules management 

  • New iOS Safari extension for browsing protection

  • On Windows Banking Protection prevents untrusted network connections from happening during the online banking session 

  • New remote Access Protection blocks use of remote access tools during banking session 

The launch of Total comes alongside a new look F-Secure as it sets its sights on simplifying cyber security for consumers who face confusion around what protection they need for their devices.

Getting started with F-Secure Total is easy. Thanks to the online management portal (my.f-secure.com) or the People & Devices view inside the Total app, users can have all their devices protected in a matter of minutes without the hassle of multiple installations, license keys and credentials. 

F-Secure Total provides: 

Malware Protection – Offering award-winning Malware protection, Total is built on the same antivirus protection technology as SAFE. It protects devices against viruses, trojans, ransomware and other harmful apps that may collect, steal or lock personal data, credit card numbers, banking credentials and other valuable information. Total brings the fastest response times to new threats with a combination of the new behaviour-based protection technology, DeepGuard, and the latest AI-enhanced cloud technologies (Windows and Mac).

Browsing Protection – Browsing Protection allows users to browse the internet safely, automatically keeping them away from malware and phishing sites.

Banking Protection – Banking Protection gives users added security for online shopping and banking. It      prevents access to known malware and phishing sites and a VPN encrypts all internet traffic to protect security and privacy. 

Privacy VPN – Privacy VPN enables online security and privacy even on unsecured public Wi-Fi networks such as hotels, restaurants and airports, encrypting all data traffic to the internet and keeping online activities safe from hackers and trackers. 

Family Rules – F-Secure Total has been designed to protect the whole family, from small children to adults, adjusting to individual protection needs. Total lets parents set healthy boundaries for children’s device use without forgetting the core online security and privacy. With Total, children can explore the internet, install apps and communicate with family and friends safely. 

The Time Limit feature helps in setting boundaries for screen time and bedtime whilst a content filter prevents access to unsuitable online content. Family Rules can be managed through parent’s Android or iOS app or through the online management portal. 

Gaming Mode – Gaming Mode optimises many security and Windows settings and functionalities for optimised and uninterrupted gaming. In Gaming Mode, Total updates are paused to save bandwidth and CPU load, prompts, notifications and PUSH messages are not shown, and automatic or scheduled antivirus scans are not started. Total PC has been optimised for the best gaming performance. 

Password Vault – Good password practice lowers the risk of personal information falling into the hands of criminals. Password Vault enables easy creation of strong and unique passwords and synchronises them across all devices. Password analysis pinpoints improvement areas like use of common, weak or even re-used passwords while autofill of passwords simplifies daily use of the vault. 

ID Monitoring – F-Secure comes with integrated ID MONITORING which helps to respond to account takeover and identity theft threats. It relies on F-Secure’s breach detection and underground web monitoring. If personal information is found among breached or leaked data, users will receive a warning email. Instructions on what to do next are available in the app. 

Cyber Help – The Cyber Help service aids with user’s online identity related concerns and in case of an identity theft incident, will help with remediation.

F-Secure Total is available from www.f-secure.com now with prices starting from £44.99.

Can You Minimize Ransomware Settlement Exposure with Cyber Insurance?

Nearly anyone can be a victim on the cyber battlefield, including celebrities. The personal data of Madonna, Bruce Springsteen, Lady Gaga, and Elton John was stolen from Grubman Shire Meiselas & Sacks (GSMS), and because GSMS refused to pay the ransom in full, much of the information ended up for sale on the internet. Even though the FBI got involved and GSMS hired private individuals to recover the data, only some of it was reclaimed.

The GSMS attack used what’s referred to as the double extortion method:

  • First, they stole data
  • Then, they threatened to publish the data if GSMS didn’t pay the ransom within a specified time frame

A ransomware attacker can gain access to your system through a number of ways, including guessing an employee’s password, using malware to infiltrate your network, email spoofing, or spear phishing, which is explained in this video by Cisco.

While cyber insurance cannot prevent a ransomware attack, there’s a lot it can do if you find your systems hacked and your data held for ransom. But each attack—and insurance policy—is different. 

Below, we’ll discuss how cyber insurance works, how it can be used to reduce the impact of ransomware settlements, what it covers, and the trends shaping the cyber insurance industry.

What Is Cyber Insurance and Who Needs It?

An organization can obtain cybersecurity insurance, also known as cyber liability insurance or cyber insurance, to help mitigate internet-related risks such as ransomware and other forms of cyberattack. The insurance contract transfers some of the risks to the insurer in return for a monthly or quarterly payment.

Cyber insurance benefits companies that produce, store, and handle electronic data online, such as credit card details, client contact information, and consumer purchases. It can help pay for the costs of reclaiming data in case it gets stolen. Cyber insurance is also an advantage for e-commerce companies because downtime resulting from a breach may result in lost clients and sales. 

Can You Minimize Ransomware Settlement Exposure with Cyber Insurance?

Ransomware attacks are becoming more prevalent. And because no company is too big or small for malicious actors, it’s only a matter of time before an organization gets attacked—which is why many companies purchase cyber insurance in the first place. They don’t want to single-handedly shoulder the costs of an attack. Ransomware payments can be excessively costly, and some cyber insurance policies may cover the entire amount demanded by hackers. 

But insurance companies are starting to tighten their requirements. In a threat landscape that sees ransomware attacks consistently topping the list of threats—not to mention ransomware demands increasing—before they grant or renew coverage, they now take steps to make sure businesses have basic cybersecurity protections in place. Absent these protections, they either deny coverage or charge higher premiums. 

As experts from FortiGuard Labs observed in this video about ransomware and ransomware settlements, attackers are now more advanced and persistent, and they’re “more like nation-states.” And that’s because ransomware attacks provide a consistent stream of revenue for them.

What Does Cyber Insurance Cover?

In addition to costs and legal fees, cyber insurance often assists with:

  • Restoring data from hacked systems and fixing broken computer systems
  • Notifying customers of a data breach
  • Protection against data compromise, which includes services from a public relations agency and providing credit monitoring for customers
  • Identity recovery protection for victims of identity fraud
  • Protection against harm caused by a virus or computer attack

 

When a data breach involves personally identifiable information (PII), most states require businesses to notify customers, and this can get costly. But because cyber insurance may cover this expense, a company can go the extra mile for customers that may have been impacted.

Cyber insurance may also cover the amount you send to an attacker as part of a ransomware settlement. In some cases, the insurance company may also help offset the costs of hiring a negotiator. In addition, cyber insurance may reimburse the money you spend to fix your systems. This may be the case if you’re hit with a wiperware attack, for example, which can destroy the data critical to your digital infrastructure.

What Cyber Insurance Can Do After an Attack

To illustrate the impact cyber insurance can have after an attack, consider the following example:

Suppose you’re the chief information security officer (CISO) at a large retailer, and your company gets hit with ransomware. The attacker demands that you pay $25 million in exchange for getting your systems back online. The following systems have been taken over by the attacker, and they’re currently useless:

  • Your website
  • Your e-commerce systems
  • Computers belonging to the accounting department
  • Your billing system
  • The digital infrastructure that handles product sourcing 

Your company is losing thousands of dollars every minute, but after reaching out to the FBI, you’re advised not to pay the ransom. Desperate, you decide to hire a negotiator. They spend hours going back and forth with the attackers, adding to the expense of the attack.

Because you take too long to pay up, the attackers use wiperware to destroy the data on your email server, which also handles your e-commerce solution.

Eventually, the negotiator reaches a settlement with the attackers, and they agree to accept $5 million. You’re given control of the surviving computer systems again. But you soon learn that customer data had been stolen and was being sold on the dark web.

In this case, here’s what cyber insurance could cover:

  • The $5 million you paid to the attackers
  • The negotiator’s fees
  • The cost of restoring your web assets, including your e-commerce tools
  • Expenses associated with reaching out to customers to inform them of the breach and what you’re doing about it
  • Legal costs you incur because customers are suing you for compromising their information
  • The costs of free credit reports you will now provide for three years to customers whose data had been stolen, just in case the hackers—or those they sell the information to—use customers’ information to make illegal purchases

While it would be rare for companies who’ve gone through an actual attack to reveal in detail how cyber insurance helped with their expenses, the above example is certainly feasible. Naturally, the benefits to cybercriminals are significant, and this has given rise to some interesting developments that directly impact the cyber insurance industry.

Trends in Cyber Insurance

Cyber risks are intricate and constantly changing. Attacks are becoming more frequent, with costs reaching millions of dollars. High-profile incidents like the Colonial Pipeline attack have been dissected and discussed far and wide, resulting in shifts in the cybersecurity insurance industry. Below is a list of some of the trends that are defining—and will continue to define—the cyber insurance space.

  • As incidents gain wide media coverage, incidents become more frequent and serious
  • More severe fines for data breaches can be anticipated in the future as data protection legislation begin to take shape around the world
  • Intellectual property theft, business interruption, and cyber extortion will continue 
  • Vulnerable critical infrastructures pose a serious concern
  • Cybersecurity isn’t foolproof

Can Cyber Insurance Save the Day?

Even though cyber insurance may absorb much of the impact of a ransomware attack, it won’t cover other losses—for example, customers choosing to stop doing business with your company or potential business partners suddenly backing out of deals.

So while cyber insurance will greatly help with costs, you still need to bolster your cybersecurity defenses, such as updating your security solutions, properly configuring your firewalls, performing frequent backups, and conducting regular employee education. Doing so reduces your chances of exposure to an attack—which, in turn, reduces the likelihood of your company paying hefty ransomware settlement amounts.  Learn what cyber insurance covers and if you can use it to minimize your exposure to ransomware. Discover the latest cyber insurance trends.

Irish Advantage – Ireland’s opportunity to becoming a global leader in cyber security by 2030

A recent report conducted by Cyber Ireland and Cyber Skills, which is the first of its kind in Ireland, has found that there is an opportunity to position Ireland as a global leader in cyber security and to grow the workforce to over 17,000 by 2030.   These are among the findings of the report which identified 489 cyber security companies operating across Ireland that employ cyber security teams.

Minister of State with responsibility for Public Procurement, eGovernment and Circular Economy, Mr Ossian Smyth, addressed the report “There have been several significant cyber security incidents in the past number of years, including the incident affecting the HSE in May of last year. I welcome the collaboration between Cyber Ireland and Cyber Skills on The State of the Cyber Security Sector report in Ireland. These findings will be key in developing our ambitious targets to support future growth and development of the cyber security sector in the years ahead.”

Cluster Manager of Cyber Ireland, Dr Eoin Byrne stated “This report shows the size and scale of the cyber security sector, critical to our economy and society, which employs 7,300 professionals and contributes €1.1bn in Gross Value Added (GVA) per annum. Cyber security is a rapidly growing industry, and we have the potential in Ireland to grow this industry to 17,000 jobs and €2.5bn in annual GVA by 2030, with the right business supports and measures.”

While the findings of the report confirmed that 83% of businesses expect their cyber security team to grow over the next twelve months, 61% have noted a recruitment, training and retention issue, such as a lack of candidates in the labour market with the appropriate skill level (41%),  lack of non-technical skills (22%), or unaffordable salaries (21%). Access to training and education is essential in the industry to ensure demand for skills does not outweigh supply.

Professor Donna O’Shea, Chair of Cybersecurity at Munster Technological University (MTU), added “The opportunity for Ireland to grow and develop the cyber security sector to 17,000 professionals, is dependent on a supply of suitably qualified individuals. The HEA Cyber Skills initiative aims to address the challenge of talent and skills, by reducing barriers to participation in the industry, upskilling and reskilling professionals making them industry ready upon completion of their courses. This is done with expertise drawn from top industry leaders and collaboration within the scientific community”

Investment in cyber security firms hit record levels in 2021 of over $20b globally, and over the past 5 years 20 Irish cyber security firms raised over €110m in external investment to fund expansion and growth in operations.  However, it was found that 26% of businesses that responded have faced issues with raising or securing finance. Quick access to investors is essential for funding, development, competition, connections & access to markets and Irish cyber security start-ups require this funding to scale their business rapidly to meet the demands of the market.

Dell Technologies Expands Multi-Cloud Experiences Across Cyber Recovery, Data Analytics and Partner Ecosystem

Dell Technologies is delivering new cloud experiences, an expanded ecosystem, and offerings to help customers manage and protect applications across data centers and multi-cloud environments. These new offerings are designed to help organizations easily store, protect and control their data and applications across an increasing number of platforms and locations.

“Our customers want help reducing complexity and are seeking solutions that use a common approach to managing data wherever it lives – from public clouds, to the data center, to the edge,” said Chuck Whitten, co-chief operating officer, Dell Technologies. “We are building a portfolio of software and services that simplifies on-premises and multi-cloud environments and offers.”

“We are making bold moves to deliver solutions that are connected and increasingly digital to create a superior health care experience for consumers,” said Karen S. Lynch, President and CEO, CVS Health. “Our strategic collaboration with Dell is helping accelerate the value of our technology investments for our colleagues and consumers.”

Dell delivers cloud experiences for cyber recovery on-premises and in public clouds

According to a recent Gartner® report, global information security and risk management end user spending will reach around $168 billion in 2022, up over $13 billion from 2021.1 As cyber protection continues to become a greater priority, Dell is providing new options for managed cyber recovery offerings and public cloud cyber recovery solutions for multi-cloud environments.

Dell is bolstering its APEX portfolio with the introduction of Dell APEX Cyber Recovery Services. The first in a series of new APEX full stack solutions that deliver a cloud experience, APEX Cyber Recovery Services simplifies recovery from cyberattacks. Dell manages the day-to-day cyber recovery vault operations and assists with data recovery. Dell is delivering an as-a-Service experience with standardized configurations, simplified Dell-assisted recovery options and expertise from nearly 2,000 isolated vault solutions deployed globally.

 Dell is extending the reach of its multi-cloud ecosystem and speeding access to its data protection offerings for public clouds with the release of Dell PowerProtect Cyber Recovery for Microsoft Azure. The new service will join a broad portfolio of Dell offerings available through Microsoft Azure Marketplace and will allow organizations to:

  • Deploy an isolated cyber vault in the public cloud to more securely protect and isolate data away from a ransomware attack, improving cyber resiliency and helping reduce the impact of cyberattacks.
  • Provide flexible recovery options in the event of a cyberattack including recovery within the data center, in a new Azure private network, or in an unimpacted Azure environment.

Dell also builds on its collaboration with AWS by announcing CyberSense for Dell PowerProtect Cyber Recovery for AWS. With the offering, organizations will be able to:

  • Use adaptive analytics, scan metadata and complete files, and implement machine learning and forensic tools to detect, diagnose and speed data recovery.
  • Monitor files and databases to determine if a cyberattack has occurred and identify the last known uncorrupted copy of data to speed a more secure and confidential recovery.

Dell demonstrates data storage services in public clouds

Building on January’s introduction of Project Alpine, Dell is demonstrating how its storage software could be used in public clouds such as AWS and Azure. Project Alpine will provide data mobility and consistent operations across on-premises and public cloud environments. Organizations will be able to quickly deploy or easily consume Dell storage software and services that will offer performance in the public cloud efficiency and protection based on industry-leading enterprise storage.2

With Dell storage software in the public cloud, customers will be able to seamlessly move data to the cloud and leverage cloud-based analytics services. Developers can write applications once and deploy them anywhere they are needed to create a consistent, cloud-native experience across multiple public clouds.

 Dell and Snowflake collaborate to extend the multi-cloud experience

 Dell and Snowflake will work together to connect data from Dell enterprise storage with the Snowflake Data Cloud. A first of its kind, this collaboration will give customers greater flexibility operating in multi-cloud environments, meet data sovereignty requirements, and easily turn data into insights wherever it resides.

Dell and Snowflake customers will be able to use on-premises data stored on Dell object storage with the Snowflake Data Cloud while keeping their data local or seamlessly copying it to public clouds. The companies will pursue product integrations and joint go-to-market efforts in the second half of 2022.

Availability

  • Dell APEX Cyber Recovery Services is available today in the United States with broader availability planned for later this year.
  • Dell PowerProtect Cyber Recovery for Microsoft Azure will be globally available in the second half of 2022.
  • CyberSense for Dell PowerProtect Cyber Recovery for AWS will be globally available in the second half of 2022.

The Top 5 Threats to Cyber Security

Regardless of whether you love, hate, or have mixed feelings about technology; you cannot doubt its impact on your daily life. The current digital world continues to expand as more people, businesses, and companies adopt remote working. However, as digital activity surges, the criminal desire to take advantage of modern technologies also increases, evidenced by advanced cyber security threats and a rise in digital crime.

In recent years, several major companies have fallen victim to various cybercrimes, ranging from phishing attacks to data breaches. Below are the five major common cyber threats to watch out for.

  1. Phishing Attacks

Phishing attacks are the most common and damaging cyber security threat facing small businesses. These attacks account for an estimated 90% of data breaches facing organizations and cost businesses up to $12 billion in losses. A phishing attack occurs when cyber criminals pretend to be trusted contacts and entice users to click malicious links or download malicious files that give them access to your computer or sensitive information.

Current phishing attacks are more sophisticated, as attackers devise new convincing ways of pretending to be your real business contacts. Phishing attacks are very damaging since they are difficult to combat. Unlike other threats that leverage technological weaknesses, these attacks target humans in a business through social engineering.

However, businesses can take some measures to mitigate these attacks. Using a reliable email security gateway, installing post-delivery protection, and training your employees on identifying phishing emails can reduce the risks of falling prey to phishing emails.

    2. Malware Attacks

Malware threats are the second serious cyber security threat facing both small and large businesses. Malware attacks include various cyber threats, such as viruses and Trojans, used by hackers to gain access to business networks, destroy or steal sensitive data. Malware attacks often stem from malicious downloads, connecting to insecure devices or networks, and spam emails.

Malware attacks have significant damaging effects on small businesses since they can cripple computers and other devices that require expensive repairs and replacements. Hackers also access sensitive customer data, putting your company at risk for legal issues. Fortunately, businesses can mitigate malware threats by installing strong and reliable technological defenses, such as Endpoint Protection, which protects devices from malicious downloads.

Taking advantage of the correct threat intelligence tools allows businesses to stay ahead of emerging threats, providing real-time insights into potential risks. These tools help identify vulnerabilities, enabling businesses to act quickly and prevent attacks before they cause major disruptions

     3. Ransomware

Ransomware is another common cyber threat affecting thousands of businesses every year. Unfortunately, they have grown to become one of the most lucrative executable attacks. Ransomware attacks have some similarities with malware attacks. With these threats, cybercriminals encrypt company data and demand a ransom or give conditions that should be met for the data to be unlocked.

Like other cyber security threats, small businesses are specifically targeted due to their average cyber security framework. Hackers also target small businesses because most of them haven’t backed up their data. So to say, 71% of Ransomware attacks in 2018 were directed to small businesses with ransom demands averaging at $116,000.

That said, businesses should adopt strong cyber security measures, such as Endpoint Protection, to mitigate these attacks. You should also back up company data in the cloud to avoid data loss.

    4. Insider Threats

Insider threats are a serious yet mostly overlooked cyber security threat by most companies. A Verizon analysis found that insider threats accounted for 25% of cyber threats in 2017. As the name suggests, these are risks caused by the actions of your employees, bitter former employees, or your business associates. Since these persons can access company information, greed or malice can steer them into causing disastrous actions.

These threats are a significant problem that can put your employees and customers at risk. It can also expose your company to hefty financial damage. While this cannot be prevented, you can reduce insider threats by developing a strong company culture within your business. You should also increase cyber security awareness since some insider threats are caused by employee ignorance or carelessness.

    5. Cloud Jacking

Cloud computing is a fast-rising trend that most companies have adopted for collaboration, communication, and storage. Unfortunately, while the cloud is deemed safe, this is not always the case. Cloud jacking occurs when cybercriminals infiltrate your cloud computing system. Once they access your business cloud, hackers can reconfigure your cloud code, eavesdrop on company communications, and conduct other damaging actions.

Most cybercriminals use information gained from cloud jacking to run other cyber threats, specifically phishing schemes. With the information gained from eavesdropping, they can create fake memos or instructions that appear to have been approved by the management, tricking employees into clicking or downloading malicious files. To stay safe, businesses should look into staying CMMC compliant, as the goal of your CMMC SSP is to provide a readable overview of your security requirements and the controls you have in place to meet those requirements to anyone looking into your cybersecurity posture.

Conclusion

While these five cyber threats aren’t everything that businesses face, they are arguably the most threatening. As cybercriminals increasingly become smarter and strategic, businesses should advance their cyber security measures. You should ensure that your organization has updated cyber security measures to protect your network and sensitive company data from vulnerabilities.