The Benefits of Cyber Security Insurance for Your Business

Cyber Attack, Cyber Security, Cyber Security Insurance, Data Breach, Data Security, Ophtek, , ,
18
May 2021

We’re all used to dealing with insurance for both our personal and business needs, but did you know it was possible to arrange cyber security insurance?

2020 saw financial losses caused by cyber crime topping $1 trillion. Yes, you read that right, $1 trillion. This is a phenomenal figure and one which underlines the damage that cyber breaches can cause. Ransomware, as you would expect, is a major contributor to this figure of $1 trillion and confirms just how important cyber security is. However, no set of defenses are 100% perfect. Accordingly, it’s possible for any organization to suffer financial losses. And this is where cyber security insurance comes in.

To help you understand the benefits of cyber security insurance and how it works, we’re going to take a quick look at the subject.

What is Cyber Security Insurance?

The impact of a data breach can be catastrophic for a business. Not only is there the damage to your reputation, but there are also the financial effects. Ransomware, of course, can pose an immediate financial risk. And many organizations feel pressured into paying the ransom fees demanded by hackers. There’s also the major risk of hackers causing direct damage to your hardware which, in turn, may need replacing. Compounding the impact even further is the threat of legal action from customers who feel as though their data has not been protected effectively.

Clearly, a cyber attack can quickly become very costly for your business. And it won’t be covered by your general liability insurance. This is why cyber security insurance has been developed. It serves to protect your business by covering your organization’s liability for any cyber attacks. This insurance is available from a wide range of vendors and is similar to almost all other forms of insurance. Each policy, which can be tailored to your specific needs, is costed accordingly and then registered against your business.

The Benefits of Cyber Security

But what exactly are the benefits of cyber security? Let’s take a look:

  • Recover Ransomware Losses: The funds demanded by ransomware can be costly and, if paid, can put a serious dent in your finances. Thankfully, with cyber security insurance in place, you can recoup any ransom funds through your insurance vendor.
  • Help Notifying Customers: By law, an organization needs to contact all affected parties when a data breach occurs. The time and energy required to carry out such a communication can be expensive. But the cost behind this exercise can be negated when you have taken out cyber security insurance.

For more ways to secure and optimize your business technology, contact your local IT professionals.

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Government Websites Compromised in Armenia

anti malware, Cyber Attack, Cyber Security, Hackers, malicious websites, Plugins, Security Threats, , , ,
07
Apr 2020

You would like to think that governments know a thing or two about cyber security. But a recent hack in Armenia has proved otherwise.

European security experts ESET have confirmed that numerous websites belonging to the Armenian government have been targeted and compromised by hackers.   The compromised websites have been infected with malware and pose a nasty security risk to visitors. It’s suspected that the hackers behind this attack are Turla, a Russian hacking group.

We’ve discussed malicious websites before, but this latest attack is a little different. Therefore, it’s crucial that you understand the unique methods behind the infection.

What’s the Story?

The suspected hackers have targeted several websites that come under the control of the Armenian government, but the same fingerprints have also been found on a few non-government websites. Regardless of which website is infected, the methods employed are the same. However, where this attack differs from normal is its selective nature. Rather than attacking every visitor that accesses the infected websites, the malware only targets high-ranking visitors. So, for example, a civilian visitor is likely to remain uninfected, but a government official will not be so lucky.

It’s intriguing that the malware is only interested in high-ranking officials and indicates that there could be a political angle to the attack. Speculation aside, what is known for certain is how the attack unfolds. Once a visitor has been established as ‘high-value’ a command-and-control server generates a malicious JavaScript code. This code is used to deliver a popup window prompting the user to download a Flash update. But while this does, in fact, install a genuine version of Flash, it also contains PyFlash. And this backdoor application allows hackers to gain full access to the infected PC.

How Do You Protect Yourself?

Naturally, the security risk of compromised government PCs is considered high. And, while it is unlikely to affect smaller organizations at present, the selective nature of the attack is troubling. Therefore, it’s important that you safeguard your business against similar attacks. This can be achieved by following these best practices:

  • Use Website Filters: One of the best ways to protect your organization from infected websites is by integrating website filters into your IT setup. These filters are backed up by huge databases, which are regularly updated, and will prevent your users from accessing websites considered a security risk. 
  • Prevent Software Installation: The majority of applications that your employees will want to install are likely to be genuine and safe. But, as with fake Flash updates, this is not always the case. And this is why it makes sense to enforce a complete blanket ban on unauthorized installs. Accordingly, any install requests should be submitted to an IT professional who can evaluate the risk of each proposition.
  • Block Popup Adverts: It’s rare that any PC user welcomes the appearance of a popup advert. And, with the risk of malicious popups so prevalent, it’s the last thing that an IT professional wants to see as well. Therefore, it makes sense to minimize this risk by installing a popup blocker. Not only will this reduce the risk of malware being installed, but it will also provide your PC users with an enhanced experience.

For more ways to secure and optimize your business technology, contact your local IT professionals.

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6 Reasons Why You Should Invest in Cyber Security

Cyber Attack, Cyber Security, Hackers, Hacking, malware, Ophtek, Password Security, PC Security, Secure Website, Security, Security Threats, , , ,
23
Jul 2019

Cyber-attacks are on the rise, so protecting your business has never been more important. But what exactly are the benefits of cyber security?

We all know about the need for firewalls and anti-virus software. They provide us with a layer of defense from the legions of hackers itching to access our data. Those who are new to the world of IT, however, are unlikely to know why they need cyber security. What can it deliver? Well, let’s run through six reasons why you should invest in cyber security:

  1. Protects Your Data: Businesses work with huge amounts of data in the 21st And, whether its employee or customer data, it’s going to be sensitive. This needs to be protected to prevent identity theft or financial damage. A professional approach to cyber security will reduce this threat and protect the integrity of you data. 
  1. Maintains Productivity: While the headlines regarding cyber-attacks always focus on data and costs, they fail to look at the impact on productivity. If, for example, a ransomware attack hits your network then critical files are going to be out of action. This means that your employees will be unable to work. And the impact that this can have on your organization’s productivity can be devastating. 
  1. Financial Damage: Cyber-attacks can hit a company where it hurts: the bank balance. Ransomware demands are, naturally, the most obvious cause of financial distress, but there are others. A drop in productivity can soon lead to a drop in sales which can significantly impact your revenue streams. And there’s also the chance that irreparable damage could be caused to your hardware resulting in the need for new purchases. 
  1. Protects Your Website: One of the cornerstones of a successful marketing strategy in the 21st century is a website. Whether it’s being used to promote your services or sell them it needs to be running 24/7. It’s a crucial communication channel, but it’s also one that’s regularly targeted by hackers. With the correct level of investment in cyber security you can limit the risk of it being compromised. This keeps your website running and ensures that your marketing strategies can run smoothly. 

  1. Keeps Malware Out: Malicious software, better known as malware, is the bane of all security professionals. Capable of causing massive damage to IT infrastructures, malware is a form of hacking which embraces subterfuge and results in untold problems for the victims. It can steal data, it can slow down systems and even set up attacks on other businesses. But if you invest in cyber security then then the chances of malware activating its payload is reduced. 
  1. Provides Customer Confidence: Consumers are wary of data security more than ever in the digital age. Therefore, inspiring trust in your IT systems is essential. If you can demonstrate that you’re working with professionals to protect your customers’ data then you can inspire this trust. Not only will you be able to protect your customer’s data, but you will enhance their loyalty to your brand.

For more ways to secure and optimize your business technology, contact your local IT professionals.

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What is the Difference Between Malware, Ransomware and a Virus?

Cyber Attack, Cyber Security, email security, Hackers, Hacking, malicious code, Ophtek, Ransomware, Security, Security Threats, , , , ,
26
Mar 2019

The terminology used to describe various hacks and security threats usually includes the terms malware, ransomware and virus, but what exactly are these?

It can get a little confusing when discussing the various security concerns that are floating around and this confusion can lead to a lapse in security. After all, if you’re reading about malware, but don’t know exactly what it is you’re reading about, then you’re going to be unable to act against it. And that’s why we’re going to take the time today to explore each particular category in a little more detail.

What is Malware?

Malware is very much an all-encompassing term for any form of malicious software, so this can include ransomware and viruses. However, we’re going to cover those two categories in depth later, so for now we’ll look at some other types of malware:

  • Spyware: Installed on a user’s PC without their knowledge, spyware is software that can be used to track user activity and then transmit this to a remote server e.g. keystrokes can be recorded to determine and steal login details.
  • Bots: Capable of bringing entire networks to a halt, bots are a particularly troubling form of malware that can easily harness the power of an infected PC to carry out spam email campaigns or DDoS attacks.
  • Rootkits: Highly conspicuous and deceptive, rootkits allow hackers to take control of infected PCs from a remote location. Usually installed at a root level, hence the name, rootkits provide privileged access to the victim’s PC.

What is a Virus?

Much like the common cold, a computer virus is an infection which can spread quickly and effectively. Exposure to a computer virus usually occurs when the PC encounters an infected website or file. Following this exposure, the virus is downloaded to the PC and executed. And this can generate the following results:

  • The PC startup process can become corrupted and leave users unable to log on to their workstation.
  • Performance levels can suddenly drop as your PCs processing power is handed over to the virus’ tasks.
  • PCs can find themselves spammed by numerous popup adverts which, if they’re particularly virulent, can soon crash the computer or slow it down significantly.

What is Ransomware?

Ransomware has grabbed countless headlines over the last few years and it remains a pressing concern for any business. Most commonly spread through phishing emails, ransomware’s main objective is to extort a ransom in exchange for the release of files it has encrypted.

Once the ransom has been paid then the hackers should, in theory, supply a key to decrypt the files. However, it’s becoming increasingly common for hackers to take the ransom, which is usually demanded in untraceable cryptocurrency, and leave the compromised files encrypted.

Final Thoughts

Whether you find your PCs affected by malware, a virus or ransomware, it’s clear that they spell danger for your organization. It may sound a little clichéd, but when it comes to malicious software then prevention is the best cure. And one of the best ways to prevent your PCs from falling foul of infection is by educating yourself on exactly what you’re up against.

For more ways to secure and optimize your business technology, contact your local IT professionals.

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The 5 Biggest Cyber-Security Threats for 2019

Cyber Attack, Cyber Security, Ophtek, Security, Security Threats, , ,
29
Jan 2019

A new year is here and it’s rich with opportunity, but not just from a business point of view. For hackers, 2019 promises to be a busy and lucrative year.

From enhancements to existing methods of hacking through to completely new approaches, hackers will be doing their best to breach the defenses of organizations all over the world. With methods such as cryptomining rapidly gaining popularity – and generating nice incomes for the hackers – it’s easy to see why hacking is evolving so quickly. If a hacker can design software that gives them just a 1% advantage over their rivals then there’s a good chance they will reap the financial rewards on offer. And that’s why 2019 is going to see significant advances in hacking technology.

However, it’s possible to protect your organization by educating yourself on the five biggest cyber-security threats for 2019.

  1. A Rise in Internet of Things (IoT) Attacks

Despite the headlines regarding IoT device vulnerabilities, little has been done to rectify the flaws. Default passwords are still commonplace across devices and a demand for increased flexibility to work with various operating systems has made IoT devices easy targets. Securing your IoT devices, therefore, is crucial.

  1. An Increase in Biometric Hacking

Biometric passwords such as fingerprint or retina recognition are methods of security which, on the surface, appear to be difficult to beat due to the individual nature of fingerprints and retinas. However, the software behind this technology is much more vulnerable. Flaws in both the software and hardware are likely to be discovered and exploited during 2019, so relying purely on biometric passwords is not a recommended strategy.

  1. Chatbots will Start Phishing

Bots have been present online for decades, but an emerging trend has seen hackers designing chatbots that socially engineer computer users and extract their sensitive data. Computer users are becoming increasingly reliant on chatbots contained within websites for help, so it’s a clever move on the hackers’ part as it allows them to send malicious links direct to users in real time. Educating your staff on the dangers of such interactions will be essential during 2019.

  1. A Major Cloud Hack Will Occur

The amount of data stored within the cloud is immense and it’s surprising that one of the major cloud vendors hasn’t suffered a major hack already. And this is why it’s likely that attacks on cloud vendors will increase in 2019. The cloud, of course, remains a fantastic storage solution, but make sure you’re aware of your vendors security capabilities and retain physical backups of your data.

  1. Botnet Attacks Will Take Down the Internet

Botnets have disabled large sections of the internet before such as the 2016 attack which saw PayPal, Twitter and Amazon taken down. Naturally, this is terrible news for the organizations which have been hacked, but the knock on effect is a decrease in productivity for organizations that rely on these services e.g. accepting PayPal payments. Therefore, identifying the key online services your organization relies on and creating a contingency plan in the event of an attack is vital.

For more ways to secure and optimize your business technology, contact your local IT professionals.

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