Growing threats and risks of Cybercrime

Every day, whether at the personal level or at the corporate level, we are exposed to threats from the cyber space. In most cases, we are not even aware of these threats, or even if we acknowledge them, the right decision isn’t made. The global cyber threat situation has never been as unpredictable as in the covid period, which has set a cybercrime as a record year of ransomware and a breakthrough in crypto-currency-miner attacks. Hackers all over the world took advantage of the COVID-19 situation to launch cyber attacks and it took its toll on businesses, organizations, and individuals alike.

 

Accordingly, companies in all sectors had to contend with serious incidents during this period. The most common causes of critical incidents are the same as last year: targeted attacks (40.7%), malware with critical impact (14%), exploitation of publicly available critical vulnerabilities (13%), and social engineering (5.5%). Targeted attacks in 2021 hit all vertical sectors evaluated in the research except education and mass media, although incidents related to targeted attacks were reported within media organizations. Most human-powered attacks have been identified in government, industrial, IT and financial sectors.

 

The proportion of serious cybersecurity incidents has increased by half in the past year, from 9% in 2020 to 14% in 2021. This is shown by the research conducted by Kaspersky Managed Detection and Response (MDR). Increasingly complex infrastructures, skill shortages, and increasing sophistication of attacks can impact the efficiency of cybersecurity teams and their ability to detect hostile activity before incidents occur. To gain insight into the current threat landscape, Kaspersky analyzed anonymized customer incidents identified through its MDR service in 2021.

Growing threats and risks of Cybercrime

As the ransomware is the fastest growing security threat, known as a moderate or extreme threat by 80% of cybersecurity professionals. Industry experts predicts that, in coming years, this number will continue to increase together with more threats will be added to the known threats. A survey conducted by Veriato Information Security highlighted that Email and web use represent the most common reason of ransomware infection with employees opening malicious email attachments (73%), responding to a phishing email (54%) or visiting a compromised website (28%).
75% of worldwide organizations are touched by ransomware and have experienced up to 5 attacks in the last 12 months alone, 25% experienced 6 or more attacks. The information most at risk from ransomware attacks is financial data (62%)followed by customer information (61%). With such high risk, 59% of organizations are yet not confident at all in their ransomware defence.

 

CryptoTheft, Microsoft Data Breach, Red Cross Data Breach, PressReader’s, the year 2022 has already been marked by major attacks on a global scale based mainly on a security breach. Today, even if this new wave of malware reveals new patterns of attacks, criminals will remain loyal to the most malicious malware: ransomware, financial data, and digital currency crimes. However, the way these threats are used currently will continuously change into sophisticated way.

 

Sources: Truesec: The evolving cyber threat landscape

Backup as-a-Service: Ultimate solution of Data security for the cloud Era

In the past two years, the corona pandemic has forced many companies to adapt remote work. Since then, a significant number of employees have been working from home. IDC predicts that by 2023, 60 percent of all enterprise data will be generated by remote workers. At the same time, the threat situation in terms of cyber security has intensified. Ransomware attacks increased by 80 percent between February 2021 and March 2022. While cybersecurity has long been a critical concern, it is now more important than ever for organizations to take effective security measures.

 

In order to access all office resources from home, employees have changed or modified firewalls and access points. As a result, since most of the data is generated outside of the corporate firewall, it creates a greater exposure. The number of ransomware attacks on software-as-a-service (SaaS) applications have also increased. And while these services generally have security features, cybercriminals can gain access through a user’s compromised operating system. Giving the possibility to the attackers to attack the cloud services themselves.

 

Companies must equally consider the three pillars of data security: confidentiality, integrity and availability. But how can you protect your organization and still enable the staff to exchange information safely? Confidentiality ensures that information is only accessible to authorized persons. Integrity ensures that information remains unchanged throughout its life cycle. Availability makes sure that information is accessible within a certain period of time. Together with the concept of traceability, these aspects are the basic criteria for information security.

 

Security is not a singular activity, it is an ongoing process and it is crucial for companies to be aware of this fact. Cybersecurity success for organizations that are proactive and only take basic security measures to protect their data has typically had limited success. IT environments must be routinely monitored so that anomalies can be identified quickly and appropriate countermeasures can be initiated in the event of an actual attack. All companies and institutions should also have the capability and services to be prepared for recovery in the event of data loss due to a ransomware attack.

 

However, for many organizations, their current backup solutions are either not up to date, either ineffective or costly. Most of the time their data is stores on-premises on a local server, making the storage often too slow and requiring a lot of maintenance along with carrying the risk of data loss.

 

Backup-as-a-Service (BaaS) is a modern alternative to this traditional backup approach. BaaS, also known as online backup or cloud backup, is a way to store data remotely in the cloud and outsource the management of data infrastructure and services assistance to a service provider. A BaaS solution eliminates the traditional storage methods as it runs on cloud-based storage. Using Backup as a Service enables organizations to eliminate capacity overprovisioning and long CapEx (capital expenditure) purchase cycles and move to subscription based OpEx (operating expenditure) pricing. Equally significantly, it allows organizations to free up resources dedicated to infrastructure management to focus on more strategic tasks. This makes BaaS the ideal solution for companies that have limited or no IT infrastructure of their own.

 Backup as a Service Ultimate solution of Data security for the cloud Era

BaaS can connect systems to a private, public, or hybrid cloud environment, depending on the organization’s existing backup strategy. The data is then managed exclusively by the external provider. Companies that use BaaS solutions only pay for the services of an external company.

 

The main advantage of BaaS compared to traditional (on-premises) data protection solutions is its ease of administration. By storing the data in a cloud backup solution, there is no need to manually move the data to external locations and regularly swap out the hardware, such as hard drives. Thus, it eliminates the need for physical components of data protection, such as tape drives, servers and other hardware elements. These are expensive, high-maintenance and only have a limited lifespan. The shift to opex takes the headache out of capital expenditures and upgrades with simple subscription-based pricing. As a result, a company can save significant resources and have more time to focus on business processes and its core business and thus on generating profits.

The respective cloud provider is responsible for maintaining the cloud infrastructure. Data stored in the cloud does not have to be transported either. As a result, organizations save on storage media, transporting that media to remote locations for safekeeping, and the costs associated with managing backup systems. For this reason, BaaS is also much more cost-effective.

The multi-level redundancy of a BaaS solution also offers companies a higher level of security when restoring data. This is because BaaS stores multiple copies of data in independent locations. If data is lost or deleted, the backups are easy to find and the information can be quickly restored, allowing the business to get back to business as usual in no time.

 

Another benefit is that certain BaaS providers offer what is known as data compliance service to comply with government regulations. These include the right to erasure and the ability to remove data along with the full content index. This feature further includes a range of ransomware protection features and provides complementary processes and services to enable users to secure data from any cloud environment.

Cloud-based backup solutions require less maintenance and are more cost-efficient, as well as more secure and reliable, and are therefore clearly the better alternative. As a result, investing in on-premises backup is no longer advisable for most businesses. Rather, they should focus on BaaS solutions in order to increase their level of protection and quickly regain access to their data in the event of a ransomware attack.

Threat Intelligence: Combatting Cyber Crime with Artificial Intelligence

Threat Intelligence Combatting Cyber Crime with Artificial Intelligence

Since the past few years, Cyber ​​Attacks are becoming more and more complex and frequent. Hackers and cybercriminals, armed with sophisticated, effective, and faster malware, have literally stolen millions of billions of dollars from online corporate accounts and individuals around the world. The days in which a bank robber personally attacked a branch are (almost) gone, the big coups today take place behind the screen.

 

Even with the best prevention, it will never be possible to resist them all. In order to defend themselves and to minimize damage, organizations need to be able to identify incidents quickly and act appropriately. In the fight against cybercriminals, technology alone is not enough. AI disciplines such as machine learning supervised or unsupervised learning, real-time decision making and deep learning play a critical role.

Artificial intelligence is as important as efficient processes when it comes to cybersecurity. Intelligent algorithms help to identify threats better and faster. AI-based security systems have a lot of advantages to offer in terms of threat intelligence. The fact is: the faster you recognize a security incident, the better the damage can be limited. The damage costs are still affordable if they are discovered promptly.

 

In the past two years, almost every second Belgian company has suffered damage from cyber attacks. Prime Minister Sophie Wilmès said in parliament that according to Belgium’s Centre for Cyber Security (CCB), cyberattacks in Belgium nearly tripled in 2019. A peak increase from 2018. Another Research from the FBI IC 2019 Internet Crime Report indicates that more than $3.5 billion was reported lost as the result of global cybercrimes in 2019 alone. That’s a total of 467,351 incidents that were reported by businesses and individuals.

 
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In order to detect cyber attacks, the majority of companies evaluate log data and protocols. And only a few of them practice emergency management including regular exercises. That is exactly what would be important. Because in order to minimize damage, companies need a well-coordinated incident response team that can act quickly in an emergency. The security experts are facing evolving challenges on a daily basis, as the nature of attacks evolves, and adversaries operate in well-organized, highly skilled groups. On one hand, cyber-attacks are becoming more and more complex. At the same time, the number of cyberattacks is increasing continuously, which means that the attack surface is growing as digitalization progresses. With the help of artificial intelligence, large amounts of data can be analyzed in a short time, unknown files compared with threat intelligence platforms, and thus malware detection and conspicuous behavior patterns can be checked faster using existing rule catalogs. AI can find potential intruders in the system, much faster than the security experts. AI enables faster attack detection, response, and minimize possible damage while reducing the need for human cybersecurity experts. AI can learn from security analysts and improve its performance over time, leading to time savings and better decisions. Thus, AI technologies improve threat intelligence, prediction, and protection.

 

AI only works really powerfully if the algorithms used in machine learning systems and artificial intelligence (AI) can only be as good as the data used for their development. A correspondingly large and high-quality database is not only needed for the detection of anomalies, but it is also a prerequisite for the continuous development of the AI ​​systems. Equipped with a sufficiently large and high-quality database, AI contributes rule-based knowledge and analytical accuracy for threat intelligence services. Still, it doesn’t work without human intelligence. Poor data quality leads to poor AI, an inadequate detection rate, and ultimately poor security. High-quality data are essential for high-quality algorithms.

 

In addition to speeding up the response time, another advantage is the accuracy of the detection. Instead of getting tons of warning notifications, which often turn out to be false positives, companies can concentrate their resources on risk minimization and strategic measures. AI solutions can process information in nanoseconds and derive valuable suggestions from it, but not all information is really relevant. The systems, therefore, need input from the analysts to understand the context of a security incident.

 

How good an AI algorithm depends crucially on the experts who feed their “machine helpers” with the necessary information and create security guidelines that they can further refine based on possible incidents or the results of their own vulnerability searches. These threat detection capabilities are urgently needed as cyber attacks continue to grow in volume and sophistication. The combination of continuously learning algorithms and well-trained experts makes it possible to identify new threats almost in real-time and react to them. It’s also important to establish a culture of vigilance and carefully monitor suspicious activities on your own IT resources. Companies also need to understand that there is no such thing as one solution, but rather a set of tools and best practices that employees need to be reminded of. Thus, businesses across the globe should get attuned to this new operating model paradigm shift driven by AI and powered by analytics.

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