Cyber Insurance

Addressing Cyber Threats and Enabling Security in your Enterprise

Cybersecurity threats from hacktivists, criminals, and hostile nation states are enough to keep government officials, businesses, and consumers up at night. These attacks are growing in sophistication and frequency and pose serious threats to our national and economic security.

Everyone impacted by these vicious and dangerous acts must work together to help prevent, protect against, and effectively respond to them.

What are the biggest cyber threats CISOs are worried about in 2019? In today's age of breaches, staying ahead of cyber threats is becoming more critical than ever. Dive into how organizations are addressing the threat of cyber attacks, how they are measuring risk, and what they are doing about improving security from some of the top experts in the field.

  1. Ransomware is still a large risk, affecting a large number of businesses

  2. Data Loss and Data Breach based on information available on dark web, proves that organization can’t protect customers data.

  3. Small business with no security program are at risk more than large organization.

  4. All industry need to have some type of cyber regulations based on secure standards such as NIST or ISO.

What can business do, to enable a stronger security posture in their enterprise

Businesses adopt standalone cyber insurance policies as boards and executives wake up to cyber liability. As boards and executives experience and witness the impact of cyber attacks, including reduced earnings, operational disruption, and claims brought against directors and officers, businesses will turn to tailored enterprise cyber insurance policies, rather than relying on “silent” components in other policies. Adoption will spread beyond traditional buyers of cyber insurance, such as retail, financial, and healthcare sectors, to others vulnerable to cyber-related business disruption, including manufacturing, transportation, utility, and oil and gas.

As the physical and cyber worlds collide, chief risk officers take center stage to manage cyber as an enterprise risk. As sophisticated cyber attacks generate real-world consequences that impact business operations at increasing scale, C-suites will wake up to the enterprise nature of cyber risk. In 2018, expect CROs to have a seat at the cyber table, working closely with chief information security officers (CISOs) to help organizations understand the holistic impact of cyber risk on the business.

Regulatory spotlight widens and becomes more complex, provoking calls for harmonization. EU holds global companies to account over General Data Protection Regulation (GDPR) violation; big data aggregators come under scrutiny in the U.S. In 2018, regulators at the international, national and local levels will more strictly enforce existing cybersecurity regulations and introduce new regulations. Expect to see EU regulators holding major U.S. and global companies to account for GDPR violations. Across the Atlantic, big data organizations (aggregators and resellers) will come under scrutiny on how they are collecting, using, and securing data. Industry organizations will push back on regulators, calling for alignment of cyber regulations.

Criminals look to attack businesses embracing the Internet of Things, in particular targeting small to mid-sized businesses providing services to global organizations. In 2018, global organizations will need to consider the increased complexities when it comes to how businesses are using the IoT in relation to third-party risk management. The report predicts large companies will be brought down by an attack on a small vendor or contractor that targets the IoT, using it as a way into their network. This will serve as a wake-up call for large organizations to update their third-party risk management, and for small and mid-sized businesses to implement better security measures or risk losing business.

As passwords continue to be hacked, and attackers circumvent physical biometrics, multi-factor authentication becomes more important than ever before. Beyond passwords, companies are implementing new methods of authentication – from facial recognition to fingerprints. However, these technologies are still vulnerable and as such, the report anticipates that a new wave of companies will embrace multi-factor authentication to combat the assault on passwords and attacks targeting biometrics. This will require individuals to present several pieces of evidence to an authentication instrument. With the new need for multi-factor authentication, and consumer demand for unobtrusive layers of security, expect to see the implementation of behavioral biometrics.

Criminals will target transactions that use reward points as currency, spurring mainstream adoption of bug bounty programs: Companies beyond the technology, government, automotive and financial services sectors will introduce bug bounty platforms into their security programs. As criminals target transactions that use points as currency, businesses with loyalty, gift and rewards programs –such as airlines, retailers, and hospitality providers– will be the next wave of companies implementing bug bounty programs. As more organizations adopt the programs, they will require support from external experts to avoid introducing new risks with improperly configured programs.

Ransomware attackers get targeted; crypto currencies help ransomware industry flourish. In 2018, ransomware criminals will evolve their tactics. The reports predicts that attackers utilizing forms of benign malware—such as software designed to cause DDoS attacks or launch display ads on thousands of systems— will launch huge outbreaks of ransomware. While attackers will continue to launch scatter-gun-style attacks to disrupt as many systems as possible, the report predicts an increase in instances of attacks targeting specific companies and demanding ransomware payments proportional to the value of the encrypted assets. Crypto currencies will continue to support the flourishing ransomware industry overall, despite law enforcement becoming more advanced in their ability to trace attacks, for example through bitcoin wallets.

Insider risks plague organizations as they underestimate their severe vulnerability and liability while major attacks fly under the radar. In 2017, businesses under invested in proactive insider risk mitigation strategies, and 2018 will be no different. According to the report, a continued lack of security training and technical controls, coupled with the changing dynamics of the modern workforce, the full extent of cyber attacks and incidents caused by insiders will not become fully public. Many companies will continue to reactively responding to incidents behind closed doors and remain unaware of the true cost and impact of insider risk on the organization.

Choosing A Managed Detection & Response Provider

Why Managed Detection & Response Provider may be the right move

Companies outsourcing security need Managed Detection & Response providers (MDR) more than ever to improve cyber resilience. With the security landscape growing more complex, and the costs of maintaining adequate in-house security teams high, it makes sense for many companies to outsource the tasks of threat hunting and response to ensure that they can promptly identify potential threats and react swiftly to mitigate damages. Managed Detection & Response providers often integrate tools such as Endpoint Detection & Response and other solutions to detect threats, analyze risk, and correlate threat data to pinpoint patterns that could indicate a larger attack.

How to choose the right Manged Detection & Response Provider

Smart moves: you’re making them. How do we know? For one, you’re investigating ways to close the gaps in your threat detection and incident response. Which makes sense, given that assembling the talent and tech to thoroughly thwart attackers requires more than most organizations can commit to. Even smarter, you’re checking out Managed Detection and Response (MDR) Services, an increasingly popular solution which combines expertise and tools to provide monitoring and alerting, as well as remote incident investigation and response that can help you detect and remediate threats.

9 things to look our for when choosing a Managed Detection & Response Provider

  1. Your Managed Detection & Response Provider should combine numerous data inputs from security detection tools, threat intel feeds, third party data sources, and the IT asset database to identify not only where there is a threat but its risk compared to others in the queue.

  2. Assess your company's present and future technology needs and initiatives. Qualify, quantify and communicate those needs throughout your company. Is the Managed Detection & Response Provider able to address your range of needs?

  3. Technology strategies should encompass people and processes as part of the organization's mission and strategies. Do they offer ongoing employee training as part of their service?

  4. Does the Managed Detection & Response Provider continuously assess your organization's performance for meeting objectives? You want a partner that focuses on continuous evaluation and improvement of your objectives.

  5. Review your company's goals and mission. Ensure they are clear and concise and can be communicated to all organizational stakeholders as well as your new IT partner.

  6. Perform annual policy and process reviews to assess organization's readiness for external reviews and incident response.

  7. Identify and create teams within your organization to define current challenges and align initiatives to those challenges.

  8. Through playbooks and pre-defined workflows, you can quickly assess and begin to remediate security incidents based on best practices. Ask a Managed Detection & Response Provider if they include such materials as part of their package.

  9. CIOs/CISOs should have unprecedented transparency to all aspects of the security environment. Through dashboards and visualization techniques, CIOs/CISOs will be more easily able to communicate with Managed Detection & Response Providers which vulnerabilities and threats exist and the risks of inaction.


CEOs and Cyber Security: are they the road block?

CEOs and cybersecurity: are they the road block?

Senior executives may be the weakest link in the corporate cyber security chain and are a primary target of hackers, fraud and phishing scams, says report. it also should be know that the are the road block to approve budget for information security, and most often security takes back sit to profit.

Report by many source and research done by many firm identity senior executive has the road block to good security within their firms, Many CEOs think they are immune to hackers, at least that’s what a new report According to the report, these findings are ironic given that CEOs are the ideal victim.

Senior Executive Are You the Weakest Link?

According to the report, Are You the Weakest Link? How Senior Executives Can Avoid Breaking the Cybersecurity Chain, many senior executives ignore the threat from hackers and cyber criminals and often feel that security policies in their respective organisations do not apply to their unique position.

In reality, their often privileged access to company information makes their personal accounts extremely valuable to exploit and heightens the need for extra care.

Professional hackers and adversaries will usually do a thorough investigation into a senior executive or board level director, including full analysis which could entail in-depth monitoring of the company website and associated social media accounts (including employees and their extended networks).

It appears that many CEOs commonly view cyber security as a responsibility for the IT department only. In reality, IT security has now become a remit for all individuals.

“All employees — especially those at the top of the corporate ladder — need to realise that cybercriminals use social engineering, email phishing and malware to access personal accounts, and C-level staff especially need to avoid becoming the weakest link in the cybersecurity chain by adhering to regularly updated, company-wide security policies regarding data sharing and backup,”

“Reviewing corporate policies, with a focus on people, premises, processes, systems and suppliers will provide valuable insights into which areas to improve, and by championing a ‘security first’ corporate culture, organisations and their senior executives will be well positioned to avoid the high financial costs, reputation damage and unexpected downtime that could result from a cyberattack or data breach.”

Cybercrime To Cost Businesses $5.2 Trillion - Cyber Security Is Very Important

Cybercrime To Cost Businesses $5.2 Trillion - Cyber Security Very Important

Global companies could incur $5.2 trillion in cybercrime costs and lost revenue associated with cyberattacks over the next five years, according to a survey of more than 1,700 business leaders conducted by Accenture.

  • 80 percent of business leaders said protecting their companies from third-party security weaknesses is becoming “increasingly difficult.”

  • 79 percent noted digital economy advancement “will be severely hindered” unless dramatic Internet security improvements take place.

  • 76 percent indicated that consumers cannot trust the safety of their online identities due to the fact that too much of their personal data is already available without restrictions.

  • 75 percent said addressing cybersecurity challenges will require an organized group effort.

  • 56 percent want stricter Internet security regulations imposed by a central organization or governing body.

Today’s business leaders often understand cyber threats and are increasing their cyber security investments accordingly, Accenture said. However, business leaders also must collaborate with executives, government leaders and regulators to develop principle-based standards and policies to safeguard the Internet.

How Can Business Leaders Address Internet Security Threats?

Accenture offered the following recommendations to help business leaders keep pace with evolving Internet security threats:

  • Create an Industry-Wide Internet Code of Security: Business leaders can promote the development and implementation of ethical codes of conduct for software professionals across their respective industries.

  • Encourage Consumers to Take Control of Their Digital Identities: Business leaders can teach consumers about Internet security and offer tools and resources to help them secure their digital identities.

  • Be Transparent About Cyberattacks: Business leaders can acknowledge cyberattacks and share details about these incidents with consumers and other key stakeholders.

  • Embed Security into a Business Architecture: Business leaders can make security a part of all aspects of a company, including its business model and leadership structure.

  • Make All Lines of Business Accountable: Business leaders can offer incentives to business-line managers who prioritize cyber security in their day-to-day activities.

Business leaders frequently deploy security strategies that address past cyber threats, CyberSecOp indicated. Yet business leaders who frequently evaluate the cybersecurity landscape are better equipped than ever before to protect their companies against cyberattacks both now and in the future.

INSC Cyber Security acquire CyberSecOp Strategic Security firm

INSC Cyber Security acquired CyberSecOp Strategic Security firm

INSC Cyber Security acquired CyberSecOp Strategic Security firm to boost it’s cyber security services across the world, CyberSecOp company provide services including technical, risk, governance, and compliance solutions.

"This acquisition will strengthen INSC cybersecurity capabilities as CyberSecOp will be the global cybersecurity arm of INSC. integrate CyberSecOp's advisory services into INSC's security offerings across the US and worldwide.

CyberSecOp's software-as-a-service platform Security Conform provides access to information security management systems, policies, standards, and templates for subscribers.

"Protecting businesses from data breaches, disruption of operations, and loss of IP and economic assets has become a key objective for C-suite and board-level executives," INSC CEO and CyberSecOp Cyber Security CEO Vinny La Rocca said.

"Additionally, US business leaders already leveraging CyberSecOp as a preferred security advisor now have direct access to the complete CyberSecOp portfolio of security solutions, managed security services, and advanced education programs."

The CyberSecOp staffers provide the business with cyber security expertise while they work on developing solutions and providing training and guidance "to help bridge US cyberskills shortage" for seven years.

INSC business had added cybersecurity prevention, detection, and monitoring capabilities to government and enterprise managed security services portfolio in September 2016.

CyberSecOp will be providing security services to enterprise and government agency. To ensure national and worldwide cyber security.

WHAT DO SECURITY CONSULTANTS DO?

WHAT DO SECURITY CONSULTANTS DO?

Security consults deal with various threats to physical and computer security. Security threats come in many forms such as computer hackers, terrorists, and attacks on physical assets. There are specializations for security consultants of building security, natural and man-made disaster prevention, or with computer security issues.

Some of the roles security consultants may do for companies or private individuals are installing physical protections of video surveillance and alarm systems. Physical security risks are issues for many companies and security consultants may determine physical security risks such as threats of violence in the workplace, the stability of a building during tornadoes, earthquakes, fires, or other natural disasters, and development of evacuation plans for personnel during emergencies. Security consultants also may advise on building maintenance issues.

What services does a security consultants provide?

Security consultants can also help to incorporate security changes at all levels of the company. Based upon the security audit that’s conducted, a security consultant, if allowed to, can implement various new security measures and procedures throughout the company, which can include security related to:

  • Analyzing areas that are currently exposed and if they have had their security compromised in the past;

  • Performing a gap analysis in order to determine if any areas of a company’s current security does not meet accepted industry standards;

  • Gauging the work environment through performing interviews with important personnel and company employees;

  • Providing a list of recommendations based upon found security vulnerabilities, which includes security measures that should be incorporated.

  • Policies and procedures;

  • Electronic surveillance and alarm systems;

  • Security personnel.

A security consultant will work closely with management for the purposes of transparent communication and to make sure that any security changes that are implemented are done so within the allotted budget. The degree to which a security consultant can incorporate security changes depends largely upon this, in addition to the management’s instructions.

CyberSecOp Security Services has been providing expert security consulting services for decades. Make sure to contact us today to ask about our advanced security consulting services, which will be personalized to your company’s particular needs.

HHS voluntary healthcare cybersecurity practices

The Department of Health and Human Services has released voluntary cybersecurity practices to the healthcare industry in an effort to move organizations “towards consistency” in mitigating cyber threats.

According to HHS, the four-volume publication provides guidance on “cost-effective methods that a range of healthcare organizations at every size and resource level can use to reduce cybersecurity risks” and is meant to raise awareness of cyber threats as well as provide vetted practices.

“Cybersecurity is everyone’s responsibility—it is the responsibility of every organization working in healthcare and public health,” says HHS Acting Chief Information Security Officer Janet Vogel. “In all of our efforts, we must recognize and leverage the value of partnerships among government and industry stakeholders to tackle the shared problems collaboratively.”

HHS Headquarters in Washington, D.C.

Mandated by the Cybersecurity Act of 2015, HHS convened more than 150 cyber and healthcare experts from government and industry to come up with the recommended practices as part of the Healthcare and Public Health Sector Critical Infrastructure Security and Resilience Public-Private Partnership.

“The healthcare industry is truly a varied digital ecosystem—we heard loud and clear through this process that providers need actionable and practical advice, tailored to their needs, to manage modern cyber threats,” says Erik Decker, industry co-lead and chief information security and privacy officer at the University of Chicago Medicine. “That is exactly what this resource delivers; recommendations stratified by the size of the organization, written for both the clinician as well as the IT subject matter expert.”

In addition to the main document, which lays out the five most relevant and current threats to the industry, the publication also recommends 10 cybersecurity practices to help mitigate these threats. It also includes two technical volumes geared for IT and security professionals: Technical Volume 1 focuses on cybersecurity practices for small healthcare organizations, while Technical Volume 2 focuses on practices for medium and large healthcare organizations.

The final volume provides resources and templates that organizations can leverage to assess their own cybersecurity posture as well develop policies and procedures. A copy of the publication can be downloaded here.

Cyber Security Do's and Don'ts

Information and Cyber Security Consulting Services: Cyber security systems and principles are designed to safeguard company data, websites and web applications from attackers seeking to disrupt, delay, alter or redirect the flow of data. These attackers vary in target, motive, levels of organization, and technical capabilities, requiring public and private organizations to adopt ever-increasing measures to prevent cyber attacks. CyberSecOp is an award winning US based to Cyber Security Consulting Company.

The following are some important do’s and don’ts for advisers to keep in mind when executing on the action steps in your cybersecurity plan:

Make use of all tools available from your broker-dealer or custodian. The securities industry is investing tens of millions of dollars in cybersecurity, making tools and resources available to advisers and their teams. Actively seek out those tools and become known at your firm for your interest in and commitment to cybersecurity.

Eliminate weak links in your system. Hackers will be turned away from your systems that use strong passwords and encryption. Don’t let users share passwords. In addition to PCs, encrypt
all thumb drives, cell phones and tablets. And set untended computers to lock automatically after a set number of minutes.

Take preparation, training and review seriously. Put effort into your plan, review it seriously on a regular basis, document that review, and make sure that all staff – including even those who don’t usually deal with clients or their information – are regularly trained and updated on cybersecurity policies and procedures. Since staff carelessness or inattention can be the weakest link
in the defense chain, make sure that you and your staff never download an attachment or accept a request if it can’t be verified.

Be alert to things that don’t feel right. Suppose, for example, that a staff member receives a phone call from someone saying he’s from Microsoft tech support and has noticed a computer virus on your system. Even if the employee isn’t aware that reputable tech support operations don’t work that way, he or she should immediately sense that the call is out of the ordinary and somehow amiss. Given that feeling, the employee should hang up immediately and not let the unidentified caller connect to the firm’s system. Similarly, if you or staff receive an e-mail from a client saying they’ve been mugged on vacation or have lost their wallet or passport, most likely their e-mail has been hacked. Contact that person via landline or cell phone and confirm the story.

Educate your users and clients in how to communicate safely. Advisers should require multifactor authentication (use of a token or other identifier beyond password or ID) for client communication through Gmail, Yahoo! and other major providers. This will protect them, and you, from hackers.

Don’t keep cybersecurity a secret. The financial advice business is competitive, but there is one area where cooperation, not competition, is paramount: cybersecurity. Discuss the issue frequently with peers and share any ideas you have.

Don’t lull yourself into thinking cybersecurity is someone else’s problem. Be alert to news and developments in cybercrime and cybersecurity and seek more information and update plans and programs accordingly. Start by identifying your three biggest potential threats and get to work addressing them.

MSSP Cybersecurity & Managed Detection and Response

MSSP Cybersecurity & Managed Detection and Response

Managed detection and response enables a proactive approach to security with its ability to detect and fully analyze threats and promptly respond to incidents.  CyberSecOp Threat intelligence is one of the key aspects our security consultants used to help organizations make decisions on how to combat threats. Through managed detection and response, organizations can take advantage of the threat intelligence capabilities of security experts.

How Managed Detection and Response Provides Effective Threat Intelligence

  • Capture full visibility across your entire IT environment

  • Detect the most advanced threats (known and unknown) designed to bypass your traditional perimeter security controls, even when no malware is used

  • Expose threat actors currently hiding in your environment

  • Gain 24x7 monitoring by an advanced team of security experts that are specially trained to analyze advanced threats, determine the severity of any incidents and provide actionable guidance to remediate

  • Quickly elevate the alerts that matter most so you can focus limited resources where it matters most

Managed Detection and Response Service

Managed Detection and Response (MDR) is an all-encompassing cybersecurity service used to detect and respond to cyber-attacks. Using the best of signature, behavioral and anomaly detection capabilities, along with forensic investigation tools and threat intelligence, human analysts hunt, investigate and respond to known and unknown cyber threats in real time 24x7x365. Get Managed Detection and Response Services for your business www.cybersecop.com.

Ransomware Cyberattack - 92% of MSSPs Expect Ongoing Attacks

Ransomware is the leading cyberattack experienced by small and medium-sized businesses (SMBs), according to a survey of more than 2,400 managed service providers (MSSPs) conducted by data protection company Datto.

Datto’s State of the Channel Ransomware Report provides unique visibility into the ransomware epidemic from the perspective of the IT Channel and the SMB clients who are dealing with these infections on a daily basis. The report provides a wealth of detail on ransomware, including year-over-year trends, frequency, targets, impact, and recommendations for ensuring recovery and continuity in the face of the growing threat.

ransomware_infographic.jpg

Key findings from Datto’s “State of the Channel Ransomware Report” included:

  • 79 percent of MSSPs reported ransomware attacks against customers.

  • 85 percent indicated that victims had antivirus software installed, 65 percent reported victims had email/spam filters installed and 29 percent reported victims used pop-up blockers.

  • 89 percent are “highly concerned” about ransomware attacks.

  • 92 percent predict the number of ransomware attacks will continue at current, or worse, rates.

  • MSPs ranked phishing emails as the top ransomware delivery method, followed by malicious websites, web ads and clickbait.

  • The average requested ransom for SMBs is roughly $4,300, while the average cost of downtime related to such an attack is approximately $46,800.

  • The number of MSPs reporting OS/iOS attacks increased by nearly 500 percent year over year in the first six months of 2018.

No single solution is guaranteed to prevent such attacks, Datto indicated. Conversely, SMBs require a multilayered approach to identify and stop ransomware attacks before they cause brand reputation damage, revenue loss and other problems.

How Can SMBs Address Ransomware Attacks?

CyberSecop offered the following recommendations to help SMBs safeguard their data and assets against such attacks:

  • Leverage business continuity and disaster recovery (BCDR) technologyBCDR technology won’t stop ransomware attacks; instead, it helps an SMB determine how to limit downtime and maintain operations despite a ransomware attack.

  • Provide cybersecurity training. By offering regular and mandatory cybersecurity training, an SMB can ensure all of its employees can identify and avoid potential phishing scams that otherwise lead to such an attack.

  • Employ a dedicated cybersecurity professional. It may be difficult for an SMB to hire a full-time cybersecurity professional. Fortunately, working with an MSSP allows an SMB to receive cybersecurity monitoring and other security services.

HealthCare.gov system hack leaves 75,000 individuals exposed

Centers for Medicare and Medicaid Services (CMS) experienced a data breach leading to exposure of highly sensitive personal data of nearly 75,000 people. The CMS is a government system linked with healthCare.gov which assists insurance agents and brokers in helping people register for its healthcare plans.

A hack was detected earlier this month in a government computer system that works alongside HealthCare.gov, exposing the personal information of approximately 75,000 people, according to the agency in charge of the portal.

The Centers for Medicare and Medicaid Services made the announcement late in the afternoon ahead of a weekend, a time slot that agencies often use to release unfavorable developments.

The announcement was made late Friday by the CMS to confirm the data breach but details about the stolen data and content haven’t been provided as yet. It is, however, confirmed that personal files of 75,000 people have been exposed to hackers.

The brokers and agents use the Federally Facilitated Exchange’s Direct Enrollment pathway to convince customers to enroll in health insurance. The pathway was compromised by the attackers between 13 Oct and 16 Oct 2018, confirmed CMS.

The hacked system was connected to the Healthcare.gov website, the front-facing portal for anyone signing up for an insurance plan under former President Obama’s healthcare law, the Affordable Care Act. Hackers targeted the behind-the-scenes system that insurance agents used to help customers directly enroll in new plans, and not the consumer Healthcare.gov site itself. 

In order to sign up for healthcare plans, customers have to give over a ton of personal data — including names, addresses, and their social security number. CMS didn’t say exactly what kind of data was included in the stolen files, nor did it say how the breach happened.

About 10 million people currently have private coverage under former President Barack Obama’s health care law.

Consumers applying for subsidized coverage have to provide extensive personal information, including Social Security numbers, income and citizenship or legal immigration status.

The system that was hacked is used by insurance agents and brokers to directly enroll customers. All other signup systems are working.

CMS spokesman Johnathan Monroe said “nothing happened” to the HealthCare.gov website used by the general public. “This concerns the agent and broker portal, which is not accessible to the general public,” he said.

Federal law enforcement has been alerted and affected customers will be notified and offered credit protection.