Security Strategy

Brute force attacks are alluring for hackers as they are often reliable and simple.

Hackers do not need to do much of the work. All they have to do is create an algorithm or use readily available brute force attack programs to automatically run different combinations of usernames and passwords until they find the right combination.  Such cyberattacks account for roughly 5 percent of all data breaches. According to statistics on data breaches, it only takes one data breach to create severe adverse implications for your business.

What is a Brute Force Attack?

The phrase “brute force” describes the simplistic manner in which the attack takes place. Since the attack involves guessing credentials to gain unauthorized access, it’s easy to see where it gets its name. Primitive as they are, brute force attacks can be very effective.

The majority of cyberattackers who specialize in brute force attacks use bots to do their bidding. Attackers will generally have a list of real or commonly used credentials and assign their bots to attack websites using these credentials.

Manual brute force cracking is time-consuming, and most attackers use brute force attack software and tools to aid them. With the tools at their disposal, attackers can attempt things like inputting numerous password combinations and accessing web applications by searching for the correct session ID, among others.

How Brute Force Attacks Work

In simple terms, brute force attacks try to guess login passwords. Brute force password cracking comes down to a numbers game.

For most online systems, a password is encouraged to be at least eight characters long. Most passwords are eight characters long but are often a mix of numeric and alphabetic (case sensitive) characters, which is 62 possibilities for a given character in a password chain. If we combine 62 options for every character in an eight-character password, the result would be 2.18 trillion possible combinations. That is a lot of combinations for a cyberattacker to try.

In the past, if a hacker tried to crack an eight-character password with one attempt per second, it would roughly take seven million years at most. Even if the hacker were able to attempt 1000 combinations per second, it would still take seven thousand years.

It’s a different story nowadays with brute force hacking software having the power to attempt vastly more combinations per second than mentioned above. For example, let’s say a supercomputer can input 1 trillion combinations per second. With that amount of power, a hacker can reduce the time it takes to try 2.18 trillion password/username combinations to just 22 seconds!

Computers manufactured within the last decade have advanced to the point where only two hours are necessary to crack an eight-character alphanumeric password. Many cyber attackers can decrypt a weak encryption hash in months by using an exhaustive key search brute force attack.

The example above applies to password combinations of 8 characters in length. The time it takes to crack a password varies depending on its length and overall complexity.

Why Hackers Use Brute Force Attacks?

Hackers use brute force attacks during initial reconnaissance and infiltration. They can easily automate brute force attacks and even run them in parallel to maximize their chances of cracking credentials. However, that is not where their actions stop.

Once they gain access to a system, attackers will attempt to move laterally to other systems, gain advanced privileges, or run encryption downgrade attacks. Their end goal is to cause a denial of service and get data out of the system.

Brute force attacks are also used to find hidden web pages that attackers can exploit. This attack can be programmed to test web addresses, find valid web pages, and identify code vulnerabilities. Once identified, attackers use that information to infiltrate the system and compromise data.

Types of Brute Force Attacks

Brute force cracking boils down to inputting every possible combination access is gained. However, there are variants of this kind of attack.

Dictionary Attack

A dictionary attack uses a dictionary of possible passwords and tests them all.

Instead of using an exhaustive key search, where they try every possible combination, the hacker begins from an assumption of common passwords. They build a dictionary of passwords and iterate the inputs.

With this approach, hackers eliminate having to attack websites randomly. Instead, they can acquire a password list to improve their chances of success.

Dictionary attacks often need a large number of attempts against multiple targets.

Simple Brute Force Attack

A simple brute force attack is used to gain access to local files, as there is no limit to the number of access attempts. The higher the scale of the attack, the more successful the chances are of entry.

Simple brute force attacks circulate inputting all possible passwords one at a time.

Hybrid Brute Force Attack

The hybrid brute force attack combines aspects of both the dictionary and simple brute force attack. It begins with an external logic, such as the dictionary attack, and moves on to modify passwords akin to a simple brute force attack.

The hybrid attack uses a list of passwords, and instead of testing every password, it will create and try small variations of the words in the password list, such as changing cases and adding numbers.

Reverse Brute Force Attack

The reverse brute force attack flips the method of guessing passwords on its head. Rather than guessing the password, it will use a generic one and try to brute force a username.

Credential Recycling

As it sounds, credential recycling reuses passwords. Since many institutions don’t use password managers or have strict password policies, password reuse is an easy way to gain access to accounts.

Because these cyberattacks depend entirely on lists of second-hand credentials gained from data breaches, they have a low rate of success. It’s essential to update usernames and passwords after a breach regularly, to limit the effectiveness of stolen credentials.

Rainbow Table Attacks

Rainbow table attacks are unique as they don’t target passwords; instead, they are used to target the hash function, which encrypts the credentials.

The table is a precomputed dictionary of plain text passwords and corresponding hash values. Hackers can then see which plain text passwords produce a specific hash and expose them.

When a user enters a password, it converts into a hash value. If the hash value of the inputted password matches the stored hash value, the user authenticates. Rainbow table attacks exploit this process.

Examples of Brute Force Attacks

How common are brute force attacks?

Brute force attacks are so frequent that everyone, from individuals to enterprises operating in the online realm, has experienced such an attack. The organizations that have been hit the hardest in the last couple of years include:

• In 2018, Firefox’s master password feature was proven to be easily cracked with a brute force attack. It is unknown how many users’ credentials were exposed. In 2019. Firefox deployed a fix to resolve this issue.
• In March 2018, Magento was hit by a brute force attack. Up to 1000 admin panels had been compromised.
• In March 2018, several accounts of members of the Northern Irish Parliament had been compromised in a brute force attack.
• In 2016, a brute force attack resulted in a massive data leak in the e-Commerce giant, Alibaba.
• According to Kaspersky, RDP-related brute force attacks rose dramatically in 2020 due to the COVID-19 pandemic.

Every brute force attack’s end-goal attack is to steal data and/or cause a disruption of service.

How to Detect Brute Force Attacks

The key indication a bad actor is trying to brute force their way into your system is to monitor unsuccessful login attempts. If you see there have been many repeated failed login attempts, be suspicious. Watch for signs related to multiple failed login attempts from the same IP address and the use of multiple usernames from the same IP address.

Other signs can include a variety of unrecognized IP addresses unsuccessfully attempting to login to a single account, an unusual numerical or alphabetical pattern of failed logins, and multiple login attempts in a short time period.

It’s also possible for these cyberattacks to add you to a botnet that can perform denial-of-service attacks on your website. Aside from the above, spam, malware, and phishing attacks can all be the prerequisite of a brute force attack.

If you receive an email from your network service provider notifying you of a user from an unrecognized location logged into your system, immediately change all passwords and credentials.

In Conclusion, Stay Safe and Secure

The primitive nature of brute force attacks means there is an easy way to defend against them. The best defense against a brute force attack is to buy yourself as much time as you can, as these types of attacks usually take weeks or months to provide anything of substance to the hacker. The simplest precaution you can take to boost your accounts’ security is to use strong passwords.

It is also highly recommended to monitor servers and systems at all times. Utilizing a threat management system can significantly help as it detects and reports issues in real-time.

For more information, read our detailed knowledge base article on how to prevent brute force attacks.

Vulnerability scanning or vulnerability assessment is a systematic process of finding security loopholes in any system addressing the potential vulnerabilities.

The purpose of vulnerability assessments is to prevent the possibility of unauthorized access to systems. Vulnerability testing preserves the confidentiality, integrity, and availability of the system. The system refers to any computers, networks, network devices, software, web application, cloud computing, etc.

Types of Vulnerability Scanners

Vulnerability scanners have their ways of doing jobs. We can classify the vulnerability scanners into four types based on how they operate.

Cloud-Based Vulnerability Scanners

Used to find vulnerabilities within cloud-based systems such as web applications, WordPress, and Joomla.

Host-Based Vulnerability Scanners

Used to find vulnerabilities on a single host or system such as an individual computer or a network device like a switch or core-router.

Network-Based Vulnerability Scanners

Used to find vulnerabilities in an internal network by scanning for open ports. Services running on open ports determined whether vulnerabilities exist or not with the help of the tool.

Database-Based Vulnerability Scanners

Used to find vulnerabilities in database management systems. Databases are the backbone of any system storing sensitive information. Vulnerability scanning is performed on database systems to prevent attacks like SQL Injection.

Vulnerability Scanning Tools

Vulnerability scanning tools allow for the detection of vulnerabilities in applications using many ways. Code analysis vulnerability tools analyze coding bugs. Audit vulnerability tools can find well-known rootkits, backdoor, and trojans.

There are many vulnerability scanners available in the market. They can be free, paid, or open-source. Most of the free and open-source tools are available on GitHub. Deciding which tool to use depends on a few factors such as vulnerability type, budget, frequency of how often the tool is updated, etc.

1. Nikto2

Nikto2 is an open-source vulnerability scanning software that focuses on web application security. Nikto2 can find around 6700 dangerous files causing issues to web servers and report outdated servers based versions. On top of that, Nikto2 can alert on server configuration issues and perform web server scans within a minimal time.
Nikto2 doesn’t offer any countermeasures for vulnerabilities found nor provide risk assessment features. However, Nikto2 is a frequently updated tool that enables a broader coverage of vulnerabilities.

2. Netsparker

Netsparker is another web application vulnerability tool with an automation feature available to find vulnerabilities. This tool is also capable of finding vulnerabilities in thousands of web applications within a few hours.
Although it is a paid enterprise-level vulnerability tool, it has many advanced features.  It has crawling technology that finds vulnerabilities by crawling into the application. Netsparker can describe and suggest mitigation techniques for vulnerabilities found. Also, security solutions for advanced vulnerability assessment are available.

3. OpenVAS

OpenVAS is a powerful vulnerability scanning tool that supports large-scale scans which are suitable for organizations. You can use this tool for finding vulnerabilities not only in the web application or web servers but also in databases, operating systems, networks, and virtual machines.
OpenVAS receives updates daily, which broadens the vulnerability detection coverage. It also helps in risk assessment and suggests countermeasures for the vulnerabilities detected.

4. W3AF

W3AF is a  free and open-source tool known as Web Application Attack and Framework. This tool is an open-source vulnerability scanning tool for web applications. It creates a framework which helps to secure the web application by finding and exploiting the vulnerabilities. This tool is known for user-friendliness. Along with vulnerability scanning options, W3AF has exploitation facilities used for penetration testing work as well.
Moreover, W3AF covers a high-broaden collection of vulnerabilities. Domains that are attacked frequently, especially with newly identified vulnerabilities, can select this tool.

5. Arachni

Arachni is also a dedicated vulnerability tool for web applications. This tool covers a variety of vulnerabilities and is updated regularly. Arachni provides facilities for risk assessment as well as suggests tips and countermeasures for vulnerabilities found.
Arachni is a free and open-source vulnerability tool that supports Linux, Windows, and macOS. Arachni also assists in penetration testing by its ability to cope up with newly identified vulnerabilities.

6. Acunetix

Acunetix is a paid web application security scanner (open-source version also available) with many functionalities provided. Around 6500 vulnerabilities scanning range is available with this tool. In addition to web applications, it can also find vulnerabilities in the network as well.
Acunetix provides the ability to automate your scan. Suitable for large scale organizations as it can handle many devices. HSBC, NASA, USA Air force are few industrial giants who use Arachni for vulnerability tests.

7. Nmap

Nmap is one of the well-known free and open-source network scanning tools among many security professionals. Nmap uses the probing technique to discover hosts in the network and for operating system discovery.
This feature helps in detecting vulnerabilities in single or multiple networks. If you are new or learning with vulnerabilities scanning, then Nmap is a good start.

8. OpenSCAP

OpenSCAP is a framework of tools that assist in vulnerability scanning, vulnerability assessment, vulnerability measurement, creating security measures. OpenSCAP is a free and open-source tool developed by communities. OpenSCAP only supports Linux platforms.
OpenSCAP framework supports vulnerability scanning on web applications, web servers, databases, operating systems, networks, and virtual machines. Moreover, they provide a facility for risk assessment and support to counteract threats.

9. GoLismero

GoLismero is a free and open-source tool used for vulnerability scanning. GoLismero focuses on finding vulnerabilities on web applications but also can scan for vulnerabilities in the network as well. GoLismero is a convenient tool that works with results provided by other vulnerability tools such as OpenVAS, then combines the results and provides feedback.
GoLismero covers a wide range of vulnerabilities, including database and network vulnerabilities. Also, GoLismero facilitates countermeasures for vulnerabilities found.

10. Intruder

Intruder is a paid vulnerability scanner specifically designed to scan cloud-based storage. Intruder software starts to scan immediately after a vulnerability is released. The scanning mechanism in Intruder is automated and constantly monitors for vulnerabilities.
Intruder is suitable for enterprise-level vulnerability scanning as it can manage many devices. In addition to monitoring cloud-storage, Intruder can help identify network vulnerabilities as well as provide quality reporting and suggestions.

11. Comodo HackerProof

With Comodo Hackerproof you will be able to reduce cart abandonment, perform daily vulnerability scanning, and use the included PCI scanning tools. You can also utilize the drive-by attack prevention feature and build valuable trust with your visitors. Thanks to the benefit of Comodo Hackerproof, many businesses can convert more visitors into buyers.

Buyers tend to feel safer when making a transaction with your business, and you should find that this drives your revenue up. With the patent-pending scanning technology, SiteInspector, you will enjoy a new level of security.

12. Aircrack

Aircrack also is known as Aircrack-NG, is a set of tools used for assessing the WiFi network security. These tools can also be utilized in network auditing, and support multiple OS’s such as Linux, OS X, Solaris, NetBSD, Windows, and more.

The tool will focus on different areas of WiFi security, such as monitoring the packets and data, testing drivers and cards, cracking, replying to attacks, etc. This tool allows you to retrieve the lost keys by capturing the data packets.

13. Retina CS Community

Retina CS Community is an open-source web-based console that will enable you to make a more centralized and straightforward vulnerability management system. Retina CS Community has features like compliance reporting, patching, and configuration compliance, and because of this, you can perform an assessment of cross-platform vulnerability.

The tool is excellent for saving time, cost, and effort when it comes to managing your network security. It features an automated vulnerability assessment for DBs, web applications, workstations, and servers. Businesses and organizations will get complete support for virtual environments with things like virtual app scanning and vCenter integration.

14. Microsoft Baseline Security Analyzer (MBSA)

An entirely free vulnerability scanner created by Microsoft, it’s used for testing your Windows server or windows computer for vulnerabilities. The Microsoft Baseline Security Analyzer has several vital features, including scanning your network service packets, checking for security updates or other windows updates, and more. It is the ideal tool for Windows users.

It’s excellent for helping you to identify missing updates or security patches. Use the tool to install new security updates on your computer. Small to medium-sized businesses find the tool most useful, and it helps save the security department money with its features. You won’t need to consult a security expert to resolve the vulnerabilities that the tool finds.

15. Nexpose

Nexpose is an open-source tool that you can use for no cost. Security experts regularly use this tool for vulnerability scanning. All the new vulnerabilities are included in the Nexpose database thanks to the Github community. You can use this tool with the Metasploit Framework, and you can rely on it to provide a detailed scanning of your web application. Before generating the report, it will take various elements into account.

Vulnerabilities are categorized by the tool according to their risk level and ranked from low to high. It’s capable of scanning new devices, so your network remains secure. Nexpose is updated each week, so you know it will find the latest hazards.

16. Nessus Professional

Nessus is a branded and patented vulnerability scanner created by Tenable Network Security. Nessus will prevent the networks from attempts made by hackers, and it can scan the vulnerabilities that permit remote hacking of sensitive data.

The tool offers an extensive range of OS, Dbs, applications, and several other devices among cloud infrastructure, virtual and physical networks. Millions of users trust Nessus for their vulnerability assessment and configuration issues.

17. SolarWinds Network Configuration Manager

SolarWinds Network Configuration Manager has consistently received high praise from users. The vulnerability assessment tool features that it includes addresses a specific type of vulnerability that many other options do not, such as misconfigured networking equipment. This feature sets it apart from the rest. The primary utility as a vulnerability scanning tool is in the validation of network equipment configurations for errors and omissions. It can also be used to check device configurations for changes periodically.

It integrates with the National Vulnerability Database and has access to the most current CVE’s to identify vulnerabilities in your Cisco devices. It will work with any Cisco device running ASA, IOS, or Nexus OS.

Vulnerability Assessment Secures Your Network

If an attack starts by modifying device networking configuration, the tools will be able to identify and put a stop to it. They assist you with regulatory compliance with their ability to detect out-of-process changes, audit configurations, and even correct violations.

To implement a vulnerability assessment, you should follow a systematic process as the one outlined below.

Step 1 – Begin the process by documenting, deciding what tool/tools to use, obtain the necessary permission from stakeholders.

Step 2 – Perform vulnerability scanning using the relevant tools. Make sure to save all the outputs from those vulnerability tools.

Step 3 – Analyse the output and decide which vulnerabilities identified could be a possible threat. You can also prioritize the threats and find a strategy to mitigate them.

Step 4 – Make sure you document all the outcomes and prepare reports for stakeholders.

Step 5 – Fix the vulnerabilities identified.

Advantages of Scanning for Vulnerabilities

Vulnerability scanning keeps systems secure from external threats. Other benefits include:

• Affordable – Many vulnerability scanners are available free of charge.
• Quick – Assessment takes a few hours to complete.
• Automate – can use automated functions available in the vulnerability tools to perform scans regularly without manual involvement.
• Performance – vulnerability scanners perform almost all the well-known vulnerability scan.
• Cost/Benefit – reduce cost and increase benefits by optimizing security threats.

Vulnerability Testing Decreases Risk

Whichever vulnerability tool you decide to use, choosing the ideal one will depend on security requirements and the ability to analyze your systems. Identify and deal with security vulnerabilities before it’s too late.

Take this opportunity now to look into the features provided by each of the tools mentioned, and select one that’s suitable for you. If you need help, reach out to one of our experts today for a consultation.

Learn about more of the best networking tools to improve your overall security.

Cybersecurity is high on the list of concerns for rapidly evolving businesses online. As more small businesses move services or store data online, they are putting themselves at risk for cyberattacks.

At the forefront of this battle against cybercrime and hackers, companies must consolidate a solid defense by implementing cybersecurity best practices. This article will cover key strategies every company should adopt to avoid attacks and become less exposed.

Cyberattacks aim to compromise systems and access relevant data that they can monetize, ranging from stolen credit card information or credentials for identity theft.

Strong cybersecurity policies and procedures can save millions of dollars for organizations. It does require an initial investment to set up a stable network and protect against intrusions. But the severity and scale of cyberattacks are increasing daily, and the threat is imminent. Thus, the need for safeguarding against such dangers is critical.

Recommended Cybersecurity Best Practices

Adopt the cybersecurity best practices below to prepare your organization against cyber threats and ensure the continuity of your business.

1. Create a Dedicated Insider Threat Role

An insider threat program is considered a core part of a modern cybersecurity strategy. Having employees who have access to data is risky since they can leak information or damage equipment. Creating an insider threat program is essential for companies that have sensitive data, and could have their reputations ruined due to exposure via an insider attack. It does come with a cost and can be considered a low priority task, businesses should not delay, and instead, gain the support of top management to develop policy across all departments.

2. Conduct Phishing Simulations

As of 2020, phishing attacks are one of the most prevalent forms of cyber threats experienced by companies on a global level. Phishing simulations should train employees on how to avoid clicking on malicious links or downloading unknown files. Raising cybersecurity awareness, such as simulated phishing attacks, helps employees understand the far-reaching effects of a phishing attack. The simulation creates a safe space where employees’ knowledge is tested, to ask questions, and find out what the latest tricks are.

3. Secure Remotely Working and Travelling Employees

Many corporate employees have the dangerous habit of accessing corporate networks through unsecured public Wi-Fi networks while traveling on work trips. Sacrificing security for convenience is unacceptable in the corporate world, and employees should be aware of the huge risks they are taking. Training and education on the precautions one can take to avoid risks is essential. Options, such as using VPNs while surfing the web when traveling installing anti-malware programs, will tighten the security gaps in your workforce outside the office. Read our article on remote access security.

4. Prioritize Employee Privacy

Data privacy awareness and digital data sensitivity concerns are at an all-time high, with new legislation coming out to better regulate it. Employee privacy can be prioritized by “anonymizing” their data and taking steps to protect them from threats in a prevention capacity. Educate employees using workshops and presentations about different cybersecurity policies and local laws, emphasizing the impact on their privacy.

5. Create a Cybersecurity Awareness Training Program

Company surveys have found that two out of three insider threat incidents are initiated by an employee or contractor, which can be prevented (ObserveIT). Employees are the first line of defense against cybercrime. Their education is vital in developing all the skills and knowledge needed to protect an organization. A comprehensive cybersecurity awareness program will create a critical “security-first culture.” It would address aspects such as identifying risks, changing employee behaviors, and tracking metrics of improvement.

6. Inform Third-Party Contractors of Cybersecurity Policy

Due to globalization and interconnectivity, many businesses take advantage of allocating specialized workloads to third-party partners or outsourced entities. However, these third-party contractors have to be made aware of the cybersecurity policies you are using. Both in-house staff, as well as third-party contractors, have to be made aware or trained to follow the cybersecurity policies put in place.

7. Implement IS Governance Approach

Every company should establish and maintain an information security (IS) framework that aligns with the business’s existing assurance strategies. When selecting one of these methods, it should ensure that the program selected provides all levels of management with the ability to employ a risk-based approach. This strategy enables staff to detect incidents, investigate, and respond to them faster.

8. Monitor User and File Activity

Malicious insider threats tend to take advantage of multiple channels to exfiltrate data. Developing a good user and file activity monitoring system is one of the best solutions available to this problem. Existing solutions such as Data loss prevention, which focus on only on data and not on user activity, fall short of preventing all malicious insider threats inside the system. If you monitor users closely and know what files they access, it’s easier to react to an incident or prevent one.

9. Be Aware of State-Sponsored Threats

It is well-documented that employees belonging to high-value industries such as healthcare, technology, and banking may be susceptible to monetary incentives to sell data to foreign governments and entities. Understanding the motivation of such entities and potential insider targets is of the utmost priority so that you can spot patterns of suspicious and underhanded behavior.

10. Enforce the Use of Password Managers, SSOs, and MFAs

The use of repetitive or weak passwords is still a very common practice among employees of multinationals today. Implementing a enterprise password manager is the most viable option available to combat potential security soft spots in your company.

11. Audit Privileged Access

For the company’s head management, it’s advisable to review the number of users who have privileged access to sensitive areas of the business or data. Granting privileged access is a necessary risk, especially when there is a changeover in staff or changing roles, etc. Businesses should regularly look at permissions, adopt a system of temporary or rotating credentials, or develop a system of auditing privileged accesses.

Essential Network Security Practices

Security teams are held accountable for addressing the risk of insider breaches. To develop a strong plan against insider risk, take a systematic approach when organizing security measures. Here are some essential network security practices:

12. Stop Data Loss

Enterprises regularly experience the problems caused by leaked and stolen data. One of the top security concerns for modern companies is the act of data exfiltration from an endpoint. Companies should always control access, monitor contractors and vendors, as well as employees, to get a clear picture of how all parties access and handle data.

13. Detect Insider Threat

While well-trained users are a company’s first line in security and defense, technology remains the main tool. Companies can detect unauthorized behavior by regularly monitoring user activity. This strategy helps companies verify user actions that do not violate security policies while flagging the ones that do.

14. Back-Up Data

Backing up data regularly should be mandatory practice, especially when you consider the malicious ransomware out there like “Wannacry” and “Petya.” Data back-ups are good practice to include in one’s basic security hygiene, as well as to combat emerging cyber threats.

Beware of Social Engineering

Social engineering tactics are considered a threat and have been used for decades to gain login credentials and access to files that are encrypted. Such attempts may come from phone devices, emails, social media profiles, etc. In such circumstances, the best defense is to do the following:

15. Outline Clear Use Policies for New Hires and Third Parties

Requirements and expectations that the company has, regarding IT security, should be clearly stated in the employment contracts and the various SLAs and SOPs that a company might have.

16. Update Software and Systems

Cyber threats and crimes are ever-increasing, and an optimized security network might eventually fall prey to it. Thus, a company’s network should always be protected. Plan regular software updates and schedule maintenance on hardware security.

17. Create an Incident Response Playbook

No matter how many security measures a company takes against rising cybercrimes, vulnerability to unseen threats remain. Thus, companies should have a security incident esponse plan in case they get attacked. This planning will allow management to limit the damage of a security breach, allowing them to remediate the situation effectively.

18. Educate and Train Users

Employees should be trained on how to create and maintain strong passwords, recognize phishing emails, avoid dangerous applications, etc. ensuring that valuable information doesn’t flow out of the company in the case of an external attack.

19. Maintain Compliance

No matter what level of cybersecurity a company implements or already has, it should always comply with regulatory bodies such as; HIPAA, PCI, ISO, and DSS and keep up with their latest guidelines.

Preparation is Prevention

There are numerous cybersecurity best practices that a business can consider implementing when creating a security management strategy. We have highlighted ten of those practices as a jumping-off point to begin the journey of securing their business and assets in-house and online. A comprehensive cybersecurity program will protect companies from lasting financial consequences, as well as prevent reputational damage. It’s essential to prepare to prevent incidents and attacks, and the key to modern-day businesses’ survival. Contact our experts today and find out how you can become compliant and better secure data online.

Ecommerce security isn’t something to be taken lightly. Major data leaks have fundamentally damaged trust in digital security. Consumers are comfortable making payments through familiar systems (PayPal, Amazon, Google, Apple, etc.) but take a bit more convincing to risk their credit card details with unknown companies. After all, they know what’s at stake.

Failing to secure an online retail business can directly impact sales or worse, ruin your reputation. Once it’s known that a business cannot be relied upon to keep data secure, no one will want to buy from them again.

Get serious about protecting your online business. Learn the basics of what you need to know about eCommerce security threats and solutions.

Major Threat: Transaction fraud

Vast amounts of money change hands online with each passing second, and as much as we’d like to think that technology has moved past transactions being dangerous to consumers, it hasn’t. There are two primary forms of payment fraud. The first is stolen credit cards, whose details are used to make unauthorized payments (with the purchased products kept or sold on, even if the payments get canceled). The second is transactions on insecure systems that are interrupted or get redirected.

Online buyers now have access to systems offering unprecedented financial convenience. Bank support is available through live chat, and you can even cancel payments through apps. But this doesn’t fully protect from this type of fraud. The reason is simple: even the most diligent among us will forget to check our bank records on occasion, and it only takes one lapse in attention for a cybercriminal to make numerous payments.

Online shoppers are now aware of the importance of website security markers, such as the HTTPS indicator. Still, such indicators can often be spoofed in a manner that’s sufficiently convincing for most people. This type of forgery can make it quite tricky to tell when a website is providing a secure service. Consumers need to be educated and get better at being vigilant online.

Solution: PCI DSS compliance

The PCI DSS standard was set up to raise levels of online payment security dramatically. Any eCommerce business that wants to protect its transactions (and bolster its credibility in the process) should take action to meet it. Compliance is still nowhere near as common as it should be. It’s frustrating, as it shouldn’t be an issue for the individual retailer since essentially, it’s a benefit. Compliant sellers stand out more through ridding their sales funnels of damaging dead ends (a key conversion optimization tactic) and showing their investment in buyer safety.

Major Threat: Direct site attacks

While phishing is a passive approach, eCommerce sites can sometimes be subjected to direct attacks in the form of DDoS (dedicated denial of service) campaigns. Here’s how it works: those who want to put a store under siege will program many internet-capable devices to near-constantly attempt to use the store site.

This orchestrated attack will overwhelm the store’s hosting and prevent the site from loading for most (if not all) regular visitors. It’s mainly about keeping it so busy that it can’t focus on the visits that actually matter. This attack type can also burn through hosting data allowances, causing other costly issues for businesses. These campaigns are relatively rare, but not so much so that they’re not a threat.

What’s the end goal of a DDoS attack? It depends on the situation. Sometimes it will be to inconvenience the store and damage its reputation, as a matter of corporate sabotage. More often, a DDoS attack will be coupled with a blackmail demand: pay a certain sum, and the attack will be disabled.

Solution: Active protection

An eStore can be attacked at any time, regardless of its fundamental level of security, this threat requires more vigorous measures, so make use of a DoS protection service. The concept is simple enough – incoming traffic is monitored and parsed, and when visit requests are considered to be fraudulent in nature, they are entirely blocked. This defense prevents the DDoS attack from slowing the site down to a crawl, or significantly affecting its performance.

Major Threat: Password assault

Password strategy has been frustrating security consultants since the very beginnings of the internet, all due to the irritating balance needed between protection and convenience. If you choose long and complex passwords, you can end up forgetting them and losing all access. Creating easy-to-remember passwords leaves systems highly vulnerable and open to attack.

There are two main methods for this type of attack to occur. The first is brute forcing, using a program to run through thousands upon thousands of passwords in the hope of eventually getting it right. And second, what can reasonably be called informed guessing: using pieces of information from a user’s life, gleaned off social media to identify the words most likely to appear in their passwords.

And if a key admin password is discovered, the resulting access can prove massively damaging because it might not be noticed for some time. Significant alterations can be made, systems can be taken offline, data can be stolen, and money can be transferred, all with minimal risk to the person with access. It’s like breaking into someone’s house by picking the lock – there’s no apparent damage, but it happens when you’re supposed to be home.

Solution: Stronger passwords and multi-factor authentication

How do eCommerce sellers address the threat of discovered passwords, both for their internal systems and their customers?

There are two strategies they can implement. Firstly, they should use and require that more complex passwords are used internally. They don’t need to be comically long or awkward, but they mustn’t be as simple as “1234” or “password”.

Secondly, they should start using multi-factor authentication for their admin accesses (or for major changes to customer accounts). This setup requires the logged-in user to couple their password access with another form of authentication, such as an authentication code sent via text message. It’s also worth creating regular site backups: that way, in the unlikely event, that someone does gain unauthorized access and makes sweeping changes, they can quickly revert to prior backups.

Major Threat: Social engineering

Social engineering is a broad method for gaining access to systems, money, or assets through deception at a social level instead of directly through technology. One of the most common forms of social engineering is phishing, which involves pretending to be someone trustworthy when contacting someone and exploiting that trust to get something from them.

In the recent past, phishing most commonly occurred through phone calls, letters, and even house visits. An example of a phishing attack is calling someone and claiming to be from their bank saying they need to confirm credit card details. When online shopping and eCommerce developed and became more popular, it grew more sophisticated.

At this point, phishers can learn about which retailers a shopper uses, and spoof emails from them. Emails that are loaded with risks such as fraudulent forms to keylogger installers. They can also pose as retailers through social media or set up stores that appear very similar to legitimate sites by using slightly-different URLs and steal data. These cybercriminals often use misspellings and build a store that copies the design of a trusted retailer, i.e., copying Amazon’s design and making it live at www.amazom.com.

Solution: Wider education

Phishing is difficult to prevent because it’s such a broad category, and it involves no force. It comes down to the criminals laying down the bait and hoping that people will take it. The best way to proceed is for retailers to educate their customers about how they operate. They should add tips to their site content and use their general marketing materials. Customers should know that when they receive emails, they know how to identify them as legit. Clients need to know what they might be asked for and what will never be asked of them. Retailers need to encourage their customers to reach out for confirmation if they ever receive questionable emails.

Other eCommerce Threats You Should Know

For eCommerce businesses dealing in daily monetary transactions, security must become the number one concern. Intensive security measures need to be implemented to obstruct threats effectively and keep transactions protected. Here are other common threats eCommerce sites face:

Brute Force Attacks

Brute force attacks target an online store’s admin panel. Why? They want to figure out the password and gain access, the directness of the attack makes it brute-force. After using software to connect to a site, it using code-crunching programs to crack passwords by using every possible combination imaginable. The solution is easy, protect your system by creating strong and complex passwords, changing them regularly.

Bots

Bots can be both good and bad. The good ones are those that crawl the Internet and determine how to rank your site in search engines. Bots can also scrape websites too for inventory information and pricing and alter prices on a site, freeze popular items in shopping carts, and thereby damage site sales and revenues.

The solution is to protect exposed APIs and mobile apps, and examine traffic sources regularly looking for spikes, and then blocking those hosting providers and proxy services.

Malware

There are different types of malware that want to penetrate the backend to steal sensitive site data and customer information.

Malware are those that use malvertising, ransomware, cross-site scripting, SQL injections, targeting credit card info and personal data. Malicious JavaScript coding is the most common. WordPress sites using WooCommerce and Shopify regularly get targeted by malware injections via widgets and plugin upgrades. The solution is to use professional antivirus and anti-malware software, switch to HTTPS, secure servers and admin panels and use SSL certificates while using employing multi-layer security.

Phishing

Receiving fake “you must take action” emails, either to your company or customers is a widely-used ploy and form of trickery used by hackers. It does require follow-through and unintentionally offering up login information or personal identification information. The solution here is employee training and educating consumers.

Spam

Contact forms and text boxes for blog comments are wide open to spammers. They can leave infected links that others can click on, ruining your reputation and site security. Also known as SQL injections, these cyber-attacks want to access databases via query forms. These links quietly wait for employees in inboxes and can affect site speed also. The solution is employee training and downloading spam filtering tools and anti-virus software, updating it regularly.

eCommerce Security Best Practices

Now that you’re familiar with eCommerce security concerns, and how costly they can be to the bottom line and reputation. Let’s look at solutions to help put a threat protection strategy into action.

PCI Compliance

PCI Security Standards Council releases a strict set of guidelines on how to secure an eCommerce website. It outlines which type of web hosting should be used, the level of security needed at the payment processing level, etc., Adopt their guidelines to ensure your site stays safe.

CDN

Content delivery networks (CDN) are another layer of hosting for an eCommerce website. They improve processes by storing content on servers situated across the country in data centers knows as ‘points of presence.’ These data centers have their own security, meaning it adds another layer of security.

Security Plugins

Security plugins are important for maintaining WordPress sites, ensuring the safe installation of plugins, and keeps the front-end of a site safe. They defend sites DDoS attacks, malware, and hacking, keeping you informed when threats are detected in real-time.

Backup Data

Always back up data and do this regularly. A backup and restore plugin will help. Despite investing in many levels of security, no eCommerce site is impenetrable. Hackers have the patience and time to find new ways of cracking through a site. It’s critical to back up data so a business can recover quickly if an attack happens.

Server Security

Be sure to use a well-established ecommerce web hosting company you can trust and has top-level security features. That should include a server-side firewall, CDN, or SSL certificates and dedicated hosting plans where share server environments are not shared with other sites. Make sure they follow server security best practices.

Payment Gateway Security

Just as critical as web hosting, it’s also key to make sure that the payment gateway provider takes security very seriously and ensure all third-party websites connected to yours, prioritizes security.

Antivirus and Anti-malware Software

Always upkeep and update the network’s servers and equipment with antivirus and anti-malware software.

Firewall

The web host should have a firewall for servers, but it’s also good to have one specifically for your website and computer too. There are many security plugins that come with built-in firewalls.

SSL Certificate

ECommerce sites must have an SSL certificate as it’s the Google standard. But it’s free, and quite a simple way to add more layers of encryption and security to onsite transactions.

Update Software Regularly

Software only works so well as its latest version, so if it’s not updated when suggested by the provider, your eCommerce site and business is put at risk. Schedule updates and keep all programs, software, and plugins updated regularly.

Ecommerce Security: Plan Ahead to Stay Safe

The major threats to eCommerce security that we’ve looked at are potentially devastating not only for retailers but customers as well. For this reason, the appropriate measures must be taken, and strategies put into place to address them. You simply can’t afford to be casual about the protection of websites or customer data.

The goal should be to provide a safe place for consumers online. By protecting them, you protect the bottom line as well. Outside of the eCommerce security threats and solutions we have outlined here, do regular site security audits to stay ahead of the dangers.

Get into the habit of offering sensible security advice to your visitors. Invest in meeting the PCI DSS standard to safeguard transactions. Set up high-quality active site protection to ward off DDoS campaigns. And lastly, get into the habit of using high-quality passwords, and configure multi-factor authentication to prevent the entire site from being compromised as the result of a critical password being left on an office post-it note.

Put a security plan into effect! Find out how to secure an eCommerce business by speaking with one of our experts today.

Living in the modern world means integrating technology into almost every aspect of our daily lives. This symbiotic relationship with technology opens us up to becoming highly susceptible to hacking. This vulnerability extends from our smartphones, personal and work computers, transport, bank, and credit card purchases to every small smart device you have installed in the home or workplace.

Why are Data breaches and Cybersecurity breaches a growing concern?

Internet users and consumers might not be concerned enough about the threat of hacking, the real scenario is far from being safe. It is estimated that the world over a typical “hacking activity” attack occurs every 39 seconds.

Large companies and Federal Departments including The US Office of Personnel Management (OPM), Anthem Blue Cross, Yahoo, Uber, Quora, Facebook, Cathay Pacific, Marriott International, Equifax, LinkedIn, etc., have all experienced cyber threats in the past few years. No one is immune.

Recently it’s become apparent that the complexity, frequency, and expense of data breaches are ever-increasing. Many major cyber-attacks have targeted high profile companies in the United States, Europe, and Australia. To counter this, new legislation has been introduced in affected countries, aimed at changing the rules related to threat timeframes and user notification.

We aim to present a comprehensive picture of an alarming threat of cybercrimes and data breaches, something which affects customers, social network users, and even companies. Information is presented in a series of points, covering the most critical cybersecurity statistics for 2019-20.

Costs of a Data Breach

A single instance of a data breach can have immense implications on a business. A smaller sized-company could be put out of business due to a large breach. Below are some statistics related to how costly data breaches are, as of 2019/20.

• Experts agree that by the year 2020, the average cost of a data security breach for a major business would be over $150 million. This estimate is due to the higher level of digitalization and connectivity that the world has experienced over the last few years. [BigCommerce]
• The average total cost per data breach worldwide in 2019 amounted to a total of $3.92 million and $3.5 million in 2014. [IMB]
• The average price for a Business Email Compromise hack is $24,439 per case, according to a 2019 report by Verizon. [Verizon]
• Organizations reporting phishing and social engineering attacks are increasing by 16% year over year. [Accenture]

Data Breach Numbers and Risks

The 2019 Thales Data Threat Report – Global Edition issued by Zurich Insurance, found that rapid digitalization and the internet of things has expanded the connectivity of the developed world and its infrastructure.

To keep up with rapidly expanding and sophisticated technologies, many companies are investing in their service usability. Chasing greater competitiveness, they are migrating to cloud or multi-cloud environments very quickly. This is when the data storage is maintained by a company itself or in tandem with a third party. This hybrid structure can make data very difficult to secure, states the Threat Report.

Most organizations are finding it challenging to control internet security breaches and implement strong safety measures. It’s even harder for smaller and mid-sized companies who due to budget constraints or lack of staff make them vulnerable to attack. The risk of a data breach can be due to a combination of reasons, with some companies being more susceptible than others. The top risk factors are explained below using the relevant statistics.

• A typical user has a 27.9% chance of experiencing a data breach that could affect a minimum of 10000 records. With a total of 6,466,440 (estimated) records succumbing to data breaches worldwide daily. [Security Intelligence]
• The financial sector accounts for 14% of all data breaches. In 47% of all financial data breaches, the victim is a bank. [Fortunly]
• Increasingly more malware attacks, 25.7%, are targeting global financial services and banks. [Intsights Cyber Intelligence]
• Year-over-year increases for compromised credit cards is 212%, credential leaks are 129%, and malicious apps is 102%. [Intsights Cyber Intelligence]
• The United States is in the number one position when it comes to the risk of data breaches. [Statista]
• Reports from 2018 indicate that phishing attacks targeted 76 % of businesses. [Wombat]
• Almost 41% of US-based companies allow employees unrestricted access to sensitive data. [Varonis]
• Experts have calculated that almost 25% of enterprises would succumb to data breaches through IoT devices by the year 2020. The figure poses a problem, as a mere 10% of IT security budgets allocated by companies are directed towards smart device security. [Gartner]
• An estimated 10 million records have been compromised worldwide due to data breaches, as calculated by the Breach Level Index since 2013. The average cost of the data breaches is somewhere around $3.86 million. [Thales Security]
• 88% of businesses have over 1 million folders, do not limit employee access to company files. [Varonis]
• Over 4.5 billion data records were affected by data breaches in the first half of 2018, which equates to over 1 million data breaches per hour. [Gemalto]
• Data breach instances were reported in 2019, with the first half of 2019, experiencing an 11% increase compared to the previous year. [Accenture]
• According to the Imperva 2019 Cyberthreat Defense Report, It’s expected that 57.6% of Government organizations, 73.5% of educational organizations, and 74.5% of retail organizations are at direct risk of suffering data breaches or compromises.
• The 2019 Thales Global Threat Report study revealed that there are some areas where encryption rates are higher, thereby preventing attacks. They are the IoT (42%), containers (47%), and big data (45%). Data encryption makes information unreadable and therefore useless to hackers and allows companies to guard their sensitive data and corporate secrets.

Business Continuity Plan

Having a Business Continuity Plan (BCP) is critical in the face of a data breach. A plan would outline the type of data being stored, where it’s stored, and what the potential liabilities are when implementing data security and recovery actions. AON’s 2019 Cyber Security Risk Report outlined that most organizations are missing a BCP.

When you investigate what’s causing data breaches, many times, it’s criminal activity or human error, or a mix of both. But the most common cause is the failure of organizations to prepare and do assessments in advance to identify their weaknesses. And failing to come up with answers to remedy and recover from their disadvantages. Taking care of weak passwords, improper configuration, untrained staff, or an outdated OS are all things companies can do beforehand to prevent attacks.

Incident Response

A BCP will also entail an effective cyber incident response plan. This refers to an organized approach that is aimed at addressing, managing, and rectifying the damages, in the aftermath of a cyber-attack or data breach incident.

• Organizations take up to 197 days on an average to detect data breaches. [IBM’s Ponemon Institute]
• Companies that contain a data breach in less than 30 days are expected to save over $1 million in finances.[IBM’s Ponemon Institute]
• The FBI’s Internet Crime Complaint Center (IC3), reports that the number of cybercrimes reported account for only 10-12% of the actual number occurring. [FBI IC3]

Largest Data Breaches in History

The number of instances related to data breaches has been steadily increasing since 2013, with an estimated 14,717,618,286 cases where data has been either stolen or lost. Below are some of the most prominent instances of data breaches ever recorded in recent years.

• Target in 2013: The data breach was carried out via malicious software installed on machines used by customers to pay with their cards. A total of 110 million Target accounts were compromised. [Forbes]
• E-Bay in 2014:The data breach was carried out using stolen login credentials from a small number of employees. A total of 145 million eBay accounts were compromised. [Business Insider]
• Anthem Inc. in 2015: The data breach was carried out by hackers after they infiltrated the company server. A total of 37.5 million personally identifiable records of customers were stolen. [Threatpost]
• Yahoo! in 2013/2014: One of the most significant data breaches occurred in 2013-2014, where Yahoo’s 3 billion accounts got compromised. It was a coordinated attack by an organized, unidentified cyber-criminal organization. [REUTERS]
• AOL in 2003: An estimated 92 million customer accounts were compromised after Jason Smathers, a 24-year-old AOL software engineer, caused the security breach. [WIRED]
• Quora in 2018: The data breach was caused due to unauthorized access by a malicious third party. One hundred million user accounts were compromised. [Quora]
• Facebook in 2018: This data breach was caused after hackers exploited a vulnerability in Facebook’s “View As” code. They were left with 50 Million compromised accounts. [The Guardian]
• Marriott International in 2014/2018: The breach occurred due to unauthorized access to the guest’s information database. As a result, over 500 million user accounts were compromised. [Forbes]
• Uber in 2016: Attackers, in this case, obtained credentials and accessed Uber’s cloud servers. They then got access to sensitive user information. As a result, more than 57 million users and driver accounts were compromised. [TechCrunch]
•  Equifax in 2017: The data breach occurred as a result of a vulnerability in the open-source software used to access its servers. As a result, the personal information of 143 million consumers was exposed. [Forbes]
• Aadhar Data breach in 2018: The Indian Government’s national ID database, which stores “Aadhar” information, succumbed to a cyber-attack in March 2018. The personal data of over 1.5 billion Indian citizens, including phone numbers, addresses, ID numbers, etc., were left exposed on the web. Experts have labeled this as one of the worst data breaches of all time. [TechCrunch]
  

Click here to see the full infographic!

Data Hacking Trends

With the exponential growth of the cloud and IoT applications, such as connected health devices, house or child monitoring equipment, and smart cars. The demand for data-centers keeps increasing. This is also increasing new forms of cybercrime since all these devices are now hackable, susceptible to IoT attacks. It’s not surprising since connected devices are becoming more and more entangled and integrated into everyday lives.

In only 2 years, the total data stored in the cloud – which includes everything from public clouds operated by third-party vendors, government-owned clouds, social media companies, and private clouds run by mid-to-large-sized companies – will be a hundred times greater than today.

Modern hacking trends include a myriad of cybercrime techniques aimed at compromising data. Some of the most dangerous and common types of security threats include:

• Attacks related to ransom malware have caused damages worth almost $1 billion. US users have paid $ 25 million worth of ransom. [Whitehouse Council of Economic Advisors]
• Hacking crimes due to Social engineering account for 97% of the total hacking cases in the world. It also accounts for 93% of data breaches. [PwC Report 2018]
• An estimated 4000,000 DDos attacks were reported monthly in the last few years. [Caliptix Security]
• Service Denial attacks have numbered close to 800000 cases in the first couple of months in 2018 alone.
• [PwC Report 2018]
• 2018 has also seen almost 61% of organizations succumbing to IoT device hacks. That number has risen to 64% in 2019. At the end of 2018, more than 23 billion IoT devices were installed worldwide. [Newsweek]
• Attacks related to phishing and pretexting comprise of nearly 98% of the total incidents involving social channels in 2019. Verizon’s 2017 DBIR revealed that it was still a significant factor in data breaches. [Verizon]
• In a report from Forrester, their research revealed that only 12% of breaches were targeting public cloud environments. 37% of decision-makers believed that heightened security made the migration to the public cloud vital to future success. [Forrester]

The motivation behind cybercrime remains financial gain and has remained the dominant motivator behind cyberattacks, at a rate of 88.1%. Cyberattacks as a form of technology warfare have been rising recently, up to 4% as of January 2019, when only a month earlier, in December 2018, the rate was 2% according to Privacy Affairs. Governments and non-government organizations have taken part in cyber warfare, and that rate should continue to grow as technologies become more integrated into the public’s lives.

C-suite and Cybersecurity

• According to a recent survey carried out on C-suite users, a total of 53% of respondents indicated “cybercrime and data breaches” as the number one concern when it comes to cybersecurity. [IBM Study]

Increased attacks on Service Providers

Attacks on service providers such as Yahoo, AML, etc. have seen a stark rise in the last 6 or 7 years.

• Yahoo faced the worst service provider attack with instances affecting 3 million, 500 million, and 200 million user accounts in 2013, 2014, and 2016 respectively. [NYTimes]

Organizational vulnerabilities

• Both medium and small-scale organizations are losing an estimated $120,000 on average due to service denial attacks. Another figure indicated that enterprises could lose more than $2 million in total, due to denial of service attacks. [Security Intelligence]
• An estimated 61% of organizations worldwide have succumbed to IoT system hacking in 2018 alone. [CSO Online]
• In 2019, 64% of companies that allocate more than 10% of their budget towards cybersecurity experienced at least one breach. 34% of the companies indicated that they experienced a data breach last year. [Helpnet Security]

Third-party/Supply-chain risk

• Most data breaches are caused by malicious activities outside the entity, as a study found that it accounts for 56% of total data breaches in 2018. Malicious insiders account for only 7% of the violations. [Statista]
• Intrusions caused by Phishing attacks have affected 82% of manufacturers in the U.S, which also covers the industrial supply chains present in the manufacturing sectors. [phishing box]
• Almost 59% of UK and US-based companies who have used a third-party service have experienced data breaches. Of them, a measly 16% of them think that the third party’s risk management system is effective enough in 2019. [Business Wire]

Skills Shortage in CyberSecurity

The overall level of skills when it comes to Cybersecurity measures has not matched up to the required standards.

• 38% of global organizations claim that they can handle a sophisticated cyber-attack. [IBM]
• This is a worrying statistic, as over 54% of the world’s organizations have experienced some sort of significant cyber-attack in the past year. [IBM]
• In 2018-2019, almost 53 percent of organizations reported a problematic shortage of cybersecurity skills. [Security Intelligence]
• Cybersecurity engineers will soon be the highest-paid among all IT professionals in 2020, more than software engineers, systems administrators, IT auditors, and software architects. With salaries exceeding $225,000 annually. [InfoSec]

Trends in HIPAA Data Breaches

• In America, the total number of medical records that have been exposed throughout 2019 amounts to a total of 38 Million. [HIPAA JOURNAL]
• The U.S. Department of Health and Human Services experienced 52 data breaches in October 2019 alone. [HIPAA JOURNAL]
• 2015 is still the worst year for data breaches in this sector, with two instances exposing 78.8 million and 11 million customers, respectively. [appknox]

Cybersecurity Spending

As the threat of cybersecurity intensifies, the overall amount spent on cybersecurity has been increasing since 2015.

• The U.S. President’s Budget allocated towards cybersecurity rose to $15 Billion for 2019. [Whitehouse Cybersecurity Funding]
• This is a stark increase of $583.4 Million of almost 4.1% from the budget allocated for 2018. [Whitehouse Cybersecurity Funding]
• The largest contributor to the budget was the Department of Defense, which allocated $8.5 Billion, an increase of $340 million compared to the previous year (2018). [Whitehouse Cybersecurity Funding]
• How much are companies spending on cybersecurity? In 2018, in excess of $114 billion was spent globally on information-security products and services. It’s expected to grow to $170.40 billion by 2022. What’s driving this spending are business needs, security risks, and industry changes. Privacy has also become an important factor according to 2019 cybersecurity statistics. [Gartner]
• In 2020, almost fifty-two percent of companies believe that cloud computing is a priority for cybersecurity investment.  [Safe At Last]
• Cloud computing providers will spend more on security spending by 57%. The other areas that will see more development are IoT, mobile computing, cybersecurity analytics, and robotic process automation. [Forrester]
• by 2023, businesses are expected to spend $12.6 billion on cloud security tools, that’s more than double from the $5.6 billion spent in 2018. [Forrester]

Prevention and the Future

The modern, inter-connected world is increasingly falling under threat from growing instances of cybercrimes. Many large companies have fallen prey to such elaborate cybercrime schemes and have lost millions on lawsuits to recover the situation.

In 2018 alone, data breaches affected 45.9% of businesses, 29.2% of medical and healthcare institutions, 10.9% of banking, credit or financial institutions, and 8% of government or military associated companies and departments. [Digital Information World]

The number of data breaches per year in the United States has gradually increased since 2014: [Statista]

• 783 cases in 2014
• 781 cases in 2015
• 1093 cases in 2016
• 1579 cases in 2017
• 1244 cases in 2018

When it comes to 2019, however, the numbers have skyrocketed.

• There were more than 3800 reported cases of breaches in 2019. [Forbes]
• Compared to the first six months of 2018, there has been a 54% increase in the number of reported breaches. [TechRepublic]
• These breaches exposed records which were 52% more than that of 2018. [Risk Based Security]

The largest data breaches in 2019:

• A total of 620 million accounts suffered a data breach in 2019, from a total of 16 websites. [Forbes]
• Websites such as Dubsmash, Armor Games, ShareThis, Whitepages and 500px were among those affected. [IT Governance UK]

Prevention is always better than cure and is most applicable when dealing with cybercrimes. With different forms of cybersecurity, ranging from malware, phishing, denial of service, SQL injection, Zero-day exploits, DNS tunneling, and others, the need for effective cybersecurity measures is of utmost priority.

Cybersecurity measures range from simple to complex. Necessary preventive measures such as password protection and authentication, are not enough to prevent more elaborate and complex cyber threats that are faced by companies today.

From a business perspective, data breaches can never be ignored, and appropriate measures must be taken by the companies, something which is lacking as of now. As hackers find more elaborate ways to breach security, countermeasures need to be in place. The only way to tackle such threats is to develop sophisticated security techniques, as well as to educate users and employees about the dangers of the different forms of cybersecurity threats prevalent currently.

If left untreated, cybercrimes and data breaches can hamper the reputation of a company, assets, finances, and even their existence, which means there will be no future if you don’t start prevention now. Find out more on how to secure your data in the cloud, by connecting with one of our experts.