Tag Archive for: cyber attack

Top Reasons State and Local Governments Are Targeted in Cyberattacks

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Ransomware attacks affected at least 948 U.S. government entities in 2019 and cost local and state governments over $18 billion in 2020. These agencies are prime targets for cyberattacks. Their dispersed nature, the complexity of their networks, the vast amounts of valuable personal data they process and store, and their limited budget prevent them from staying current with the latest best practices.

Strengthening your defense starts with understanding the top reasons why threat actors choose to target state and local governments. Then, implement the latest technologies and best practices to protect your organization from attacks.

Reason 1: The Vast Number of Local and State Government Agencies

There are 89,004 local governments in the U.S., plus numerous special districts and school districts. That equates to 2.85 million civilian federal employees and 18.83 million state and local government employees — each representing a potential target for threat actors.

Since it takes only one person to click on one malicious link or attachment to infect the entire system with ransomware, the large number of people who have access to sensitive data makes government entities prime targets for social engineering attacks.

Moreover, the dispersed nature of these networks makes it extremely challenging for government agencies to gain visibility of all the data and activities. When one agency suffers an attack, there are no procedures or methods to alert others, coordinate incident response plans, or prevent the same attack from happening to other entities.

Reason 2: These Agencies Process Valuable Personal Information

How much personal data have you shared with state and local government agencies? Somewhere in their dispersed systems reside your social security number, home addresses, phone numbers, driver’s license information, health records, etc. The information is attractive to cybercriminals because they can sell it on the dark web or use it for identity theft.

Many of these agencies also hire contractors and sub-contractors to handle their computer systems or process user data. The more people with access to the data, the larger the attack surface — creating more opportunities for supply chain attacks where criminals target less secure vendors to infiltrate their systems.

Without the know-how or resources to partition their data or implement access control, many government agencies leave their door wide open for criminals to access their entire database. All malicious actors have to do is target one of the many people who can access any part of their systems.

Reason 3: They Can’t Afford Security Experts and Advanced Tools

Almost 50 percent of local governments say their IT policies and procedures don’t align with industry best practices. One major hurdle is that they don’t have the budget to offer wages that can compete with the private sector and a workplace culture to attract and retain qualified IT and cybersecurity professionals.

Meanwhile, cybercriminals are evolving their attack methods at breakneck speed. Organizations must adopt cutting-edge cybersecurity software to monitor their systems and detect intrusions. Unfortunately, the cost of these advanced tools is out of reach for many government entities due to their limited budgets.

Moreover, political considerations and bureaucracy further hamstring these organizations. The slow speed of many governmental and funding approval processes makes preparing for and responding to fast-changing cybersecurity threats even more challenging.

Reason 4: IoT Adoption Complicates the Picture

From smart building technology and digital signage to trash collection and snow removal, Internet of Things (IoT) tools, mobile devices, and smart technologies play an increasingly vital role in the day-to-day operations of local governments.

While these technologies help promote cost-efficiency and sustainability, they also increase the attack surface and give hackers more opportunities to breach a local government’s systems and networks —  if it fails to implement the appropriate security measures.

Unfortunately, many agencies jump into buying new technologies without implementing proper security protocols. Not all agencies require IoT devices to perform their functions. You should therefore balance the cost and benefits, along with the security implications, to make the right decisions.

How Government Agencies Can Protect Themselves Against Cyberattacks

An ounce of prevention is worth a pound of cure. The most cost-effective way to avoid the high costs of ransomware attacks and data breaches is to follow the latest cybersecurity best practices. Here’s what state and local governments should implement to stay safe:

  • Complete visibility into your entire IT infrastructure to provide a comprehensive view into all the possible hybrid network access points to understand what’s connected to your network and what data and files are most at risk. This way, you can prioritize your data security resources.
  • Intrusion detection and prevention systems (IDS and IPS) protect your wired and wireless networks by identifying and mitigating threats (e.g., malware, spyware, viruses, worms), suspicious activities, and policy violations.
  • A mobile device management (MDM) solution allows administrators to monitor and configure the security settings of all devices connected to your network. Admins can also manage the network from a centralized location to support remote working and the use of mobile and IoT devices.
  • Access control protocols support a zero-trust policy to ensure that only compliant devices and approved personnel can access network assets through consistent authentication and authorization, such as multi-factor authentication (MFA) and digital certificates.
  • Strong spam filters and email security solutions protect end users from phishing messages and authenticate all inbound emails to fence off social engineering scams.
  • Cybersecurity awareness training for all employees and contractors helps build a security-first culture and makes cybersecurity a shared responsibility, which is particularly critical for fending off social engineering and phishing attacks.
  • A backup and disaster recovery plan protects agencies against data loss and ransomware attacks by ensuring operations don’t grind to a halt even if you suffer an attack.

Final Thoughts: Managing the Many Moving Parts of Cybersecurity

Cybersecurity is an ongoing endeavor, and it starts with building a solid foundation and knowing what and who is in your systems.

You must map your networks, take inventory of every device, and know where all your data is (including the cloud) to gain a bird’s-eye view of what your security strategy must address. Next, assess your security posture, evaluate your network against your policies, and prioritize resources to address the highest-risk vulnerabilities. Also, you must continuously monitor network activities and potential attack paths to achieve constant visibility, prioritize your efforts, and meet compliance standards.

State and local governments worldwide trust RedSeal to help them build digital resilience. Request a demo to see how we can help you gain visibility of all network environments to jumpstart your cybersecurity journey.

Top 4 Cyber Challenges for Credit Unions

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Credit unions continue to be the primary targets of cyberattacks like phishing, ransomware, and supply chain attacks. This is due to the highly confidential nature of the data they collect and store. If this data falls into the wrong hands, the outcome can negatively impact the institution’s reputation, as well as its legal and financial standing.

Cyberattacks aimed at credit unions come at a high cost. Financial loss can range from $190,000 for small credit unions to as high as $1.2 million for large credit unions.

As technology advances, so have the cyber threats targeting credit unions. The National Credit Union Administration (NCUA) has continuously encouraged credit unions to “strengthen their institution’s cyber vigilance and preparedness efforts” to protect themselves and their members.

Read on to learn how credit unions can mitigate cybersecurity risks. The key is to first understand the primary threats and then how to reduce their impact.

Cybersecurity Trends in the Finance Sector

Over the last decade, cybercriminals have found creative ways to target credit unions. Attacks have increased in volume and severity, with hacking and malware being deployed to cripple financial institutions. The first half of 2020 saw a 238 percent increase in cyberattacks targeting the finance sector.

Between March and June of 2020, ransomware attacks aimed at banks increased by 520 percent compared to the same period in 2019. A huge spike was also observed in 2021.

In June of this year, several credit unions in Canada discovered evidence of attempted access by unauthorized personnel. A 2020 survey by the National Credit Union Administration (NCUA) found that 46% of credit unions experienced a cybersecurity incident in the past year. Phishing attacks continue to be a major threat to credit unions, with the NCUA reporting that they accounted for over 50 percent of incidents in 2020.

According to a recent IBM report, the average cost of a data breach in 2022 was $4.35 million. The finance sector is a primary attack target, only second to healthcare organizations, with the average financial breach costing $5.97 million. Credit unions, as a result, are increasingly turning to technology to improve their cybersecurity posture.

Credit unions should also be aware of the risk employees or contractors with access to sensitive information pose to cybersecurity. They can potentially misconfigure servers, networks, and databases and become compromised by hackers. Combating this may involve implementing measures such as keeping an updated inventory of cloud resources, reviewing misconfiguration by identifying unintentionally exposed resources, and reviewing security policies.

With large amounts of money at risk, following cybersecurity best practices can help credit unions stay on top of cyber threats.

Common Cyber Challenges for Credit Unions

Credit unions and financial institutions face a wide range of cybersecurity dangers and challenges —  from hackers looking to exploit loopholes to sophisticated cyber warfare/cyber espionage maneuvers of advanced persistent threat (APT) actors.

Learning about the potential risk factors can help credit unions mitigate these risks.

Here are the most common cybersecurity challenges credit unions should be aware of.

Sophisticated Cyberattacks and Ransomware

A ransomware attack, which involves encrypting files and locking users out of their systems, happens every 11 seconds. Criminals then demand a ransom to release the data. Credit unions must have strategies in place to ensure their systems are protected from such attacks.

Ransomware attacks not only cause credit unions to lose large amounts of money in ransom payments and fines; they also erode consumer trust. In most cases, ransomware attacks happen because employees fall for phishing scams that trick them into downloading suspicious attachments, clicking malicious links, or launching sketchy .exe files.

By regularly assessing and analyzing your entire system, you’re better able to spot any new vulnerabilities and emerging threats. It’s also important to educate employees and customers about cybersecurity best practices so they are equipped to handle various types of cyberattacks.

Supply Chain Interruptions via Third-Party Vendors

Credit unions typically use third-party partners to offer better features and functionalities to their members. Cybercriminals take advantage by attacking less secure software vendors. These vendors then inadvertently deliver malicious code in the form of compromised products or updates, enabling cybercriminals to access the credit institution’s network.

To minimize this risk, credit unions should thoroughly vet vendors before entering into a business partnership with them. They should also scrutinize their security practices and perform regular system updates and maintenance to ensure their existing infrastructure performs optimally for the longest time possible.

Emerging Threats Associated with the Internet of Things (IoT)

Hacking techniques are continuously becoming more sophisticated. IoT adoption is increasing exponentially, and hardware assets connected to the internet such as cameras, printers, sensors, and scanners are becoming a major target of exploitation by cybercriminals.

With over 50 percent of all IoT devices susceptible to severe cyberattacks, credit unions should focus on investing in cybersecurity solutions that make it easier to identify all IoT devices connected to their network. This way, they can easily monitor IoT devices for any security issues and take action before the risks become harder to mitigate.

Shortage of Cybersecurity Skills

The demand for cybersecurity experts, especially among credit unions, is outpacing the supply of qualified professionals. According to the 2022 (ISC)2 Cybersecurity Workforce Study, even with an estimated 4.7 million professionals, there’s still a global shortage of 3.4 million workers in this field. This will affect smaller credit unions as they will find it difficult to hire expertise well-versed in various cloud technologies.

Technical skills such as secure software development, intrusion detection, and attack migration are by far the most valuable skills in this field. Security teams in the credit union space must look for innovative solutions to optimize productivity. This includes identifying security tools and technologies that are easy to use and deploy, providing more opportunities for external training, and identifying solutions that streamline cybersecurity processes.

How Credit Unions Can Strengthen Their Cybersecurity

To ensure your credit union has optimal protection against potential cyberattacks, RedSeal recommends a proactive approach by performing regular cybersecurity assessments to identify any loopholes in your system and also ensure proper defenses are in place. These include having an up-to-date inventory, identifying unintended exposures, and setting a security baseline to meet current and future compliance requirements. It’s also important to establish security protocols that follow industry guidelines and continuously apply security patches and updates to the system.

Working with a prioritized set of risks allows security teams to better allocate resources to areas where they’re needed most.

Want to know more about how you can mitigate cyberattacks in your credit union? Check out this white paper on digital resilience and ransomware protection strategies.

Future-Proofing Your Security Infrastructure

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Cybersecurity is getting more complicated every day. Why is this happening? Organizations are seeing their infrastructure becoming more complex, attack surfaces growing dramatically, and threats from cybercriminals evolving. What’s more, the reliance on public cloud, private cloud, hybrid cloud, and multi-cloud environments — coupled with more remote workers — has expanded the security perimeter for many organizations.

Even before COVID burst onto the scene, cybercrime was on the rise. Instead of a lone hacker sitting in a dark basement, contemporary cyber threat actors are part of organized crime rings.

All these trends underscore the importance of future-proofing your security infrastructure to combat major security threats and protect your mission-critical data.

Cyberattacks Are on the Rise: Data Tells the Tale

From Solar Winds to the Colonial Pipeline attack, cybercriminals have been making headlines in recent years. In addition, statistics reveal that cyberattacks are an ever-growing problem:

Attacks are more prevalent, and they are getting more expensive. The average cost of a data breach now exceeds $4.2 million per incident and can cause recurring problems for years. On average, more than $2.9 million is lost to cybercrime every minute.

Despite increased spending on cybersecurity and best efforts by chief information security officers (CISOs) and information technology (IT) teams, nearly 80% of senior IT leaders believe their organizations lack sufficient protection against cyber-attacks. With the rising threat, every organization needs a strategy to future-proof its infrastructure.

What is Future-Proofing?

Future-proofing your cyber security creates a robust foundation that can evolve as your organization grows and new cyber threats emerge. This includes continually assessing your infrastructure for security gaps, proactively identifying threats, and remediating potential weaknesses.

Future-proof planning encompasses the totality of your security efforts. Failure to plan puts your entire organization at risk. You simply cannot afford to be left unprotected against current and future threats.

What Can (and Can’t) Be Future-Proofed within Your Technology Infrastructure?

What makes future-proofing technology challenging is that we don’t know exactly what the IT landscape will look like in the future. A few years ago, who knew we would see the explosion in the number of remote employees  — often working on unprotected home networks.

The good news is that the cloud has given us tremendous flexibility and helps us future-proof without overspending right now on capacity we may or may not need. With nearly infinite scalability, cloud applications have allowed organizations to adapt and grow as necessary. However, it’s also put more sensitive and proprietary data online than ever before and made IT infrastructure more complex.

To future-proof your infrastructure, you need an approach for visualizing, monitoring, and managing security risks across every platform and connection. This lets you expand your security perimeter as your network grows and proactively identify new exposure as you evolve.

How Can Organizations Prepare for the Future?

Security needs to be part of every company’s DNA. Before you make any business decisions, you should run through security filters to ensure the right safeguards are in place. It takes a security culture that goes beyond the IT departments to future-proof your organization.

With data in the cloud, there’s a shared security responsibility. For example, public cloud providers take responsibility for their cloud security, but they are not responsible for your apps, servers, or data security. Too many companies are still relying on cloud providers to protect assets and abdicating their part of the shared security model.

Between multi-cloud, hybrid cloud environments, and a mix of cloud and on-prem applications, it’s become increasingly difficult to track and manage security across every platform. Many security tools only work in one of these environments, so piecing together solutions is also challenging.

For example, do you know the answers to these questions:

  • What resources do we have across all our public cloud and on-premises environments?
  • Are any of these resources unintentionally exposed to the internet?
  • What access is possible within and between cloud and on-premises environments?
  • Do our cloud deployments meet security best practices?
  • How do we validate our cloud network segmentation policies?
  • Are we remediating the riskiest vulnerabilities in the cloud first?

An in-depth visualization of the topology and hierarchy of your infrastructure can uncover vulnerabilities, identify exposure, and provide targeted remediation strategies.

You also need a cloud security solution to identify every resource connected to the internet. Whether you’re using AWS, Microsoft Azure, Google Cloud, Oracle Cloud, or other public cloud resources along with private cloud and on-prem resources, you need a holistic view of security.

Traditional security information and event management (SEIM) systems often produce a large volume of data, making it unwieldy to identify and isolate the highest priority concerns. You need a network model across all resources to accelerate network incident response and quickly locate any compromised device on the network.

Another necessity is continuous penetration tests to measure your state of readiness and re-evaluate your security posture. This helps future-proof your security as you add resources and new threats emerge.

Create a Secure Future for Your Organization

Creating a secure future for your organization is essential. As IT infrastructure and connectivity become more complex, attack surfaces continue to grow, and cybercriminals evolve their tactics, the risks are too great for your company, customers, and career not to build a secure foundation. You need to do more than plan your response to an incident and must know how to prevent cyberattacks with proactive security measures.

Secure all your network environments — public clouds, private clouds, and on-premises — in one comprehensive, dynamic visualization. That’s Red Seal.

RedSeal — through its cloud security solution and professional services — helps government agencies and Global 2000 companies measurably reduce their cyber risk by showing them what’s in all their network environments and where resources are exposed to the internet. RedSeal verifies that networks align with security best practices, validates network segmentation policies, and continuously monitors compliance with policies and regulations.

Contact Red Seal today to take a test drive.