Tag Archive for: IoT

Cyber Trends to Watch for in 2024: Navigating the Evolving Landscape

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As technology continues to advance at a rapid pace, the cyber landscape is undergoing unprecedented transformations. As we step into 2024, it’s crucial to stay ahead of the curve and be aware of emerging cyber trends.

Keep an eye on these notable trends unfolding in the cybersecurity landscape:

1. AI-Powered Cyber Attacks

Artificial Intelligence (AI) is no longer just a tool for cybersecurity; it’s also becoming a weapon in the hands of cybercriminals. In 2024, we can expect a surge in AI-powered cyber attacks. Attackers are leveraging machine learning algorithms to automate and enhance their attack strategies, making it more challenging for traditional security measures to detect and prevent these threats. Automating attack path analysis and malware analysis with AI are a couple of ways to combat attackers using AI.

According to Springfield FBI, Cybercrime costs businesses more than $10 billion in the U.S. last year, a figure that could reach $10.5 trillion, globally by 2025, according to Cybersecurity Ventures. They also estimate ransomware alone will cost its victims around $265 billion annually by 2031—an astonishing 815 times more than the $325 million that organizations spent on ransomware in 2015.

The average cost of a data breach reached an all-time high of $4.45 million in 2023, according to IBM—a 15.3% increase over the cost in 2020. Knowing what assets you need to protect and important steps you can take to identify and mitigate them is crucial.

2. Quantum Computing Threats

While quantum computing promises revolutionary advancements, it also poses a significant threat to current encryption standards. In 2024, as quantum computing technologies mature, the risk of cryptographic vulnerabilities increases. The primary goal of a cryptographic system is to ensure the confidentiality, integrity, and authenticity of data. Cryptographic techniques are widely used in various applications, including secure communication over the internet, data storage, authentication, and digital signatures. Cryptographic systems play a crucial role in ensuring the security of digital communication and information in various domains, including online banking, e-commerce, secure messaging, and data protection.

The White House and the Homeland Security Department have made clear that in the wrong hands, a powerful quantum computer could disrupt everything from secure communications to the underpinnings of our financial system.

Organizations must start preparing for quantum-resistant encryption methods to safeguard their sensitive information.

3. Ransomware 2.0: Double Extortion

Persistent and evolving, ransomware attacks continue to pose a significant threat. In 2024, we anticipate the rise of “Ransomware 2.0,” which involves double extortion tactics. In addition to encrypting data, attackers are increasingly stealing sensitive information before locking it down. This dual-threat approach puts added pressure on victims to pay the ransom, as the exposure of sensitive data adds a new dimension to the consequences of non-compliance. Prioritizing vulnerabilities and automating compliance checks can improve the efficiency of your security team.

4. IoT Security Challenges

The Internet of Things (IoT) is expanding rapidly, connecting more devices than ever before. Research expert for the consumer electronics industry, Lionel Sujay Vailshery of Statista, estimates that more than 15 billion devices are on the Internet of Things, outnumbering non-IoT devices with 2 of 3 on IoT. However, this increased connectivity comes with heightened security risks. In 2024, we anticipate a surge in IoT-related cyber attacks as attackers exploit vulnerabilities in poorly secured devices. Strengthening IoT security protocols, such as through device authentication and authorization, securing communication channels, keeping firmware and software up to date, and security testing and vulnerability management, will be crucial to prevent widespread breaches. Knowing what is attached and who can get to it will help protect you in the future.

5. Supply Chain Attacks

Supply chain attacks are not new, but they are becoming increasingly more sophisticated, with cybercriminals targeting the networks of suppliers and service providers to compromise the security of the ultimate target.

In a supply chain attack, an attacker might target a cybersecurity vendor and add malware to their software, which is then sent out in a system update to that vendor’s clients. When the clients download the update, believing it to be from a trusted source, the malware grants attackers access to those clients’ systems and information. This is essentially how the SolarWinds attack unfolded in 2020, targeting 18,000 customers.

As organizations continue to rely on a complex web of third-party vendors, securing the entire supply chain becomes paramount in 2024.

6. Regulatory Developments

Governments and regulatory bodies are increasingly recognizing the importance of cybersecurity. We’ve already seen change in New York’s requirements for reporting breaches by company size and in 2024, we anticipate the introduction of more stringent regulations and compliance requirements. Organizations will need to stay abreast of these changes to ensure they meet the evolving standards and avoid legal and financial repercussions.

The cyber landscape is poised for continued evolution. By adopting proactive cybersecurity measures and embracing innovative solutions, we can collectively navigate the challenges and threats that lie ahead.

At RedSeal, we’re committed to fortifying your digital infrastructure. We proactively help visualize your network, identify attack paths, prioritize risk, and help you stay in compliance to ensure your business and customers stay secure.

Reach out to RedSeal or schedule a demo today.

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.

The House Always Wins? Top Cybersecurity Issues Facing the Casino and Gaming Industry

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Head into a casino, and you should know what you’re getting into — even if you see some success at the beginning of the night, the house always wins. It’s a truism often repeated and rarely questioned but when it comes to cybersecurity, many casino and gaming organizations aren’t coming out ahead.

In this post, we’ll dive into what sets this industry apart, tackle the top cybersecurity issues facing casino and gaming companies, and offer a solid bet to help build better security infrastructure.

Doing the Math: Why Casinos and Gaming Businesses are at Greater Risk

Gaming and casino industry companies generate more than $53 billion in revenue each year. While this is a big number, it’s nothing compared to the U.S. banking industry, which reached an estimated $4847.9 billion in 2021. And yet at 1/100 the size of their financial counterparts, casinos now face rapidly-increasing attack volumes.

In 2017, for example, a network-connected fish tank was compromised by attackers and used as the jumping-off point for lateral network movement. In 2020, the Cache Creek Casino Resort in California shut down for three weeks after a cyberattack, and in 2021 six casinos in Oklahoma were hit by ransomware.

So what’s the difference? Why are casinos and gaming companies being targeted when there are bigger fish to fry? Put simply, it’s all about the connected experience. Where banks handle confidential personal information to deliver specific financial functions, casinos collect a broader cross-section of information including credit card and income information, social security numbers, and basic tombstone data to provide the best experience for customers on-site. As a result, there’s a greater variety of data for hackers to access if they manage to breach network perimeters.

Casinos and gaming companies also have a much larger and more diverse attack surface. Where banks perform specific financial functions and have locked down access to these network connections, casinos have a host of Intenet-connected devices designed to enhance the customer experience but may also empower attacks. IoT-enabled fish tanks are one example but gaming businesses also use technologies like always-connected light and temperature sensors, IoT-enabled slot machines, and large-scale WiFi networks to keep customers coming back.

In practice, this combination of connected experience and disparate technologies creates a situation that sees IT teams grow arithmetically while attacks grow geometrically. This creates a challenge: No matter how quickly companies scale up the number of staff on their teams, attackers are ahead.

Not only are malicious actors willing to share data about what works and what doesn’t when it comes to breaching casino cybersecurity, but they’re constantly trying new approaches and techniques to streamline attack efforts. IT teams, meanwhile, don’t have the time or resources to experiment.

The Top Four Cybersecurity Issues Facing Casino and Gaming Companies

When it comes to keeping customer and business data secure, gaming and casino companies face four big issues.

  1. IoT Connections
    While IoT devices such as connected thermostats, refrigerators, and even fish tanks are becoming commonplace, robust security remains rare. Factory firmware often contains critical vulnerabilities that aren’t easily detected or mitigated by IT staff, in turn creating security holes that are hard to see and even more difficult to eliminate.
  2. Ransomware Attacks
    Ransomware continues to plague companies; recent survey data found that 49 percent of executives and employees interviewed said their company had been the victim of ransomware attacks. This vector is especially worrisome for casinos and gaming companies given both the volume and variety of personal and financial data they collect and store. Successful encryption of data could shut companies down for days or weeks and leave them with a difficult choice: Pay up or risk massive market fallout.
  3. Exfiltration Issues
    Collected casino and gaming data is also valuable to attackers as a source of income through Dark Web sales. By quietly collecting and exfiltrating data, hackers can generate sustained profit in the background of casino operations while laying the groundwork for identity theft or credit card fraud.
  4. Compliance Concerns
    If casinos are breached, they may face compliance challenges on multiple fronts. For example, breached credit card data could lead to PCI DSS audits, and if businesses are found to be out of compliance, the results could range from substantial fines to a suspension of payment processing privileges. Compromised personal data, meanwhile, could put companies at risk of not meeting regulatory obligations under evolving privacy laws such as the California Consumer Protection Act (CCPA).

Betting on Better Security

Once attackers have access to casino networks, they’ve got options. They could encrypt data using ransomware and demand payment for release — which they may or may not provide, even if payment is made — or they could quietly exfiltrate customer data and then sell this information online. They could also simply keep quiet and conduct reconnaissance of new systems and technologies being deployed, then use this information to compromise key access points or sell it to the highest bidder.

The result? When it comes to protecting against cyberattacks, businesses are best served by stopping attacks before they happen rather than trying to pick up the pieces after the fact. For networks as complex and interconnected as those of casinos, achieving this goal demands complete visibility.

This starts with an identification of all devices across network architecture, from familiar systems such as servers and storage to staff mobile devices and IoT-connected technologies. By identifying both known and unknown devices, companies can get a picture of what their network actually looks like — rather than what they expect it to be.

RedSeal can help casinos achieve real-time visibility by creating a digital twin of existing networks, both to identify key assets and assess key risks by discovering the impact of network changes. For example, casinos could choose to run a port and protocol simulation to determine the risk of opening or closing specific ports — without actually making these changes on live networks. RedSeal can also help segregate key data storage buckets to mitigate the impact of attacks if systems are compromised.

Helping the House Win

Attackers are trying to tip the odds in their favor by compromising connected devices and leveraging unknown vulnerabilities. RedSeal can help the house come out ahead by delivering real-time visibility into casino and gaming networks that help IT teams make informed decisions and stay ahead of emerging cybersecurity challenges.

Ready to tip the odds in your favor? Start with RedSeal.

Improving Cloud Security With Segmentation And Automation

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Forbes | February 12, 2021

by  Mike Lloyd

As a security professional, I tried for several years to keep IoT devices out of my house. However, my anti-IoT crusade just isn’t working anymore. Why? Because, as I’ve discovered, you really have to go to extreme measures to find non-IoT devices for your home. Whether it’s an irrigation system for your lawn, a new alarm system or even solar panels for your roof, just about every home accessory now comes with a prominent IoT footprint.

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Security Think Tank: The year of the work-from-home hangover

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Computer Weekly | 4 January 2021

After a year of unprecedented disruption thanks to Covid-19, it looks like remote working is set to remain with us for now, which means security strategies will change in 2021. What will this change look like, and what tools and services will be selling like hot cakes?

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Why Aren’t Smart Devices Safer?

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Forbes | March 6, 2020

We live in a world of rapid technological change. Consumers have adopted smart home devices at amazing (some might say alarming) speeds. Businesses have rushed to the cloud, to digitalization and to the latest artificial intelligence approaches. Each of these changes is driven by big benefits but also comes with a great deal of risk.

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The smart tech threat to CEOs

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TechRadar | November 7, 2019

The cybersecurity industry talks a lot about the importance of “board-level buy-in” for projects and a security-by-design culture led from the “top down”. What does that actually mean? It means CEOs and senior managers who “get” security: leaders who know that security done right can be a competitive differentiator and growth driver, not a block on innovation.

The reality is that most still do not.

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What Do You Do When You Can’t Patch Your IoT Endpoints?

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Dark Reading | October 29, 2019

Question: What do you do when you can’t patch your IoT endpoints?

Dr. Mike Lloyd, CTO of RedSeal: Internet of Things devices are great because they aren’t as complicated as phones, laptops, or servers. General-purpose computers cause headaches. Unfortunately for security, IoT devices are also a curse for the same reason – precisely because they aren’t flexible. The security toolchain and ecosystem we’ve built up assumes we can put stuff on network endpoints, but IoT “things” are different. Agents? Scanning? Patching? Antivirus? None of that works in the new world of IoT widgets. Worse, many of these devices are built en masse by companies focused on price point, with no intention of supporting patching.

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Security in a Time of IoT

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Industrial IoT News | May 15, 2019

By RedSeal CTO Dr. Mike Lloyd

The Internet of Things (IoT), made up of special-purpose devices designed to do a particular job well, presents a significant problem for security professionals. Several of their traditional approaches to security won’t work. Fortunately, it’s not all doom and gloom. We can use a three-step strategy for dealing with security and IoT.

First, we need to understand the nature of the IoT problem. Second, we need to invest effort in finding IoT endpoints and enumerating their weaknesses. And third, having found them, we need to look at them in the context of our own organization, our network, and our risk tolerance, so that we can clearly identify appropriate controls.

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IoT: Why It Is Vulnerable

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Security Advisor Middle East | Jan 16, 2018 | Pages 22-23

Feat. Dr. Mike Lloyd, RedSeal CTO

The Internet of Things – the connecting of billions of everyday and industrial devices using tiny sensors that transmit data and share information in the cloud – is revolutionising the way we live and do business.

IoT platforms are expected to save money, improve decision-making, increase staff productivity, provide better visibility into the organization and improve the customer experience. All this potential comes with some big security risks – mainly with the unsecured devices themselves, but also with their ability to join forces to bring down systems. This can leave corporate networks vulnerable.

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