Articles

Elevating Cybersecurity Awareness & Mitigating Risks

CV Rao
President, CTO
Lotus TechPros
April, 2024

In today’s digital landscape, organizations can be categorized into three distinct groups concerning cybersecurity:

1. Proactive organizations dedicated to enhancing their cybersecurity measures continually.
2. Passive organizations witnessing the repercussions of cyber-attacks on other entities without taking adequate preventative action.
3. Affected organizations grappling with the aftermath of cyber breaches, facing reputational damage, legal battles, and financial penalties.
Irrespective of current categorization, all organizations share a common desire: to bolster their security measures proactively and prevent cybercrime-related incidents.

However, many business owners and CEO’s find themselves at a loss when it comes to elevating their cybersecurity prevention posture.

While most current methods focus on inadequate prevention and focus on the aftermath of dealing with and recovering from a cybercrime incident, the more effective and upcoming approach is to prevent cybercrime incidents in the first place.

EVALUATE

The following five indicators of an insecure tech environment are often overlooked by many business owners and CEOs. It's common for busy executives to miss these signs, as they might not typically consider them unless brought to their attention. However, these warning signs are readily identifiable, especially for organizations vulnerable to cybercrime. Even top-performing organizations can find themselves at risk due to challenges in effectively communicating cybersecurity concerns. It's time to address this gap in understanding and prioritize cybersecurity awareness.

Use this list to evaluate now and periodically to assess how exposed your organization is to cybercrime.

1. Have you experienced a breach, ransomware, or data loss? (yes/no)

In cybercrime, hackers often revisit their past targets. They see previous victims as easy prey, armed with knowledge gained from prior attacks. Your organization may be at risk if it has been targeted before, as hackers may exploit vulnerabilities left behind.

2. Can you access your organizations email, files or network without multi-factor authentication? (yes/no)

Multi-factor authentication adds an extra layer of security by requiring additional verification beyond a password. Without it, your data and organization are vulnerable to password-based attacks, potentially exposing sensitive information.

3. Is your mailbox flooded with spam and unwanted emails? (yes/no)

Phishing emails, a common tactic used in cyber attacks, often infiltrate inboxes. Research shows that a significant portion of users inadvertently click on phishing links, posing a threat to organizational security. Even if you're vigilant, others on your team may unknowingly fall victim to these malicious schemes.

4. Are you inundated with warning messages or popups? (yes/no)

Relying solely on antivirus software for protection may leave your organization susceptible to breaches. If you're encountering frequent warning messages or popups, it could indicate a security issue, possibly signaling a breach already underway. Chances are high that your data has already been breached.

5. Can you freely access any website on your work computer without filters? (yes/no)

Blocking malicious links is vital for preventing attackers from infiltrating your data. Research suggests that a significant portion of employees may click on such links, underscoring the importance of robust security measures to safeguard against malicious activity.

If any of the above questions were answered with a YES, it's crucial to focus on proactively managing scybersecurity and take action. Even if all questions were answered with a NO, it's important to recognize that you may still have blind spots or misconfigurations in your security setup.

Consider this: How certain are you that your cybersecurity measures leave no room for vulnerability? While your team may be diligently following cybersecurity protocols, assurance comes from having a qualified third party review your defenses and pinpoint weaknesses before they are exploited by hackers.

TAKE ACTION

Silver Fox Advisors can now lean on two new members who can perform 3rd party risk assessments for their clients. Our mission revolves around assisting organizations in safeguarding their interests by highlighting overlooked security aspects. To that end, we offer the following:

1. Free Level 1 Security Scan (CV Rao, Lotus TechPros):

Lotus TechPros, offers a free level 1 security scan of an organization’s networks and devices. The goal is to have concrete information about the organization’s cyber risk posture.

The resulting report of this no-cost service (conducted by an independent 3rd party) is reviewed with the organizations management over a zoom meeting. This report empowers decision makers to take informed and prudent action to reduce risk and protect their organizations effectively.

This is a no brainer free service that every organization should take advantage of.

2. Fractional CISO Services (Philippe Flichy, Cykur):

Cykur offers fractional CISO service, leveraging the expertise of seasoned security professionals to deliver Fortune 500 security guidance to mid-sized businesses.

Philippe’s services empowers organizations with strategic security leadership, offering expert guidance in developing and implementing a comprehensive security program aligned with the organization's risk tolerance and compliance requirements. The CISO service ensures the effectiveness of your security program as the threat landscape and your business evolve.

3. Incident Response Planning (Philippe Flichy, Cykur):

Cykur's reputation as a trusted partner in navigating the complexities of cybersecurity breaches stems from its unwavering commitment to excellence and client-centric approach. They recognize that each organization is unique, often requiring a tailored response strategy that takes into account the organization’s cyber posture and it’s compliance requirements.

By leveraging their expertise and staying abreast of the latest trends and threats in the cybersecurity landscape, Cykur prepares and empowers businesses to navigate through the turbulence of potential breaches with confidence and resilience.

4. Cyber Incident Prevention (CV Rao, Lotus TechPros)

Lotus TechPros has a unique approach to manage cyber security. It has a track record of using highly skilled best practices for managing technology and data. These best practices effectively prevent cyber crime from affecting it’s clients in the first place. Lotus’ clients have yet to fall victim of a cyber incident in it’s 33 year history.

Lotus’ [Complete]® services proactively prevent cyber crime while simultaneously lowering the cost of IT services.

CYBER SECURITY RISKS AND THE FUTURE

The ever-changing landscape of cybersecurity poses a challenge as what worked yesterday may not work today. Many IT teams find themselves adhering to outdated standards, leaving their networks vulnerable. Meanwhile the cyber threat actors are now using AI tools to develop even more sophisticated attacks that are better engineered and sparingly effective.

Unbiased third-party cybersecurity analysis is essential in identifying and addressing vulnerabilities.

The biggest mistake people make with their cybersecurity is not getting started - not taking the first step. So, what slows them down and keeps them from moving forward? Usually one or more of the following mindsets:

1. My organization does not have valuable data.

Many organizations underestimate the value of their data, often dismissing it as inconsequential. However, this mindset can be perilous, as demonstrated by numerous victims of data breaches and ransomware attacks. Even in routine security assessments, it's common to encounter the belief that one's data holds no significant worth. Yet, the reality is often starkly different, with data breaches showcasing the immense consequences of such negligence.

A striking example involves a small publisher whose lax attitude towards data security led to a devastating incident. Despite assuming their data held little value, a compromised email account resulted in a $40,000 loss, as attackers exploited it to deceive the team into misdirecting payroll funds. This incident not only highlighted the financial repercussions but also underscored the broader implications for both employees and the organization's reputation. Such scenarios serve as potent reminders of the critical importance of safeguarding data, as even seemingly trivial information can have far-reaching consequences, including identity theft and financial fraud.

2. My organization has cyber insurance.

Many assume cyber insurance will mitigate risks, yet questions arise: Does it address reputational damage and client relationships? Just possessing insurance doesn't negate aversion to using it, akin to health insurance not inviting unnecessary medical procedures. Even if insurers cover recovery costs, enduring weeks or months of system downtime due to ransomware presents significant operational hurdles. Moreover, insurance may overlook the aftermath—clients contacted by attackers or malicious emails sent in your name—leading to lasting damage beyond data cleanup. The impact on teams, clients, and vendors underscores that cyber breaches remain disruptive, despite insurance coverage.

In many cases cyber insurance may decline claims because their client was not compliant with the policy purchased. Non compliance would be considered negligence and the claim not fulfilled. Cyber insurance policies have loopholes to avoid honoring claims as well.

3. We have a great IT team.

Many organizations assume their current IT team (or provider) handles security, yet hackers are constantly innovating, dedicating all their time to breaching such ‘protected’ networks. 

Having an on-going process of independent 3rd party monitoring and assessment keeps people and systems in check and your organization better protected. Analogous to seeking a cardiologist's second opinion for heart surgery, entrusting organization data and reputation warrants a specialist's assessment beyond general IT expertise.

4. Were have not been hacked. So, security must be in good shape.

The perception of security often rests on the absence of hacking incidents. The surge in AI powered hacking, particularly ransomware attacks, stems from multiple factors: a proliferation of vulnerabilities in software and systems over several years, the growing complexity of computer systems hindering defense efforts, and the urgency felt by hackers to capitalize on current opportunities. This cycle of malicious activity feeds into a lucrative ecosystem for ransomware gangs, perpetuating a cycle of increasing breaches and escalating risks for organizations.
The prevalence of hacking underscores the imperative for organizations to fortify their cybersecurity measures. It's not just about thwarting attacks; it's about disrupting the cycle that fuels them. As vulnerabilities persist and hackers adapt, organizations must prioritize robust defenses and proactive strategies to mitigate the evolving threat landscape.

5. My organization has passed compliance audits.

Being secure and compliant aren't synonymous, akin to obeying the law versus ensuring safety. Consider wearing a seatbelt—it's legally required and may prevent injury in an accident but won't safeguard against all hazards like fire. 

Similarly, compliance with standards, such as HIPAA in healthcare, doesn't guarantee security. An example illustrates this: a hospital, recently deemed compliant, faced a ransomware attack impacting every computer despite passing a HIPAA Risk Assessment with flying colors. Incidents such as these underscore the distinction: adherence to regulations doesn't equate to actual security measures.

6. We will just pay the ransom.

Paying a ransom, even in the best-case scenario, risks leaving your systems offline for days or longer. Furthermore, there's only an 80% chance of retrieving your data even after paying. It's akin to hiring someone with a significant chance of failure for a substantial fee.

Dealing with ransom demands means engaging with criminals who might escalate demands after initial payment. Additionally, there's the risk of ransomware bugs, where even if the attacker provides a decryption key, it might not work as intended. Unlike natural phenomena, hackers' strikes can happen repeatedly, making paying the ransom a risky solution.

7. We have great backups.

Backups aren't effective against ransomware attacks; they don't guarantee protection. Ransomware hackers are adept at locating and compromising backups. Often the infiltration happens 120 days or more before the actual attack takes place. One would have to recover data that is older than the infiltration to be ‘clean’ and prevent a recurrence of the cyber attack.

Hackers often remain undetected in networks, strategizing based on financial capacity of the organization to determine the ransomware amount to demand for recovery. Most organizations cannot survive reconstructing 4 months or more of lost data and end up paying the ransom even with the risks mentioned above, since recovery from backups is not effective.

8. All our data is in the cloud and protected.

Cloud users often assume they're safe, but accessing cloud data through various devices leaves vulnerabilities. Cloud providers aren't responsible for security on the devices that access the data. If attackers compromise your device, they gain access to cloud data, potentially causing harm like data deletion or extortion. Merely being in the cloud isn't sufficient protection; safeguarding devices accessing cloud infrastructure is crucial.

9. We are a small business and don’t need to be concerned.

The media's focus on big organizations being hacked neglects the vulnerability of smaller ones. They fail to highlight cases like a two-person law firm paying $80,000 from a partner's retirement account to prevent client data from being leaked, or hackers blackmailing a middle American couple with private deposition transcripts regarding an affair. This oversight perpetuates the misconception that small entities are immune to cyber threats.

Organizations of all sizes get hacked all the time. They just never make the news.

NEXT STEPS

Cyber attacks are not going away and until your team and leadership are able to understand the issues and relate them back to your network, you’ll never know how secure your data really is. 

It doesn’t matter whether you have worked with the same IT team for years; the threat landscape is changing so quickly, it’s hard for even competent teams to keep track of everything. A third-party assessment is exactly what organizations need today.

Traditionally, business advisors have considered relationships for strong financial and legal guidance to be critical for businesses to grow and be successful. With today’s dependence on technology, relationships for strong technical and cybersecurity guidance is just as important.

It’s time for Silver Fox Advisors to educate their clients about the risks of poor management of technology and cybersecurity by leveraging its newest members CV Rao and Philippe Flichy.

Here is their contact info:

CV Rao
Lotus TechPros
[email protected]
https://www.linkedin.com/in/cvrao/
832.730.1202

Philippe Flichy
Cykur
[email protected]
https://www.linkedin.com/in/flichy/
713.489.2410

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