The world relies on energy for everyday life. We use it to drive to work, heat or cool our homes, use the internet, do business, and more. It’s a necessary utility that we can’t imagine life without. Considering its importance, the energy sector is an extremely lucrative one to hackers and cybercriminals. In fact, according to research, the energy industry is one of the top three most attacked industries. And attacks in the space always result in tremendous losses, both tangible and intangible.

For instance, in May 2021, the Colonial Pipeline company was attacked, leading to a temporary shutdown of the biggest fuel pipeline in the US. A few years before that, a number of power grid substations in Ukraine were attacked, depriving a quarter of a million people of power.

And the truth is that the energy sector can be influenced by cyberattacks throughout the whole value chain.

Threat impact possibilities in the energy sector

With a growing threat landscape in the utility sector, companies are exposed to an increased diversity of threats from a rising number of actors. When it comes to the value chain, these risks can be observed in the following areas:

• Power plants and clean-energy generators – cyber attacks could compromise energy generation by disrupting services utilizing  ransomware attacks. This is mainly a vulnerability created due to the lack of fundamental security practices in legacy generation systems and clean-energy infrastructure.
• Service disconnection – in addition, there are physical security gaps in existing systems that enable hackers to gain access to grid control systems. As a result, there could be significant power disruptions felt by customers via remotely disconnected services.
• A regional shutdown of services – cyber attacks could also significantly impact the distribution of energy services on a regional level as a result of limited security controls in existing SCADA systems.
• Data theft – furthermore, the energy industry is exposed to data theft risks. Sensitive customer information may be stolen via attacks on IoT devices and access to smart meters and electric vehicles.

These are some of the core threats faced by the energy industry today when it comes to cyber security. But in order to understand these risks better, it’s also worth digging into their origins. Who are the people behind these cyberattacks and what are their intentions?

Actors threatening the energy sector’s cyber security

Hacktivists

Hacktivists are usually groups of people who target companies that have certain ideological beliefs of business practices that the groups considered unjust or unfair. The energy sector is extremely politicized in nature, where extracting natural resources and producing energy often creates conflicts of interest. It’s an industry that is a lucrative target for hacking groups who are in favor of supporting the environment and are against the destruction of natural resources.

The world has already faced some serious attacks in the energy industry by activists and hacking groups. The expectations are that we’ll be seeing these types of organizations becoming more and more popular in the space in the future, especially considering the global political climate at the moment.

Cybercriminals

Unlike hacktivists, who may take part in cyberattacks as a result of disagreement of practices or in attempts to protect the environment, cybercriminals are purely interested in the monetary gains. The energy sector is eminent for its substantial revenues and an attractive target for cybercriminals. Some of the most popular types of attacks that cybercriminals organize in the energy industry include ransomware and DDoS attacks or Distributed Denial of Services. These attacks are mostly organized during times of crisis when the sector is exceptionally vulnerable.

The attack on the North Carolina provider ONWASA in 2018 is one such example, where cybercriminals took advantage of the Hurricane Florence recovery period. After being impacted by the malware, ONWASA also suffered from ransomware that they refused to pay. Instead, ONWASA worked with the FBI and DHS to find a solution and managed to exit the situation without severe interruptions.

Advanced persistent threat actors

Last but not least, sabotaging the energy industry of a country results in possibilities of espionage, political leverage, power grid control, theft, and more. These are usually high-level attacks organized with a bigger picture in mind. One such example is the attack on Uk and European energy companies in 2017 by DragonFly 2.0 – a Russian APT group. By gaining access and control over the power grids, DragonFly 2.0 had the power to cut out the energy supply to homes and businesses. They could also sabotage critical infrastructure and be in full control of the energy supply.

Finding the right solution

Adopting cyber security practices and technologies in the energy industry after an attack is almost always considered too late. The energy sector is extremely vulnerable to cyberattacks and should therefore take measures in advance to prevent detrimental damage to homes, businesses, and even whole countries. At 3Cbyer-Sec, we design and implement tailor-made, bespoke cyber security solutions specifically designed to the needs and peculiarities of different industries.

Our qualified and fully trained specialists can help you understand your vulnerabilities, choose the most reliable security solutions, train your staff to spot threats early on and handle every situation. Get in touch with us today and let us help you provide your company with the protection it deserves.

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To be able to understand cybersecurity in the transportation and logistics industries, it’s essential to examine four different points. First, what type of digital solutions are used in the industry? Second, what are the vulnerabilities and threats that the industry faces in terms of cyber-attacks? What are the resulting risks? And lastly, what can be done to mitigate these risks.

Understanding the digitization of the transportation and logistics industries

No matter whether it’s maritime, rail, logistics providers, package delivery services, or trucking, companies in the transportation and logistics market are exploring different avenues to digitize the industry. And this is completely natural. Thanks to digital transformations, companies can tackle a number of industry-related challenges. Some of the areas that digital solutions can help include process optimization, supply chain management, communication between service providers and clients or between partners, expense control, and customer experience. 

Some of the digital trends in the industry include more automation, a higher level of connectivity, cloud computing, big data analysis, AI, and more. A number of interconnected platforms continue emerging as innovative business models in the field, with data-driven strategies dominating the industry. Digital ecosystems enable end-users to receive transparent services and track processes. 

While all of the mentioned above is advantageous for the growth of the transportation and logistics industries, it also gives rise to concerns about the cybersecurity of companies who rely on digitization.

Cyber risks and vulnerabilities

Just like in any other industry, there are three core factors that could expose a company to cybersecurity risks – people, technology, and regulation. For example, in a transportation company where traditional systems have been substituted for connected, cloud-powered, local area networks, exposure to cyber-attacks is higher. As a storage point for valuable information like locations, customer data, and other sensitive details, it is naturally an attractive source for hackers. 

On the other hand, uninformed or poorly trained employees could compromise the security of a transportation and logistics company. Research unveils that more than 55% of logistics employees feel unprepared to identify a cyber attack. Responses to phishing emails or revealing classified information to untrusted parties may result in severe losses for a company in the industry. 

Finally, regulation plays a significant role. Despite the fact that a lot of transportation and logistics practices are regulated, cybersecurity remains neglected today. This is partially due to the fact that the industry is yet to explore the full potential of digital opportunities. Nonetheless, considering the rate at which companies are experimenting with digital solutions, regulations are proving to be insufficient.

Top 6 cybersecurity challenges in transportation and logistics

In a nutshell, here are the most commonly faced cyber threats for companies operating in the transportation and logistics industries:

• Corporate hacking – the theft of sensitive data from businesses in the industry by breaching systems and obtaining control over information.
• Sensor data intercepts – scammer opportunities that arise from the increasing reliance on sensors and IoT in transportation and logistics. Such attacks enable hackers to gain control over data from communications between logistics firms and clients or partners, which can be sold to competitors or taken advantage of in other ways.
• Bill of Lading ransom – a fraud scenario, where scammers act as freight forwarders, set up an arrangement with the victim for the transportation of goods, and once the products are packed and prepared for shipment, disclaim the Bill of Lading. Instead, they ask for a ransom to be paid for the goods to be dispatched.
• Freight forwarding fraud – another popular transportation and logistics cyber threat. It is the act of a malicious organization or individual imitating a legitimate partner or client of the attacked business. The goal is to take control over paid fees, transferred products, or customer details. 
• Phishing attacks – phishing emails are extremely popular in the logistics industry. And it’s no secret that more than 90% of cyber attacks start with a phishing email. Phishing attacks occur when a hacker contacts a business via email, phone, or text message to represent themselves as a legitimate person. The ultimate objective of the communication is to trick the victim into revealing sensitive or login information or to click on a malicious attachment or link.  
• Ransomware – under this form of attack, hackers penetrate the IT framework of an organization and gain control of the whole system. As business owners, managers, and owners no longer have access to their data, the only way to restore control is to pay a ransom.

Preventing cyber-attacks 

Cybersecurity attacks may cause long-term, irreversible damage to any organization. This is why prevention is key for protecting your transportation and logistics company. There are a multitude of solutions that you can take advantage of. You could rely on a pre-made security system or choose to work with a partner to design custom-made security software for maximum protection. In addition, it’s important to train all employees and involved parties to detect scams quickly and understand what actions they must take to ensure the security of the company. 

At 3Cyber-Sec, we provide bespoke security services, compliance services, and expert consultations. We can help you detect the weak spots within your existing system and offer solutions aimed at strengthening your security and ensuring your data remains in your control.

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Patients’ private data and healthcare records can be considered sensitive information to be stored and managed carefully. And yet the fact remains that most organizations in the sector don’t have the needed preparation to face the cyber threats ahead of them. The CyberPeace Institute had analyzed data from cyberattacks in the healthcare industry in 33 countries, showing over 11 million breaches and cases when systems went offline in almost 80% of the cases. There also have been cases of canceled surgeries and misdirected ambulance calls. Not something you want happening to you or some of your loved ones. 

What are the biggest cybersecurity challenges in the healthcare industry?

Many would agree that the primary focus of healthcare is not cybersecurity. And while that is true, the times we live in make it a subject that needs attention and action. However, for healthcare organizations (especially the ones in the public sector), many challenges are barriers to adapting effective cybersecurity measures: 

• Lack of knowledge about the subject from management and staff; 
• Connected medical devices like pacemakers have limited or no security at all;
• Challenge in finding and retaining high-quality IT talent within the organization; 
• Old technology and software that increase the chance of vulnerabilities; 
• In a busy and stressful work environment where saving lives is a priority, it is difficult to find time to implement cybersecurity measures in the daily operations of a hospital or any other similar organization. 

There is another thing to consider here. The data that healthcare organizations store is very appealing to hackers, and it is easily sellable on the darknet. Medical records, for example, are assets of interest to people who want to commit insurance fraud. All of that should signal the red flag that everyone in the industry should make cybersecurity a strategic priority. 

What are the biggest cybersecurity threats for healthcare organizations?

The truth is that the major cyber threats are relatively common for all organizations that handle sensitive data and have a hard time keeping it safe. Most hackers rely on human errors or technology with low cyber defense to be able to carry out a cyberattack:

• Data from wearable medical devices that patients use can be accessed, monitored, and stolen. Some medical experts have even gone further saying that hackers can interfere with the functionality of such wearables; 
• Phishing attacks are the first one on the list of the biggest cybersecurity threats; 
• Access to devices from a person who is not authorized; 
• Cyber attack due to network vulnerability; 
• Ransomware and malware attacks; 
• Data breach due to weak password management; 
• Hacked devices. 

These are some specific cases that can be a potential entry point for any hackers. However, any organization has individual vulnerabilities in its cyber defense that need attention and supervision. 

What can organizations in the sector do to be better protected? 

While there is legislation to protect sensitive patient data, healthcare organizations should know what they can do to improve their cybersecurity. For this to happen, the people in charge of any such entity should prioritize creating a solid cyber defense and maintaining it constantly. And while the tailor-made approach is the best way to go when addressing the specific needs of every organization in the industry, several universal good practices exist: 

• Consult with an external cybersecurity expert about your needs; 
• Conduct vulnerability and risk assessment to determine the main weak points; 
• Invest in staff awareness training about the primary cyber threats like phishing; 
• Adopt practices for secure management of data; 
• Enforce secure device management  by implementing 2-factor authentication practices; 
• Invest in the safety of your network infrastructure; 
• Work with reliable 3rd party vendors. 

However, the first and most crucial step is finding a reliable expert to help with your cybersecurity needs. From that point on, you can work together with the experts on your organization’s cybersecurity posture.

We at 3Cyber-Sec have worked with many businesses and organizations and helped them strengthen their cyber defenses. We are sure we can do the same for you. Just give us a call, and we will arrange a meeting! 

The post Cybersecurity in the healthcare industry – what you should know? appeared first on 3Cyber-Sec.

We don’t have to look back too far in the past to find a significant cyber attack. Less than three months ago, Harbour Plaza Hotel Group suffered a data leak that affected more than one million customers. At the beginning of the year, the Montreal Tourism Agency was also the victim of a cyber attack. 

Why does it matter to tourists if companies in the tourism and hospitality industry invest in cybersecurity?

In the text above there is a great example of why you as a regular tourist should care if the hotel you are staying in or the tour agency that is organizing your trip has proper cybersecurity defenses. Businesses operating in this industry have to understand that well-paying customers are more and more cautious about their personal cybersecurity. That means: 

• They would not want to visit and stay in places that neglect the topic of cybersecurity
• They won’t like to share WiFi connectivity with another 1000 people, as some of them may attack them; 
• They will demand to know what cybersecurity measures have been adopted by the tourist organization that is handling their personal and financial data. 

Keep in mind that any potential failure to protect the sensitive information of your clients will result in future reputational, legislative, and financial damages beyond any investment in cybersecurity you will make today. 

What are the main cyber threats for companies in the tourism industry?

With tourism being one of the industries that suffered from the pandemic in the last few years, the biggest threat would come from not investing in cybersecurity at all. There are a lot of giant corporations in the sector and a vast number of small and medium businesses that also handle sensitive data from their customers. And while not all of them require debit or a credit card for online payment, all are required by law to ask for your personal information. 

Challenges related to cyber attacks in the tourism industry are relevant to all others that handle sensitive data and handle customers online, and they include:

• Data breachers; 
• Ransomware and malware attacks;
• DDoS attacks.

What are some of the measures regarding cybersecurity that companies in the sector can adopt? 

This industry relies on a lot of seasonal workers for the summer or the winter season (depending on the tourist destination). Other places are destinations for year-round visits, but we doubt that the majority of the employees will have cybersecurity awareness. 

• A good first step will be providing them with training and giving them a manual that covers the basics: 
  • how to create and store strong passwords; 
  • how to browse the internet carefully and avoid suspicious websites;
  • how to detect spam/scam emails and potential phishing emails and messages on social media. 
• Adapt basic rules like:
  • Proper network segmentation;
  • Continuous security checks in the frame of Vulnerability scannings.

However, keep in mind that those are skills and knowledge that all of us should have today. A responsible company has to invest in prevention measures if it doesn’t want to face the risk of being hacked. A good first step will be consulting with cybersecurity experts about your needs and hiring a vSICO that will start working on the company’s 360-cyber defense. 

Tourism and cybersecurity – a story with a happy end

Yes, there are a lot of cybersecurity challenges for the tourism and hospitality sector today. However, this industry embraces and adapts to innovation and change. We see that the industry was one to adopt digital tools for its daily operations and marketing in the last 10 years. We believe it will be the same with cybersecurity – the start may be rough and begin in the big hotels, but eventually, it will get to the small family-owned businesses. And we think this is going to be sooner rather than later. If you need help with the creation of the 360-cyber defense of your company just give us a call! 

The post Why is investing in cybersecurity for the tourism and hospitality industry essential today? appeared first on 3Cyber-Sec.

Which industries suffer from cyber attacks the most? 

And although every business and organisation is a potential target for cyber attacks, some industries are preferred targets for hackers, and that makes cybersecurity measures for them more essential. 

Finance 

There are no surprises that this is the first one on the list. Financial institutions are like the cherry on top for hackers for several reasons. One is that they store sensitive data like their clients’ personal and financial records. Data and trends show that players in the industry will face many challenges in the future as wearable devices are used as a payment method, and a lot of the financial services are going online. This only leads to an increase in the volume of cyber attacks on the financial sector players, which is a big concern for investors and institutions. We have outlined the leading cybersecurity threats for them in a previous article on our blog.

Healthcare

Since digital technology and wearable devices entered the healthcare industry, cyberattacks have increased. Traditionally, hospitals and healthcare providers are not so great regarding their cyber defense. Only in 2019 did data breaches put a heavy financial toll on the sector resulting in losses of around four billion dollars. Health records are valuable information that has the attention of many hackers. And when you have such assets in combination with lousy cybersecurity measures, the trouble is just waiting to happen. 

Energy

The energy industry is a vital industry essential for every country in the world. Energy networks can be the target of cyber attacks. It is one of the traditional sectors, part of the massive transition to the digital era. However, this gives more exposure to cyber threats. In recent years we have seen major cyber attacks like Crash Override (Ukraine, 2016), GreyEnergy in 2015, and Operation Sharpshooter in 2018. Energy companies and networks can be prime targets in cyberwarfare, a hot topic following the recent events in Ukraine. 

Education

Personal data of students and staff and intellectual property are just two reasons higher education entities can be a subject of cyber attacks. Last year, organisation in the sector reported a 75% increase in the volume of attacks compared to 2020. On top of the list are data breaches, ransomware, DDoS attacks, and more. Institutions and education providers have a responsibility to strengthen their cybersecurity. 

What is the common thing between these industries?

The industries mentioned above have some similarities that make them perfect targets of cyber attackers: 

• They saw rapid digital transition that led to more digital exposure of their systems; 
• They store valuable and sensitive data; 
• They are part of the core sectors of a city or country; 
• Most of them don’t have proper cybersecurity measures adopted in recent years. 

Prevention is the best strategy

To be prepared for the cyber threats out there, organisations in the industries mentioned above (and any other business for that matter) can take measures for prevention that will build up their 360-cyber defense. Such are: 

1. Hiring a vSICO; 
2. Penetration testing; 
3. Vulnerability assessment; 
4. Staff-awareness training. 

These will help your organisation strengthen its cybersecurity posture and reduce the chance of a successful cyber attack on its systems and networks. If you have some questions or need some support in boosting your cybersecurity, feel free to write to us! 

The post In which Industries cybersecurity is essential today? appeared first on 3Cyber-Sec.

What are the main highlights of the past two years?

When we started our company, we were three experts in cybersecurity that were well known for their experience and knowledge. However, it was the first time we came behind a corporate name together. When 3Cyber-Sec was born, there was a lot of optimism and determination. There were many happy moments like: 

• The time we landed our first client; 
• Each time the team grew with new members; 
• When we obtained each new certification as a company or personally.

Two years is not a long period. It is either a short one. We see it as the foundation that will set the course of 3Cyber-Sec for the future. For the past 24 months, we managed to: 

• Acquire two certifications as a company, and five on a personal level;
• Work with nine international clients, most of which leaders and innovators in their field of work; 
• We created successful B2B relations with British companies; 
• Our team grew in terms of numbers and expertise. 

All of this will not be possible without our trusted partners and clients. Here are some of the most interesting 

Clients we have consulted in the field of cybersecurity

Being a cybersecurity expert is like being a doctor. Each case you work on is different and unique, and you have to have a particular approach to every situation. Here are two of the most exciting projects we have worked on: 

We trained the National Revenue Agency of Bulgaria’s InfoSec Team to improve its penetration testing skills with comprehensive training.

In 2020, NRA’s current cybersecurity staff had a lot on their hands. They had to ensure the cyber resilience of the agency’s networks and systems to avoid and minimize any potential incidents in the future. To do this, they needed to:

• Enhance the cybersecurity awareness of the agency’s InfoSec team;
• А key goal was to ensure that the InfoSec understood the different cyberattack approaches and gain that knowledge through practical experience;
• A priority for the NRA was getting a clear view of potential cyberattack impacts. 

We developed a customized training environment and sessions tailored for the NRA needs for less than four weeks. They were also aligned with the specifics of the technology toolset used by the institution. 

Based on the requirements, our expert team outlined critical areas for the training and created a list of practical tasks and challenges,  NRA’s InfoSec team to ethically hack the agency and thus better understand possible attack tactics. 

Once they prepared the training materials, we conducted a 5-day penetration testing course in an isolated technological environment. The training schedule included theoretical sessions with lecturers and practical workshops guided by our team.

We helped Fraport Twin Star Airport Management achieve compliance with an essential national standard

That is one of the clients we will continue working with in the future. Back when we started our partnership, “Fraport Twin Star Airport Management” AD had to review the state and current level of security of IT systems and equipment deemed highly critical for national security and the company’s business. The airport operator needed experienced cybersecurity experts to execute regular advanced vulnerability scans and checks.

Our first meeting was in the middle of October 2020. The reason was the legislative and regulatory requirements Fraport had to cover by the end of the same year. They had to cover and report the national regulatory requirements for minimum requirements concerning network and information security. And this needed to be done in around eight weeks.

We provided visibility to the weak spots in cybersecurity that “Fraport Twin Star Airport Management” AD was unaware of and managed to help them cover the regulation requirements and achieve compliance. 

The story goes on

We are grateful for what we have accomplished. We want to thank our friends and family for the support and our loyal clients and partners who believed in our expert team! 

In the future, we plan to expand our range of services and create new long-lasting partnerships with companies from Europe. 

We will continue to grow, develop and reach new heights together!

The post Growth in the field of cybersecurity – 3Cyber-Sec celebrates its second birthday! appeared first on 3Cyber-Sec.

Have you ever asked yourself how they do that? How do they protect your sensitive financial data? In this article, we are going to answer those questions for you in a more general scope. We will take a closer look at cybersecurity, related to online payments. In our dissection, we will go through the challenges for companies that process payments, the regulations, and compliance they have to meet, and some good practices and ideas for improving their cybersecurity.

Cybersecurity related to payments 

Like any other sector, Covid-19 boosted further e-commerce. That itself resulted in more payments going online. It all sounds great – the world is going digital and being more connected. However, this growth in online transactions comes with a responsibility to the companies in the industry to be up-to-date with cybersecurity that will prevent the major cyber threats ahead for them. 

An article on paymentsdive.com cited the chairman of the board of the Electronic Payments Coalition – Jeffrey Tassey, who said that the business is dead in the water if consumers don’t trust the security of the systems they have. In the same article are some statistics that show growth in both online payments and in businesses that were frauded or scammed in some way: 

• In 2020 there was a 22% increase in daily mobile transactions that went up to 2 billion dollars; (GSM Association’s State of the Industry Report on Mobile Money 2021); 
• Just 25% of businesses were not a victim of some form of fraud related to payment (annual survey by the Association of Financial Professionals). 

The challenges will be similar around the world. And while big companies can invest a lot of money in cybersecurity, the question is what small and medium companies do. Usually, they rely on a third-party system that handles the online payment process. And this is fine, as long as the provider is on the proper level when it comes to addressing cybersecurity.

Cybersecurity challenges for companies that process online payments 

When we talk about cybersecurity issues, we have to understand that there are some similar challenges that every industry faces. And then, other specific threats are common for this type of business. One of the biggest achievements in the sector of online payments is that the big players in the industry started sharing the lessons they have learned with each other to improve the overall security of the sector. 

Aciworldwide.com published an article back in 2018 that outlined the major issues for the payment industry in terms of cybersecurity. Most of the problems are valid today and here are some of the most urgent ones: 

• Devices for mobile payment; 
• Phishing attacks; 
• Failure to understand the importance of cybersecurity; 
• Service providers that have weak cybersecurity; 
• Web applications that the company uses; 
• Software that is not up to date and actualized with the latest security protocols;
• Zero-day Malware. 

Each of these challenges has to be addressed in a specific way. This requires companies to have a 360-degree-cybersecurity policy with measures tailor-made to their needs. And it has to be updated regularly. As Christoph Fischer, owner and CEO of BFK edv-consulting GmbH told in an interview for European Payment Council: 

“When we look at identity theft and other malware that attack payment techniques, the industry can implement far more advanced risk-mitigation mechanisms in the future. Multi-layered approaches will evolve in the next few years.”

Cyber defenses are evolving but so are the cyber risks for the payment industry. While years ago the major issue was fraudulent behavior, today the sector faces a whole variety of cyber threats (some of which we mentioned above). For payment companies, the damages after they have suffered from a cyber attack will not end with the attack itself. The wave of reputational damage, lawsuits, and possible fines from authorities can deliver a hard blow to any name in the industry. Regardless of how big it is. 

Regulations and compliance regarding payment methods 

In the European Union, even kids have heard of GDPR and how it is supposed to protect our data. However, there are various other regulatory and compliance measures and standards that payment processing companies have to follow. 

One of the major international ones is PCI DSS. It contains several technical and organizational requirements designed to help businesses protect cardholders’ data against fraud through robust payment security. It is considered to be the minimum set of measures that are to be taken by organisations that process payments. Each organisation that processes over 6 million card transactions annually has to take a yearly audit to examine its cybersecurity. The standard is enforced by the biggest names in the payment industry, members of the PCI Council like Visa, Master Card, American Express, and others. 

Each country might have some national standards as well. Such are the UK CYBER ESSENTIALS that are valid for any business that wants to bid for public contracts. And even if you are not going to do it, it is beneficial to have such certifications. This will inspire the trust of your users. 

ISO 27001 is another widely known international information security standard that companies can apply to help them keep their information assets secure. A lot of companies adopt the standard to benefit from the best practices it reinforces while others decide to get certified because they want to reassure customers that the standard’s recommendations have been followed.

Good practices and ideas for improving cybersecurity for companies that process payments.

In the industry, there are a lot of good practices that can be implemented by payment processing companies. As we mentioned it is great that the industry members are sharing information about cyberattacks to help each other. Of course, some other things can be done to improve cybersecurity and reduce the chance of being hacked: 

• Follow and maintain compliance with the latest standards; 
• Make an extra effort beyond the basic measures that everyone takes; 
• Check your systems and structure for vulnerabilities and take the measures needed to remove the risk points; 
• Train your staff to be aware of how to handle and avoid the cyber security threats you can face; 
• Go beyond vulnerability assessment and conduct penetration testing;
• Assess the 3rd party service providers you work with; 

And most important – remember that these things have to be done regularly. They are not one-time efforts. 

Check out time 

It is challenging for a company to handle and protect online payments today. While the most common threats are known, each business has internal issues related to cybersecurity. This is why it is for the best when measures are going to be taken, to have a tailor-made approach. We at 3 Cyber-Sec believe that. If you are looking for a trusted partner to help you with any cybersecurity issues, feel free to contact us. 

The post How do websites that handle payments protect your financial data? appeared first on 3Cyber-Sec.

Most of the big names in the insurance industry have been around for decades. Similar to the key players in the financial sector, they had to evolve in recent years to meet the demand of the users to go digital and provide more access to services online. That has led to many benefits for customers but also has created numerous new challenges. Going digital has significantly increased the risks of various cyber attacks for insurance companies. And it will keep getting worse.

If you have an insurance policy you are aware of the types of sensitive data you provide when purchasing insurance. Data of millions of people is stored and processed by insurance companies. All of this information is a very attractive target for hackers worldwide. To go even deeper, insurance companies keep data such as:

• Personal information; 
• Financial information; 
• Information about your health. 

It is correct to say that not even banks know so much about their clients. With the growing risk of cyberattacks, it is reasonable to wonder how prepared are players in the insurance industry to protect themselves from those types of threats? And more importantly – who is ensuring the cybersecurity of insurance companies? 

Cybersecurity in the insurance sector

If we have to compare the cybersecurity challenges of the insurance companies to any other type of business the banks are the closest we can get. The difference is that in insurance, even more, sensitive data is stored. To understand better the whole picture, we have to take a closer look at the challenges and regulations that insurance companies have to comply with. We will also explore some tips and good practices that are applied.

Cybersecurity challenges for insurance companies

As we already mentioned, it is expected from the sector of insurance to go digital and be more accessible to the customers. However, many challenges go along with better access and usability for the end-users. Ekran System soon reminded us of some of the biggest breaches in the sector: 

• State Farm in the USA was the victim of a credential stuffing attack that led to a breach in their data. However, no further harm was done to the clients of the insurance provider; 
• Phishing e-mail attack got the better of Pacific Specialty Insurance Company. Unfortunately, here there was data leakage of sensitive client information; 
• Sometimes a flaw in the system may put the information out there. Such was the case with First American Financial. The company unintentionally put in jeopardy data for over 800 000 000 records, both personal and financial. 

Insurance companies face the same threats as all other businesses out there that handle sensitive data. An article by Munich RE focuses on the most common cyberattacks that happen. On top of the list are the following: 

• Data breaching; 
• Ransomware attacks; 
• Compromising business e-mails. 

Insurance companies have a lot to figure out when it comes to their cybersecurity. They have to store and work with huge data clusters of information and have the big responsibility to keep it safe. 

Regulations in the insurance industry regarding cybersecurity 

As you will see, institutions don’t rely on the conscience of the companies in the sector of insurance. At least, not when it comes to cybersecurity. There are several regulations in place, and new ones are coming into force soon. The goal is to mandate that insurance companies put more effort into protecting the sensitive data of their clients. 

However, the intention might be good, but the result can be mediocre legislative work. Talking about regulations, we can take a closer look at the US and the EU. These are the two main places where insurance companies have to comply with regulatory measures. The best ones support the implementation of technology and cybersecurity solutions that work. The worst ones create more difficulties with no result in improving cyber protection. 

A good example from the USA is the NYDFS Cybersecurity Regulation that requires financial institutions to adopt a series of practices that help prevent cybercrimes. This state law can be (and probably will be) the foundation of new nationwide legislation for the states. And on the other hand, there are US states where the state law about cybercrimes prevention is vague. At best. 

In a recent article, Ekran Systems outlined the main data protection regulations that insurance companies must meet: 

• GDPR – for EU countries; 
• Health Insurance Portability and Accountability Act (HIPAA) – for healthcare data (USA); 
• Gramm–Leach–Bliley Act (GLBA) – for financial data (USA);
• Sarbanes–Oxley Act (SOX) – for financial data (USA);
• Payment Card Industry Data Security Standard (PCI DSS) – for financial data (USA). 

It is important to note that there are a lot of other regulations on the state level (USA) and national level (EU) that affect insurance companies. The companies themselves have internal procedures for these types of things. And if they don’t comply? Well, they bear the risk of huge fines, damage to their business reputation, and potential lawsuits from clients that have had their data exposed and/or stolen. 

Good practices and ideas for improving cybersecurity in insurance companies

It is fair to say that insurance companies are adapting to regulations and are adopting the latest trends and good practices in cybersecurity. A lot of them are hiring external experts to handle this sensitive task. Even state institutions have a similar approach.  We at 3 Cyber-Sec have consulted and trained staff of the National Revenue Agency (NRA) of Bulgaria, for example.

What insurance companies do (and can do) is related but not limited to the following good practices: 

• Improve cybersecurity awareness of the employees on all levels and provide constant training in the area;
• Conduct penetration testing to map out the potential risk of a breach;
• Check for common mistakes other companies do, that lead to breaches; 
• Communicate to the customers that cybersecurity is important and that the insurance company is responsible for their data. 

Truth be told, good cybersecurity can turn into a competitive advantage for insurance companies in the future. Not to mention all the trouble it can save them too. 

Before we say goodbye

As we saw in this article, cybersecurity is crucial for insurance companies. The same is valid for all other financial institutions that handle our money and sensitive data. For some people in the sector, cyber crimes are still something they have seen only in movies. And those are the people that will suffer the most as they are not prepared. We should all be cautious- cyber attacks are only going to increase in the years to come. 

The best way to prevent losing a lot of money in the future is to invest in cybersecurity now. We at 3Cyber-Sec are available to discuss any needs that your company might have. Our proven expertise has resolved issues for a lot of clients and helps them sleep better at night. Don’t hesitate to reach out to us! 

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In January 2021 alone there have been three major cyberattacks directed towards financial institutions, as reported by carnegieendowment.org. It’s important to note that there are big names such as PayPal, American Express, and The Reserve Bank of New Zealand amongst the targeted organizations. Cyberattacks typically aim to steal money or information or disrupt the operations of a financial institution. This includes attacks on the financial institution itself, its customers or members, or its service providers.

Top 5 Cyberthreats Financial Institutions Face

While there are many methods through which a cyberattack can be performed, some of them are more popular when it comes to hacking banks and financial institutions. Keep reading to find out which they are.

1. Malware

By definition, malware is any software, which is intentionally designed to damage or destroy computer systems, servers, clients, and computer networks. Your organization can get infected with malware through email attachments, flash drives or external hard drives, infected end-user devices such as smartphones or tablets, or downloads from malicious or compromised websites. As purplesec.us shares, 90% of financial institutions reported being targeted by malware in 2018 and companies spent an average of $2.4 million in defense against such malicious software.

2. Ransomware

Ransomware attacks are similar to malware attacks because they are also executed with the help of malicious software. The difference, however, is that when it comes to ransomware, usually the used malware encrypts the files on your device and hackers demand a ransom in order to decrypt the files and restore the device to its functional state. According to safeatlast.co, there’s a 19-day downtime following a ransomware attack, and businesses are blackmailed to pay a ransom of $233,217 on average. Furthermore, it is predicted that the global cost associated with ransomware recovery will exceed $20 billion in 2021.

3. Cyberattack through third-party vendors

When working with third-party vendors, banks and financial institutions are often put at risk of cyberattacks. Even if a given financial institution has taken measures to establish solid cybersecurity controls and action plans, its partners could be vulnerable to attacks. This may lead to the contamination of the bank itself. Naturally, data breaches may follow, which could result in millions of dollars in expenses. In fact, one of the largest data breach settlements in history ($18.5 million) was paid by Target after cybercriminals managed to exploit third-party access and exfiltrated payment information, which impacted more than 41 million customers.

4. DDoS attack

Attacks that disrupt a website’s operation and block the users from accessing the site are called DDoS (distributed denial-of-service) attacks. In essence, the cybercriminal uses botnets (a network of Internet-connected devices usually build of infected user systems) to drastically increase the traffic towards the victim’s website. Therefore, authentic users can’t get through as the servers overload. As gomindsight.com shares, 1/3 of network downtime incidents are attributed to DDoS attacks, costing businesses financial losses and reputation damages. Often, DDoS attacks are used as a distraction while another cyberattack takes place simultaneously.

5. In-house threats

Harvard business review shared IBM’s report findings that 60% of cyberattacks were carried out by insiders. Moreover, the same security research also found that the financial industry is amongst the top three most targeted sectors. Whether through human errors or carefully calculated actions, employees can contribute towards your company being hacked. Therefore, it’s important to conduct regular security awareness training.

It’s crucial for financial organizations to take the necessary steps to avoid such attacks and mitigate their consequences. To further ensure the safety of financial institutions and to protect sensitive data, governments and organizations came up with a number of compulsory regulations, with which financial institutions must comply.

Essential Cybersecurity Regulations for Financial Institutions

The financial industry is amongst the most strictly regulated ones. There are many regulations that are specific to each country, but there are also global requirements that banks and other organizations in the financial industry must adhere to. Three major ones are PCI DSS, ISO/IEC 27001, and SWIFT CSP.

PCI DSS stands for Payment Card Industry Data Security Standard. This standard specifies requirements for the processing, storage, and transfer of payment card data. These standards apply to organizations, institutions, merchants, and payment solution providers. The PCI DSS aims to prevent credit card fraud and further strengthen the security of cardholder data. It’s important to note that financial organizations will be fined if they fail to comply with this regulation. According to centurybizsolutions.net, the penalties can vary between $5,000 and $500,000.

The ISO/IEC 27001 is part of the larger array of ISO/IEC 27000 security standards. The abbreviation stands for International Organization for Standardization / International Electrotechnical Commission. Information security management systems (ISMS) should be created and operated in accordance with this standard. Its main purpose is to set guidelines for best practices in order to prevent and protect sensitive data. If your organization complies with ISO/IEC 27001 this will secure its services and give you a competitive advantage. If, however, you fail to comply, you may still apply for a reassessment, but this can cost you as much as 60% of the original assessment, depending on your level of non-compliance, as shared by standardfusion.com.

Every organization which uses SWIFT (Society for Worldwide Interbank Financial Telecommunication) services must comply with the SWIFT CSP. CSP stands for Customer Security Program. Its goal is to outline requirements for the protection of data, managing access, and responding to incidents. SWIFT routinely inspects its members to ensure that they maintain adequate cybersecurity controls. If the inspections outline non-compliant organizations, SWIFT notifies industry regulators such as the UK’s Financial Conduct Authority.

Those are the three compulsory global cybersecurity standards for financial organizations. There are also local laws and guidelines which need to be considered by businesses operating in the financial sector. It’s crucial to take measures and ensure that your business is compliant with the cybersecurity frameworks, especially if you work with sensitive data. Otherwise, you risk becoming a target for a cyberattack.

Take measures before it’s too late

As we become increasingly dependent on technology and as new FinTech inventions become widely popular in people’s day-to-day life, cybercrime is only going to continue to thrive. Therefore, it’s important to take the necessary measures and protect your organization, especially if it operates in the financial industry.

If you’re not sure how you can achieve that, feel free to contact us. 3Cyber-Sec is always ready to help you stay safe in the cyberworld. We are a team of highly experienced, certified professional cybersecurity consultants. Our approach is one of collaboration, with a clear focus on understanding the specific challenges and risks faced by each client. We’ll be happy to hear from you and craft a tailored solution for your organization’s cybersecurity.

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