Financial

Should We Pay The Ransom?

Summary
Has your organization been a target of ransomware? Did you pay the ransom? If so, did you get all your data back? Whenever an organization becomes a victim of a ransomware attack, paying the malicious attackers may seem like the only hope, especially for companies that don’t have proper backup procedures in place. Unfortunately, statistics are showing us that paying the ransom guarantees little in return. Here are some key data points collected from a large sample size of mid-sized organizations spread across the globe.

In 2021, 37% of organizations have experienced some type of ransomware attack.
The average costs of remediating against a ransomware attack grew in 2021 to $1.85 million.
The average cost of paying the ransom grew to $170,000.
32% of the organizations affected by a ransomware attacks decided to pay the malicious actors.
ONLY 8% WERE ABLE TO DECRYPT AND RECOVER ALL THEIR DATA AFTER PAYING THE RANSOM!

The last point truly brings reality into check. Paying the ransom rarely pays off. This can be attributed to many factors, but the overwhelming majority of organizations say that they received the ransom key after payment, but were unable to use it in an effective manner. This can be linked to poorly coded malware and IT teams with limited experience.

What Can You Do?
It is extremely important for organizations to take proper precautions to protect themselves against the increasing threat of ransomware.

Perform monthly or quarterly vulnerability scans against your external perimeter and internal networks to stay up to date with the latest vulnerabilities that could give an attacker their initial foothold.
Perform annual penetration testing to protect against advanced techniques that may allow an attacker to pivot once they have a foothold.
Create effective Incident Response policies and procedures.
Conduct tabletop exercises to validate and identify gaps in your Incident Response Plan.
Perform consistent security awareness training with employees to limit the chance of successful social engineering and phishing attacks.
Have proper onsite and offsite backup policies and procedures in place. If you fall victim to ransomware, you may be able to recover from backup, with limited, if any data loss, and not rely on paying a large sum of money for an 8% chance of getting your data back.

When it comes to protecting your organization’s critical data, it’s time to get serious. nGuard is ready and willing to discuss all these preventative solutions with you and your team.

Cybersecurity is National Security

Summary
With the recent breach of the Oldsmar Florida Water Treatment Plant, China warning India they have the ability to turn the lights out, the United States and Russia going back and forth with probes into each other’s power grids, and research showing just how easy it is to gain unauthorized access to Industrial Control Systems, it comes at no better time that the US is releasing three new programs. These programs aim to help protect and secure our energy grid. CESER Acting Assistant, Secretary Patricia Hoffman, said “Securing U.S. critical infrastructure, particularly in the energy sector, is one our most important and complex national security challenges.” The three new programs are:

Secure against vulnerabilities in globally-sourced technologies
Develop solutions to electromagnetic and geomagnetic interference
Cultivate research on cybersecurity solutions and new talent needed to deploy

At critical infrastructure facilities, much attention is put into physical security. Hiring security guards, placing cameras everywhere, gates, fences, and barbed wire is common place. However, much is left to do to properly secure the online, connected systems that are most vulnerable to attack. With limited budget, scarce support, and outdated systems, organizations are left with a daunting task of properly securing this infrastructure from attack while maintaining accessibility and availability.

The Department of Homeland Security has published the Seven Strategies to Defend Industrial Control Systems (ICS).

Implement Application Whitelisting
Ensure Proper Configuration / Patch Management
Reduce Your Attack Surface
Build a Defendable Environment
Manage Authentication
Implement Secure Remote Access
Monitor & Respond

Following these strategies will help secure critical infrastructure to a better place, but that is not where it ends.

What else can you do?
nGuard has a wide array of experience helping energy and all types of critical infrastructure organizations secure their networks and meet security compliance goals via penetration testing, managed security solutions, and Cybersecurity Incident Response (CSIR) and we can help you too.

GDPR Fines On The Rise

Since the introduction of the European Union’s General Data Protection Regulation (GDPR) in May of 2018, they have handed out $330.5 million in fines with $192 million in the past year alone. As the GDPR regulation grows in maturity, regulators are growing tougher with their fines. Breach notifications are on the rise, as they have increased 19 percent over the past 12 months. Germany leads the way with 66,527 breach notifications and Italy has had the least with 3,460. Germany, France, and Italy are the top 3 countries that have imposed fines, with a combined $234 million since GDPR was enacted.

With the impact of COVID-19, organizations have been fortunate to have their fines drop significantly with the promise to improve their security posture. Marriott saw their fine reduced to $25 million from the original $123 million during a breach that lasted over 4 years and resulted in the compromise of 339 million guest’s information. British Airways saw their fine reduced to $27 million from the original $230 million as a result of personal data of over 400 thousand customers being stolen when their website redirected to a fraudulent one which collected personal details of customers. This went undetected for over 2 months. The pandemic has provided temporary relief on some fines, but this isn’t permanent. Organizations need to ensure they are following GDPR regulations or it is going to cost them in large-scale fines.

The 4 potential sources of privacy protection are markets, technology, self or co-regulation, and law. GDPR has taken the traditional approach of law to enforce privacy and data protection. With GDPR fines only increasing and being strictly enforced, it does show that laws do not necessarily mean the result will be increased privacy and security. The best piece of advice for organizations having to follow GDPR guidelines is to err on the side of caution, as fines and cumulative damage claims are only going to rise. As GDPR matures and evolves, there may be new, stricter regulations released in the future.

nGuard Reports Strong Increase in Cyber Security Services

Today, nGuard reported very strong growth in cyber security assessment and penetration testing services. For FY2019 Q1, nGuard achieved a 9.3% increase in services year-over-year, from that of the comparable period. For FY2019 Q2, nGuard achieved a 35% increase year-over-year, from that of the comparable period.

“The first half of FY2019 was extraordinarily strong for nGuard”, reported Jim Brown, Managing Partner with nGuard. “nGuard is experiencing increasing demand for all of our services, but the increased demand for assessment & penetration testing services is especially notable.”

About nGuard Corporation

nGuard is a leading provider of expert security assessments, managed security services, security incident response and other advanced security services to organizations across North America & around the world. nGuard’s relentless focus on securing clients, as well as their unmatched security expertise, has helped them become one of the most sought-after security firms in North America.

For more information, please visit: www.nguard.com