1. What are Social Engineering Attacks? 
2. 5 Types of Social Engineering Attacks 
3. How Cybersecurity Testing Can Prevent Social Engineering Attacks 
4. Conclusion 
5. Why Partner with TestingXperts for Cybersecurity Testing? 

Social engineering attack is the term used to describe a wide range of malicious activities like tricking individuals into revealing sensitive information or manipulating them to gain unauthorized access to systems. The attackers use different psychological manipulations to trick users into giving sensitive information or making security lapses. According to statistics, 82% of data breaches involve human elements, making social engineering the backbone of today’s cybersecurity threat. From smishing and vishing attacks to phishing emails, there are plenty of social engineering techniques hackers utilize to dupe their victims.

The attacks could happen in any form, from people visiting websites they should never visit, sending money to cyber criminals unintentionally, or making mistakes that could compromise organizational security. Even an email that seems to be from a coworker requesting data could lead to a social engineering attack. Thus, it becomes necessary for businesses to have relevant cybersecurity measures to counter social engineering attacks.

What are Social Engineering Attacks?

Social engineering attacks are the first stage of a large-scale cyberattack. For example, a hacker might dupe a victim into sharing personal details like usernames and passwords, which are used to inject ransomware or viruses into the victim’s employer’s premises. These attacks enable hackers to gain easy access to digital networks, accounts, and devices without facing technical issues of getting around firewalls and other cybersecurity controls. They use psychological tactics to obtain sensitive data such as financial information, credit card/debit card numbers, login credentials, social security or account numbers, etc.

5 Types of Social Engineering Attacks

Social engineering attacks could impact an organization in multiple ways. Following are some of the social engineering attacks that businesses should know about:

Phishing

Phishing is the most popular social engineering attack, including scamming users through emails and text messages involving a sense of urgency, fear, and curiosity. Attackers dupe users into revealing important data by asking them to click links to scam websites or open malware attachments. For instance, users received an email regarding online services alerting them about policy violations and asking them for immediate action. The actions might include username or password change, updating software components, etc. But the link in that email will lead to an illegitimate website (nearly identically to a legitimate website), leading users to fill in their credentials and new passwords. However, all the information will be sent to the hacker upon submission.

Baiting

It involves using false information to bait victims into performing illegal activity by utilizing their greed or curiosity. In this social engineering attack, hackers dupe users into a trap to steal their sensitive data or inject malware into their devices. The most common form of baiting is using physical media to inject malware. For example, attackers use infected flash drives in areas (cafeterias, bathrooms, parking lots, elevators, etc.) where victims are likely to notice them. Not the bait has been set, and once the victim picks it up out of curiosity and inserts it into their work or home device, it would result in malware installation (automatic). Baiting is also carried out through enticing ads or tricking users into downloading infected software applications.

Spear Phishing

It is the most used version of a phishing attack where hackers select specific companies or users. They create a unique message based on contacts, characteristics, or job roles unique to their victims to make attacks less noticeable. Spear phishing requires extra efforts from hackers, which take weeks, even months, to implement. These attacks are difficult to identify and have higher success rates when handled by professional hackers.

Quid Pro Quo

Quid Pro Quo means “something for something.” In this attack, the hacker promises a favor to the victim in exchange for data or other benefits. It could be in the form of a service, which is similar to baiting. A common quid pro quo attack was seen when fraudsters impersonated the US Social Security Administration and asked random people to confirm their Social Security Numbers. It allowed attackers to steal the identities of their victims. In some cases, the FTC (Federal Trade Commission) detected that hackers create fake SSA websites to steal people’s information. One thing to note is that quid pro quo attackers are hard to notice as they seem less sophisticated.

CEO Fraud

In this attack, hackers gather information about a company’s structure, business processes, and key executive team members. They use the trustworthiness of the request source (like the CFO) to bait the employees into giving sensitive data such as financial transactions, login IDs and passwords, etc. CEO fraud is a type of spear-phishing attack and has multiple names like executive phishing or business email compromise (BEC). Such attacks have an urgency factor as hackers know when money is involved, and if they impersonate the CFO, the employees will act as soon as possible. According to statistics from the FBI, between 2016 and 2021, BEC attacks cost organizations more than $43 billion.

How Cybersecurity Testing Can Prevent Social Engineering Attacks

There are plenty of social engineering attacks that could have adverse effects on business operations, brand reputation, and security. But the question is, “How to prevent these attacks?”

Cybersecurity testing helps prevent social engineering attacks by countering the manipulation techniques that exploit human errors. Here’s how businesses can mitigate these risks with cybersecurity testing:

Evaluate Security Policies

Test the effectiveness of current security policies to check whether these procedures are robust enough to prevent risks associated with social engineering attacks. Also, they must be properly understood by the employees, and proper security protocols must be in place.

Multi-factor Authentication

Run test cases to evaluate the effectiveness of MFA and ensure that credentials are not compromised. If any vulnerability is identified in MFAs that could lead to a social engineering attack, block it.

Vulnerability Assessment of Security Posture

Run a complete vulnerability assessment to identify potential bugs or errors in the security posture of the organizations. Remember, any unchecked vulnerability could lead to a social engineering attack. So, it becomes necessary to examine the technical and human elements of the security infrastructure.

Email Monitoring and Filtering

Test and implement an advanced email filtering process to reduce the chances of phishing emails attacking employees. It will decrease the possibility of social engineering attacks. Make sure to apply appropriate filters to prevent any spam email from entering your premises system.

Conduct Regular Security Audits

Partner with a professional cybersecurity testing provider to conduct regular security audits of security infrastructure. It will help identify and resolve bugs or lapses hackers can exploit through social engineering.

Conclusion

Social engineering attacks are one of the biggest threats to cyber dangers as they rely on exploiting human vulnerabilities. These attacks consist of techniques like baiting, quid pro quo, CEO fraud, phishing, spear phishing, etc. It leads to compromised security and financial losses, making it necessary to address these threats. Cybersecurity testing is a good countermeasure in addressing social engineering attacks. By implementing multi-factor authentication techniques, conducting regular security audits, penetration testing, etc., businesses can ensure their security protocols are ready to defend against social engineering attacks. To do so, the best step would be to partner with a professional cybersecurity testing firm.

Why Partner with TestingXperts for Cybersecurity Testing?

We have a team of certified ethical hackers (CEH) who can help you ensure that your business application is secure from any vulnerabilities and meets essential security requirements like confidentiality, authorization, authentication, availability, and integrity. As one of the leading cybersecurity testing companies, we ensure your application is rigorously tested for all possible threats and vulnerabilities. Tx security consulting assists in providing appropriate solutions to your cybersecurity needs. We perform vulnerability and pen testing to safeguard your systems, apps, and infrastructure from possible social engineering threats.

Our security testing fulfills international standards requirements, including OWASP (open web security project) and OSSTMM (open-source security testing methodology manual). We ensure zero false positives and provide exploitation snapshots to validate the severity of vulnerabilities. To know more, contact our cybersecurity testing experts now.

The post Preventing Social Engineering Attacks with Cybersecurity Testing first appeared on TestingXperts.

Every business requires resilient protection against cyber threats. As new tech innovations enter the market, security against evolving cyberattacks is also getting harder. With the rapid surge in cyberattacks, every business wants to protect itself from breaches and successful attacks, as they can hurt brand image and cost millions to recover. This raises the question, “How can users trust an organization that experienced a cyberattack?” This is why a security operations center (SOC) is a must for every organization. 

SOC teams utilize various processes and tools to identify, analyze, and respond to suspicious behaviour and cybersecurity incidents. Although SOC teams are important for a business to function securely, not all organizations prioritize this aspect. And there are dozens of reasons why this is so. But there’s another way to leverage the benefits of SOC, i.e., managed SOC. 

What is a Security Operations Center (SOC), and What Does It Do? 

There was a time when only passwords and antivirus software were sufficient to protect a computer’s digital assets. However, modern cyberattacks have become more cunning with rapid tech advancements. That’s why the security operations center has become a basic necessity to keep oneself always on alert and swiftly respond to any security incident. 

The SOC assists an organization in improving its threat detection, response, and prevention measures by integrating and coordinating all cybersecurity technologies and operations. Also known as an information security operations center (ISOC) is a team of security professionals that monitors an organization’s IT infrastructure. It could be an in-house or outsourced team that detects, analyzes, and counters any security incidents in real-time. They can maintain surveillance over the enterprise network, applications, and systems to ensure a strong defence wall against cyberattacks. 

If not established in-house, the outsourced SOC is often referred to as a managed SOC, provided by a managed security service provider (MSSP). The primary benefit of outsourcing SOC is that it integrates and manages an organization’s security infrastructure, including security tools, strategies, and cyber incident preventive measures. The result? Improved security protocols and policies, effective and cost-efficient response to security threats, and faster detection. It also helps increase customer trust levels and strengthen industry compliance measures according to national and global regulations. 

What Does It Do? 

• The SOC continuously monitors assets, such as tools, technologies, hardware, and software, for security incidents. 

• It analyzes tech infrastructure regularly 24*7 to detect and address any abnormalities or irregular activities. The SOC teams use behavioral monitoring to minimize false positives. 

• Every security incident has different risk levels. SOC teams can prioritize alerts by assigning a severity ranking. They can perform incident response after a breach is detected. 

• The SOC team conducts a root-cause investigation after an incident occurs. They review the log information to track the cause and prevent it from happening again. 

• The SOC team works according to organizational policies, regulatory requirements, and standards. 

Why Use a Managed SOC? 

Managed SOC, or SOC as a Service, is a subscription-based solution in which organizations outsource the SOC to external cybersecurity experts. They deploy their teams to monitor the organization’s applications, IT networks, data, and devices to identify vulnerabilities, risks, and threats. Here are some of the managed SOC features: 

• The third-party SOC provider will be responsible for an organization’s security operations. Businesses can leverage the support of security experts 24/7/365, and the cost associated is less than that of around-the-clock in-house monitoring. Whenever a suspicious activity is identified, the managed SOC teams will get an instant alert before it harms the organization’s data and brand value. Also, they utilize behavioral analysis to teach security systems the difference between regular activities and threat behaviour. 

• Businesses that produce huge amounts of data often face problems during threat detection. It is time-consuming, as security teams must scan all data for malware or suspicious activities. Managed SOC streamlines the fraudulent activity identification process and ensures businesses are protected by proactive threat detection.  

• The managed SOC team comprises a security analyst and incident responder, followed by security engineers, compliance auditors, threat hunters, and forensic lab experts. They combine their expertise and use technologies like AI, ML, cloud, etc., to detect, analyze, remediate, and learn from security incidents. 

• Businesses should set up rules to detect certain threats to a network. There will be many preloaded alerts if they opt for a standard SOC service, which is usually true with in-house SOCs. Managing hundreds or thousands of alerts is impossible as the in-house teams don’t have enough strength to handle all the alerts. So, to discover and prioritize abnormalities based on their threat level, managed SOC service is the best option. This will also save time and resources by sending alerts when it truly matters and needs action. 

• The cost of adopting managed SOC services differs depending on the business size. Managed SOC solution providers offer affordable and predictable monthly to yearly subscription plans. Businesses don’t have to spend extra money hiring new security professionals and training them to manage the SIEM solution.  

Selecting a Managed SOC Solution Provider 

Managed SOC makes security cost-effective for businesses of all sizes and offers various benefits over in-house security operations centers. However, the specifications and quality of services and tools will vary from vendor to vendor. Here are some of the things that businesses should consider when evaluating a managed SOC solution: 

• What is the level of customization needed for enterprise IT security? 

• How many customizations can the vendor offer? 

• Can the vendor utilize AI, ML, and other digital tools and technologies for advanced security? 

• How much experience does the vendor have in outsourcing security services? 

• What type of additional security services does the vendor have? 

• Are there any other enterprises in the same or a comparable industry using the services of the vendor being evaluated? 

How Can Tx Assist with Managed SOC Services? 

Partnering with a managed SOC solution provider offers you the necessary cybersecurity expertise and resources required to secure IT operations. Being a leader in security testing services, Tx covers a wide range of operations in managed SOC services: 

• We Provide managed SOC consultancy services to assist you in establishing your own SOC. 

• Our report includes a detailed analysis of detected threats, and the remediation measures you must implement. The report will also include metrics such as MTTD (Mean Time to Detect) and MTTR (Mean Time to Respond). 

• Our security experts perform the compliance evaluation to provide you with relevant regulatory standards and compliance details necessary for your business. 

• Our in-house security framework, Tx-Secure, developed by Tx SCoE, continuously monitors and detects threats in your security infrastructure. 

• We conduct SOC maturity assessments to identify gaps in your security operations. Our technical evaluation covers business, people, technology, services, and processes. 

• We utilize top-of-line tools and technologies like AI/ML, RPA, cloud, and test automation to offer scalable security solutions. 

Conclusion 

The cyber threat ecosystem is rapidly evolving, and organizations cannot ignore the severe impact of even a single security incident. Security operations center can offer various benefits to businesses that want to optimize their cybersecurity measures. A managed SOC solution from a reliable vendor like Tx can speed up security improvement with far greater expertise and at a low cost compared to in-house SOC. To learn how Tx can assist you, contact our experts now! 

The post Enhance Cybersecurity with Managed SOC: Benefits and Models  first appeared on TestingXperts.

The recent cyberattacks targeting critical infrastructure have witnessed the use of advanced methods to break traditional encryption and hashing techniques. The traditional hashing algorithms like MD5 and SHA-1, once reliable, are now susceptible to more sophisticated, AI-driven attacks – Microsoft Security Report, 2024.  

This development has resulted in the innovation in the cybersecurity space, with AI-Powered hashing algorithms coming out as a promising solution. The use of AI in cybersecurity has moved beyond the basic automation to intelligent learning, predicting threats and adapting encryption techniques in real-time. As the digital world grows more complex, the need for AI-driven hashing has never been more pressing. 

The Growing Threat to Traditional Hashing 

As computing power advances and threats become more sophisticated, traditional hashing methods are increasingly vulnerable to brute-force attacks and collision attacks.  

The rise of quantum computing and AI-enhanced cyberattacks has multiplied these risks. Hashes that were once impossible to reverse-engineer, are now at the risk of being cracked, revealing sensitive data to unauthorized access. To overcome these threats, AI-Powered hashing techniques are coming up as the next wave of encryption, offering dynamic and adaptive solutions for securing data in real-time. 

What is Hashing in Cybersecurity?

Before diving deeper into how AI is changing the hashing, it is important to understand what hashing is and why it is important. Hashing is the process that converts an input (e.g. a password or file) into a fixed-length string of characters, specifically a hash value or digest. This is done using hashing algorithms like SHA-256 (Secure Hash Algorithm) and MD5 (Message Digest Algorithm). Unlike encryption, whatever is reversible, hashing is a one-way process designed to protect data integrity.  

Some of the key uses of hashing include: 

Data Integrity:

Hashing makes sure that files or messages haven’t been adjusted during transmission by comparing the hash value before and after transmission.  

Password Storage:

Passwords are hashed before being stored in databases to safeguard them from exposure in the event of a data breach.  

Digital Signatures:

Hashing helps verify the authenticity of digital signatures, making sure that the data is not tempered with. 

However, with the rise of advanced attack methods, like rainbow table attacks and collision attacks, traditional hashing is no longer enough to ensure security. This is where AI comes in.  

The Role of AI in Enhancing Hashing Techniques

As attackers take advantage of AI to crack traditional hashing methods, AI-driven defenses are becoming more critical. Here’s how AI is transforming the game for hashing in cybersecurity: 

1. Adaptive Hashing Algorithms 

AI allows the development of adaptive hashing algorithms, which can change and improve over time on the basis of the types of attacks they encounter. Unlike traditional static algorithms, AI-Powered hashing systems can identify and learn from patterns in cyberattacks, dynamically adjusting the hashing process to safeguard exploitation. 

For example, machine learning models can be trained to detect vulnerabilities in hashing algorithms by analyzing patterns in how hashes are cracked. This predictive approach enables AI systems to foresee and counter new types of attacks before they become widespread. 

2. AI-Powered Threat Prediction 

One of the most powerful capabilities in cybersecurity is its ability to predict potential threats by examining historical attack data and detecting emerging patterns. When applied to hashing, AI systems can detect when a hashing algorithm is under threat from techniques like brute-force attacks or collision generation.  

For instance, AI can analyze attempts to generate different hash values from a single source, anticipating an impeding collision attack and adjusting the hashing algorithm as required to prevent vulnerabilities. This proactive threat detection is critical for businesses handling sensitive data like financial transactions, intellectual property and personal information.  

3. Automating the Hashing Process for Real-Time Security 

AI is also being used to automate hashing processes in real-time, eradicating the potential for human error and refining response times. Automating complex hashing algorithms through AI eliminate the risk of misconfigurations and ensures that even the most advanced security protocols are implemented regularly. 

This level of automation is specifically beneficial in industries that handle large-scale data transactions, like financial services and healthcare, where the accuracy and speed of hashing processes are crucial for maintaining security. 

AI and Quantum-Resistant Hashing: Preparing for the Future 

With the arrival of quantum computing, traditional cryptographic hashing methods face even greater threats. Quantum computers have the potential to break common hashing algorithms much faster tha classical computers, putting the sensitive data at risk. 

AI is already being positioned to develop quantum-resistant hashing algorithms, capable of withstanding the computational power of quantum machines. These AI-Powered algorithms use complex mathematical models to create hash functions that are resistant to quantum attacks. The most advanced AI systems are being used to simulate quantum computing environments and anticipate how future cyberattacks might exploit quantum computing environments and predict how future cyberattacks may exploit quantum technologies, enabling researchers to design more secure hashing methods. 

Example: AI-Driven Quantum-Resistant Hashing in Cryptocurrency 

One notable application of AI-Powered, quantum-resistant hashing is in the world of cryptocurrencies like Bitcoin and Ethereum. Cryptocurrency platforms are highly dependent on hashing for transaction validation and security; however, the rise of quantum computing poses a major threat to the integrity of these systems. AI is being used to develop post-quantum cryptographic solutions, ensuring that cryptocurrency networks remain secure in the future where quantum attacks become feasible. 

The Importance of Hashing in Zero Trust Architectures

As there is a tremendous growth in the adoption of Zero Trust Security Models, hashing plays a crucial role in verifying identities and ensuring data integrity. In a Zero Trust architecture, every access request is treated as if it originated from an untrusted source, meaning regular authentication and validation are required. 

AI-enhanced hashing can improve the effectiveness of Zero Trust models by dynamically validating user identities and ensuring that data integrity checks are performed in real-time. This enables businesses to enforce the security protocols without any leakage in performance or user experience. 

The Role of AI-Powered Hashing in Compliance

For organizations operating in strictly regulated industries, like finance, healthcare, and eCommerce, maintaining compliance with data protection standards is crucial. Regulations like HIPAA, GDPR, and PCI DSS need organizations to use encryption and hashing to protect sensitive data.  

AI-Powered hashing algorithms offer an extra layer of security, assisting businesses to maintain compliance by automatically adjusting to the latest cybersecurity threats. This makes sure that organizations can stay ahead of attackers while meeting their regulatory obligations.  

How Tx Can Help You Implement AI-Powered Hashing for Cybersecurity

At Tx, we understand the evolving nature of cybersecurity and the importance of using AI-driven technologies to protect sensitive data. Through our Tx-Accelerator platform, we assist businesses implement AI-Powered hashing algorithms that accelerate security, improve efficiency, and maintain compliance with industry standards.  

Our cybersecurity advisory services pay attention to helping businesses stay ahead of emerging threats. Be it upgrading your existing encryption protocols, securing your blockchain infrastructure, or adopting a Zero Trust model, we have the expertise to guide you through the process. 

Conclusion: Embracing the Future of Hashing with AI 

With cyberattacks becoming more sophisticated, traditional hashing methods are no longer enough to protect sensitive data. AI-Powered hashing represents the future of encryption, offering automated, adaptive, and quantum-resistance solutions that keep businesses secure in a complex digital landscape.  

By embracing AI-enhanced hashing techniques, organizations can safeguard their data, comply with industry standards, and stay ahead of the recent threats. Ready to upgrade your cybersecurity infrastructure with AI-Powered solutions? Get in touch with Tx to learn how we can help you stay secure in the dynamic world.

The post Hashing in Cybersecurity: How AI is Shaping the Next Wave of Encryption  first appeared on TestingXperts.

1. Importance of Securing Your Data from Breaches
2. Different Types of Data Breaches
3. The Impact of Data Breaches in the Digital Age
4. How Latest Technology Trends Help Mitigate Data Breaches
5. Conclusion
6. How TestingXperts Can Help Mitigate Risks Using Recent Technology Trends in Testing?

In the digital age, data breaches pose a significant threat to organizations and individuals alike, with far-reaching consequences. However, recent technology trends are providing powerful tools and strategies to mitigate these risks and enhance data security.

According to recent statistics, the adoption of advanced technologies has shown promising results in data breach prevention. For instance, a study by Gartner revealed that by 2024, organizations leveraging artificial intelligence (AI) and machine learning (ML) for data security will experience a 30% reduction in data breaches. Additionally, research conducted by IBM found that companies employing encryption extensively reduced their financial impact by an average of $360,000 per data breach incident.

These statistics highlight the importance of embracing the latest technology trends to fortify defenses against data breaches and protect sensitive information in the digital landscape.

In this blog, we delve into the alarming rise of data breaches, the impact, and the urgent need for robust cybersecurity measures used in today’s interconnected world.

Importance of Securing Your Data from Breaches

In an era where cyber threats continue to proliferate at an alarming rate, reevaluating and fortifying our security paradigms has become imperative. In 2020 alone, the global cost of cybercrime reached a staggering $1 trillion, with businesses experiencing an average of 65,000 attempted cyber-attacks per day.

As per recent statistics, revealing an exponential surge in cyberattacks—over 300 billion malware incidents reported in 2022 —our traditional security measures are proving inadequate. The current landscape of cyber threats and their potential impact on organizations makes it the right time to invest in recent technological trends for cybersecurity. Cybercriminals have exploited vulnerabilities, resulting in a 600% increase in phishing attacks. These statistics highlight the urgency of investing in a digital immune system that can provide real-time threat detection, incident response, and proactive defence mechanisms. By investing now, organizations can strengthen their security posture, minimize the risk of breaches, and protect their valuable assets and data from growing cyber threats.

Different Types of Data Breaches 

Several different types of data breaches can occur in the digital age. Here are some of the most common ones:

Malware and Ransomware Attacks:

Malicious software (malware) is designed to infiltrate computer systems and networks, compromising sensitive data. Ransomware, a type of malware, encrypts data and demands a ransom for its release.

Phishing and Social Engineering:

Phishing involves tricking individuals into revealing sensitive information, such as passwords or credit card details, by posing as a trustworthy entity. Social engineering manipulates human psychology to deceive individuals into sharing confidential data.

Insider Threats:

Data breaches can be caused by individuals within an organization who have authorized access to sensitive information. These insiders may intentionally or accidentally leak or misuse data.

Third-Party Data Breaches:

When organizations share data with external parties, such as vendors or service providers, there is a risk of those parties experiencing a data breach, potentially exposing the shared information.

Unintended Disclosures:

Unintentional disclosures can happen when sensitive information is mistakenly shared through email, fax, or other communication channels.

Website/Application Vulnerabilities:

Weaknesses or vulnerabilities in websites or applications can be exploited by hackers to gain unauthorized access to databases or user information.

Insider Trading:

In financial markets, data breaches can involve unauthorized access to non-public information, allowing individuals to gain an unfair advantage for personal financial gain.

Credential Stuffing:

This occurs when attackers use stolen username and password combinations from one breach to gain unauthorized access to other accounts, exploiting individuals who reuse passwords across multiple platforms.

The Impact of Data Breaches in the Digital Age

Data breaches in the digital age can have significant impacts on individuals, organizations, and society as a whole. Some of the key impacts include:

Financial Losses:

Data breaches can result in substantial financial losses for organizations. These losses can stem from various factors, such as legal fines, regulatory penalties, remediation costs, legal settlements, and damage to the organization’s reputation. Moreover, businesses may experience a decline in customer trust, leading to reduced revenue and potential loss of customers.

Reputational Damage:

Data breaches can severely damage the reputation of organizations. When sensitive data is compromised, customers may lose trust in the affected organization’s ability to protect their personal information. Negative publicity and public perception can have long-lasting consequences, making it challenging for the organization to regain its reputation and credibility.

Legal and Regulatory Consequences:

Data breaches often trigger legal and regulatory implications. Depending on the jurisdiction, organizations may face lawsuits, investigations, and fines for failing to adequately protect customer data or for violating data protection regulations. Compliance with regulations like the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA) is crucial to avoid legal consequences.

Loss of Customer Trust:

Data breaches can erode customer trust, resulting in a loss of loyalty and potential customers. Individuals whose personal information has been compromised may feel betrayed and reluctant to continue their relationship with the affected organization. Rebuilding trust can be a lengthy and challenging process, requiring transparent communication, enhanced security measures, and a demonstrated commitment to data protection.

Identity Theft and Fraud:

In many data breaches, personal and financial information is compromised, putting individuals at risk of identity theft and fraudulent activities. Cybercriminals can exploit stolen data for various purposes, including opening fraudulent accounts, conducting financial transactions, or impersonating individuals. Victims of identity theft may suffer financial losses, damage to their credit history, and the need for extensive remediation efforts.

How Latest Technology Trends Can Mitigate Data Breaches?

Mitigating data breaches requires staying ahead of evolving technology trends. The latest technology trends offer valuable tools and approaches to enhance data breach mitigation efforts. Here is how these recent technology trends can help alleviate data breaches:

Applied Observability Protecting Data Breaches

Applied observability plays a crucial role in mitigating data risks by providing organizations with comprehensive visibility into their systems and applications. By actively monitoring and collecting real-time data from various sources, organizations can detect and respond to potential data breaches or unauthorized access attempts promptly. Applied observability enables early detection of anomalies and abnormal data patterns, allowing organizations to take immediate action to mitigate risks.

It also enhances incident response capabilities by providing a holistic view of the digital ecosystem, enabling teams to trace and analyze the flow of data and identify the root causes of security incidents. Additionally, applied observability facilitates robust security monitoring, helping organizations proactively identify and address potential vulnerabilities before they are exploited. Applied observability empowers organizations to make data-driven decisions, strengthen their security posture, and safeguard against data risks effectively.

Adaptive AI Protecting Data Breaches

Adaptive AI, in the context of data risk mitigation, can be instrumental in enhancing organizations’ ability to mitigate data risks effectively. By leveraging adaptive AI technologies, organizations can bolster their security measures in the following ways. Firstly, adaptive AI systems can continuously analyze vast amounts of data, including network traffic, system logs, and user behaviors, to identify patterns and detect potential security breaches or data risks in real-time. Secondly, adaptive AI can dynamically adapt and evolve its algorithms and models to stay ahead of emerging threats and evolving attack vectors.

This enables organizations to proactively detect and respond to new and sophisticated data risks. Additionally, adaptive AI can automate security processes, such as threat detection, incident response, and risk assessment, reducing the time and resources required for manual analysis and response. Adaptive AI can help organizations identify vulnerabilities in their systems and applications, providing recommendations for remediation and strengthening overall data security. By harnessing the power of adaptive AI, organizations can significantly enhance their ability to identify, prevent, and mitigate data risks in today’s rapidly evolving digital landscape.

AI Trust, Risk and Security System Protecting Data Breaches

By leveraging AI Trust, Risk, and Security systems, organizations can detect, prevent, and respond to data breaches effectively. Through machine learning algorithms, they continuously analyze vast amounts of data, including network traffic, system logs, and user behaviors, to identify patterns indicative of potential security threats. By monitoring in real-time, they can swiftly detect anomalies, unauthorized access attempts, or suspicious activities, allowing organizations to take immediate action to mitigate risks.

AI Trust, Risk, and Security systems also enable proactive risk assessment by leveraging predictive analytics to identify vulnerabilities and potential weak points in an organization’s digital ecosystem. They automate incident response processes, reducing response times and minimizing human error, while continuously learning and adapting to new threats. By harnessing the power of AI, these systems enhance organizations’ ability to protect sensitive data, strengthen their security defenses, and effectively mitigate the risk of data breaches in today’s complex and evolving threat landscape.

Digital Immune System Protecting Data Breaches

A Digital Immune system can play a crucial role in mitigating data breaches by providing proactive and adaptive security measures. It continuously monitors networks, systems, and data in real-time, employing advanced technologies such as machine learning, AI, and behavioral analytics. By establishing baselines of normal behavior, it can swiftly identify deviations and anomalies that may indicate a potential breach.

The Digital Immune system can autonomously detect and respond to threats, leveraging automated incident response capabilities to mitigate the impact of breaches. It can dynamically adapt and learn from new data and emerging threats, enabling it to stay ahead of evolving attack vectors. By mimicking the principles of the human immune system, the Digital Immune system enhances organizations’ ability to detect and respond to data breaches, significantly reducing the response time and minimizing the potential damage caused by such incidents.

Conclusion

The rapid advancements in technology have both facilitated and complicated our lives in the digital age. However, when it comes to data breaches and the protection of sensitive information, recent technology trends have proven to be invaluable in mitigating risks and safeguarding data. From the widespread adoption of encryption techniques to the implementation of multi-factor authentication and the rise of artificial intelligence in threat detection, organizations and individuals now have a wide array of tools at their disposal to combat data breaches.

It is important for businesses and individuals alike to stay abreast of these technological developments and leverage them effectively to create a secure digital environment. As we continue to navigate the ever-evolving landscape of cybersecurity, embracing these trends and harnessing their potential will be essential in safeguarding our data and preserving the trust we place in the digital realm.

How TestingXperts Can Help Mitigate Risks Using Recent Technology Trends in Testing?

TestingXperts is at the forefront of leveraging recent technology trends in testing to mitigate risks effectively. Through the adoption of test automation, TestingXperts enables faster and more comprehensive testing, reducing human errors and increasing test coverage. Additionally, by incorporating Artificial Intelligence (AI) and Machine Learning (ML) algorithms, our experts can analyze vast amounts of testing data, detect patterns, and predict potential risks, enhancing the accuracy of risk assessment.

The utilization of cloud-based testing services allows TestingXperts to simulate real-world scenarios, perform load testing, and ensure the application’s robustness and resilience against security threats. Furthermore, with expertise in IoT and mobile testing, we offer comprehensive testing services for IoT devices and mobile applications, ensuring their security and functionality. By embracing these recent technology trends, our key goal is to empower organizations to enhance software quality, and deliver reliable and secure solutions.

Q1: What are the main causes of data breaches in the UK?

The main causes of data breaches include weak passwords, improper security measures, software vulnerabilities, poor data management measures, and much more. Other causes include backdoor vulnerabilities, distributed DDoS, phishing, unencrypted data, lost or stolen devices, etc.

Q2: What are Data Breaches?

Data breaches occur when an unauthorized user accesses, steals, or discloses sensitive information, harming its integrity, availability, and confidentiality. It can occur accidentally or intentionally to steal data. Healthcare and financial organizations face severe consequences due to data breaches.

Q3: How to avoid data breaches? 

Data breaches can cause severe financial losses, service disruption, and identity theft. Businesses must use strong encryption, conduct regular security audits, use strong encryption protocols, create a response plan, and implement secure authentication measures to avoid data breaches.

Q4: Why do you need to report data breaches?

Data breaches result in serious consequences that impact both organizations and associated personnel. Its reporting is necessary to comply with legal requirements, mitigate risks, prevent damage, protect individuals/organizations, and ensure transparency and accountability.

The post How Data Breaches Can be Mitigated Using Latest Technology Trends? first appeared on TestingXperts.

The rapid transformation of the digital environment has brought about unparalleled challenges for organizations, emphasizing the crucial importance of staying ahead of cyber threats. With the adoption of hybrid work models, increased reliance on cloud services, and the widespread use of edge devices, the potential attack surface for cybercriminals has expanded significantly. Consequently, cybersecurity professionals are recognizing the essential need to embrace a more preemptive and proactive strategy to secure their fundamental business operations.

The Need for Cybersecurity Automation

Recent research indicates that the average global cost of a data breach in 2023 has reached $4.35 million, showcasing a notable disparity with the United States where the figure stands at a substantial $9.44 million. This stark contrast underscores the significant financial repercussions that organizations face due to cyberattacks.

In response to the escalating threat landscape, leaders across various industries are increasingly adopting artificial intelligence (AI) as a pivotal tool for enhancing security. Notably, a substantial 64% of survey respondents worldwide have already integrated AI into their security capabilities, while an additional 29% are in the process of evaluating its implementation. This underscores the widespread recognition of AI’s effectiveness as a strategic asset in safeguarding against cyber threats.

Traditional IT Security Vs. Automated Cybersecurity

Traditional IT security approaches have historically relied on manual processes and human intervention to identify and mitigate cyber threats. This conventional method often involves setting up firewalls, intrusion detection systems, and antivirus software to protect networks and endpoints. While effective to a certain extent, traditional IT security can be reactive, responding to known threats rather than proactively identifying and preventing emerging risks. Moreover, the sheer volume and sophistication of modern cyber threats make it challenging for human-centric approaches to keep pace, as they may struggle to detect subtle patterns or rapidly evolving attack vectors.

On the other hand, automated cybersecurity represents a paradigm shift in defending against cyber threats. Leveraging advanced technologies such as machine learning and artificial intelligence, automated systems can analyze vast amounts of data in real-time to identify anomalies and potential security breaches. Automated cybersecurity solutions can adapt and learn from new threats, providing a more dynamic defense mechanism. By automating routine tasks such as threat detection, response, and patch management, organizations can enhance their overall security posture while allowing human cybersecurity professionals to focus on more complex and strategic aspects of cybersecurity management. The move towards automated cybersecurity reflects an acknowledgment of the need for speed, efficiency, and adaptability in the face of an ever-evolving threat landscape.

Signs that your organization needs Cybersecurity Automation

Slow Incident Response Times

Swift identification and resolution of security incidents play a crucial role in mitigating the impact of breaches. Nevertheless, a study conducted by NIST revealed a concerning trend: the mean time to detect (MTTD) and mean time to remediate (MTTR) incidents has been on the rise across various organizations. If the time it takes for your incident response is increasing, it serves as a clear indicator that enhancements are needed in your security infrastructure.

Increased Frequency of Data Breaches

As per the 2023 Data Breach Investigations Report by Verizon, there has been a notable surge in global data breaches. The report underscores that these breaches are not only more frequent but also more severe, posing an escalating threat to organizations. This underscores the critical importance of adopting robust cybersecurity measures.

Burdened by an abundance of false positives

Security alerts generating false positives can lead to a misallocation of valuable time and resources, resulting in alert fatigue and diminishing the effectiveness of your security team.

According to the Ponemon Institute’s research, organizations encounter an average of over 17,000 false-positive alerts every week, leading analysts to dedicate up to 25% of their time to investigate and resolve these issues. If your security team is grappling with an excess of false positives, it signals an opportunity for automation to enhance overall efficiency.

Alert fatigue and resource constraints

The ever-evolving nature of threats places significant pressure on cybersecurity professionals to continuously adapt and uphold a strong defense stance. Yet, limitations in resources can impede their capacity to effectively address emerging challenges.

Findings from a survey conducted by the Information Systems Security Association (ISSA) indicate that 62% of organizations have reported a deficiency in skilled cybersecurity personnel. If your security team is grappling with overwhelming challenges, experiencing alert fatigue, or is constrained by insufficient time and resources to proactively tackle threats, the implementation of security automation can alleviate these burdens.

Types of Cybersecurity Automation Tools

For the successful integration of security automation, organizations can utilize a range of tools and technologies specifically crafted to streamline security operations, boost capabilities in threat detection and response, and automate repetitive tasks. The following are examples of commonly used cybersecurity automation tools:

Vulnerability Management Tools

Tools for vulnerability management automate the identification, categorization, and prioritization of vulnerabilities within an organization’s IT infrastructure. They conduct scans on networks, systems, and applications to detect vulnerabilities, evaluate their severity, and suggest remediation actions. The automation of vulnerability management enables organizations to take proactive measures in addressing security weaknesses, thereby minimizing the timeframe in which potential attacks could exploit vulnerabilities.

Benefits:

Efficiently detect and prioritize vulnerabilities in a timely manner.

Expedite the remediation process with automated recommendations.

Enhance overall security posture by taking proactive measures to address vulnerabilities.

Security Orchestration, Automation, and Response (SOAR) Tools

SOAR (Security Orchestration, Automation, and Response) tools enhance the efficiency of security operations by automating and orchestrating tasks associated with threat management, incident response, and overall security operations. These tools seamlessly integrate with diverse security technologies and systems, enabling organizations to establish standardized playbooks and automated workflows for incident response and mitigation.

Benefits:

• Speed up incident response through the automation of repetitive tasks.

• Foster improved collaboration and coordination among security teams.

• Enhance efficiency and consistency in incident management and resolution.

Endpoint Protection Tools

Endpoint protection tools concentrate on safeguarding individual endpoints, such as PCs, laptops, mobile devices, and IoT devices, against a range of threats, including malware, ransomware, and unauthorized access. Incorporating features like antivirus, anti-malware, firewall, and device management capabilities, these tools offer comprehensive protection for endpoints.

Benefits:

• Identify and address threats at the endpoint level.

• Centrally oversee and administer endpoint security.

• Safeguard sensitive data and thwart unauthorized access.

Robotic Process Automation (RPA)

RPA (Robotic Process Automation) technology employs software robots to automate routine, rule-based tasks that lack the need for intricate analysis. While not inherently tailored for cybersecurity, RPA can be harnessed for certain security functions, including vulnerability scanning, the operation of monitoring tools, and basic threat mitigation. RPA can carry out predetermined tasks triggered by specific events or scheduled occurrences.

Benefits:

• Automate everyday security tasks and procedures.

• Enhance efficiency by minimizing manual effort and human errors.

• Boost scalability and accelerate the pace of security operations.

List of Cybersecurity Automation Tools and its Use Cases

Conclusion

Considering hackers’ growing use of AI and other generative technologies for malicious purposes, it is essential for security practices to adapt by integrating the latest automation tools and techniques to remain competitive and efficient. The right automation tools in cybersecurity enable organizations to identify vulnerabilities swiftly, automate threat detection, and respond to incidents with greater speed and accuracy, which is critical in mitigating the impact of attacks. Moreover, implementing automation in cybersecurity signifies a strategic shift towards more proactive and predictive security postures. This shift is crucial for organizations to manage the ever-growing volume of data and the complexity of modern network environments.

Tx-Secure – A Security Testing Accelerator to Enhance Cybersecurity

To safeguard your organization against evolving cyber threats, TestingXperts Test Center of Excellence (TCoE), has developed Tx-Secure, a security testing accelerator designed to enhance and streamline the security testing process. Here’s what makes Tx-Secure an essential tool for modern businesses for streamlining cybersecurity automation process:

• Tx-Secure integrates specific processes and guidelines, complemented by various tools and checklists, to facilitate seamless security testing.

• The accelerator is engineered to expedite the security testing process, ensuring quicker and more significant outcomes.

• This framework is adept at testing applications across various platforms, including Blockchain, IoT, and Network Infrastructure security.

• Tx-Secure also offers the flexibility to establish secure testing labs tailored to specific customer needs.

• All security testing services under Tx-Secure align with global standards like GDPR, HIPAA, PCI-DSS, OSSTMM, OWASP, etc., ensuring top-notch security and compliance.

To know more, Contact our Cybersecurity experts now.

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Content

1. Why is Cyber security Testing Important in Canada?
2. What are the most common hacking scenarios?
3. How Cyber Security Testing helps in preventing Cyber Attacks?
4. Conclusion
5. Tx’s Approach Towards Cyber security Testing?
6. The advantages of Hiring TestingXperts Security Testing Services

Did you know successful cyber-attacks affected 78% of Canadian companies in 2020? The following year, cyber-attacks affected 85.7% of Canadian companies. This depicts a 7.7% rise in the attacks in a year and places Canada nowhere behind the worst affected country, Columbia, that had the highest rise at 8.2%.

Based on a recent market research report, the security testing market was evaluated to be at USD 3.52 billion in 2018 and is expected to grow at a CAGR of 27.2% during the period of 2019-2024.

Cyber security in Canada is a critical issue, as in many other countries around the world. With the increasing prevalence of cyber-attacks, data breaches, and other cyber threats, organizations in Canada must take proactive steps to protect their systems and networks from hackers, malware, and other malicious activities.

In addition to protecting against cyber-attacks, cyber security is also essential for ensuring the privacy and security of personal information. Canada has several laws and regulations related to the protection of personal information, including the Personal Information Protection and Electronic Documents Act (PIPEDA), which requires organizations to obtain consent before collecting, using, or disclosing personal information. Another reason why cyber security is important in Canada is the protection of critical infrastructure, such as energy systems, telecommunications networks, and transportation systems. A successful cyber-attack on critical infrastructure could have significant economic, social, and national security consequences.

As a need of the hour, there are professionals with degrees in cyber security Canada that can be leveraged to implement security measures, privacy, authenticity, and integrity of electronic data to solve real life issues.

Why is Cyber security Testing Important in Canada?

Firstly, as technology continues to advance, more and more Canadians are conducting their personal and professional activities online, making cyber security a crucial aspect of protecting sensitive information. Cyber security testing helps to identify vulnerabilities and weaknesses in systems and infrastructure, allowing organizations to address these issues before they can be exploited by malicious actors.

Secondly, cyber security threats are constantly evolving, and Canada is not immune to these risks. Cyber-attacks can result in financial loss, reputational damage, and even jeopardize national security. Cyber security help organizations stay ahead of these threats by identifying potential weaknesses and developing strategies to mitigate risks.Thirdly, many industries in Canada are subject to regulatory compliance requirements related to cyber security. For example, financial institutions and healthcare organizations must comply with specific security standards to protect sensitive information. Cyber security testing ensures that these organizations are meeting these requirements and can provide evidence of compliance when required.

What are the most common hacking scenarios?

There are several common hacking scenarios that cyber criminals use to gain unauthorized access to computer systems and networks. Some of the most common hacking scenarios include:

Phishing:

Phishing is a technique where hackers send fraudulent emails or messages that appear to be from a legitimate source in order to trick users into giving up their personal information or clicking on a malicious link.

Malware:

Malware is a type of software designed to harm or exploit computer systems. Hackers use malware such as viruses, Trojans, and ransomware to gain access to systems or steal sensitive information.

Password attacks:

Password attacks are a type of brute force attack where hackers try to guess passwords by using automated tools to generate and test combinations of usernames and passwords until they find a match.

Social engineering:

Social engineering is a technique where hackers manipulate people into giving up sensitive information or performing actions that compromise security. This can include tactics such as pretexting, baiting, and tailgating.

SQL injection:

SQL injection is a technique where hackers inject malicious code into a database in order to gain access to sensitive information.

Man-in-the-middle (MITM) attacks:

MITM attacks involve intercepting communications between two parties in order to eavesdrop on or manipulate the conversation.

Denial of Service (DoS) attacks:

DoS attacks are designed to overwhelm a system with traffic or requests in order to render it unusable.

How Cyber Security Testing helps in preventing Cyber Attacks?

Cyber security testing is an essential component of preventing cyber-attacks, as it helps identify vulnerabilities and weaknesses in systems and networks that can be exploited by hackers. Here are some ways that cyber security testing can help in preventing cyber-attacks:

Identifying vulnerabilities:

Cyber security testing can help identify vulnerabilities in systems and networks that could be exploited by hackers. This information can then be used to patch vulnerabilities and improve security measures.

Testing security controls:

Cyber security testing can help ensure that security controls, such as firewalls and intrusion detection systems, are functioning properly and are effective in preventing unauthorized access.

Assessing risk:

Cyber security testing can help assess the risk of a potential cyber-attack and identify areas where additional security measures may be needed.

Penetration testing:

Penetration testing is a type of cyber security testing that involves simulating an attack to identify weaknesses in a system or network. Penetration testing companies in Canada help organizations identify potential vulnerabilities and take proactive steps to address them before hackers exploit them.

Compliance with regulations:

Many industries in Canada are subject to regulatory compliance requirements related to cyber security, such as the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Canadian Anti-Spam Legislation (CASL). Compliance with these regulations requires organizations to implement appropriate security measures and conduct regular cyber security testing.

Conclusion

Cyber security testing is an essential component of protecting against cyber threats in Canada. As cyber-attacks become increasingly sophisticated and frequent, organizations must take proactive and corrective steps to identify vulnerabilities and weaknesses in their systems and networks. Cyber security identifies these vulnerabilities and provide organizations with the information they need to implement appropriate security measures and protect against cyber-attacks.

The organizations are subject to regulatory compliance requirements related to cyber security standards in Canada, such as the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Canadian Anti-Spam Legislation (CASL). Compliance with these regulations requires organizations to implement appropriate security measures and conduct regular cyber security. Since there is a huge importance of cybersecurity in Canada, there is Canadian Centre for Cyber Security which is the source of expert advice, services and support on cyber security for government, the private sector and the Canadian public. Canadians can simply turn to this trusted place for cyber security issues.

Without strict defense established by cyber security companies, Canada can face big problem in saving company and government infrastructure. For that, there is a list of Canadian cyber security company with comprehensive coverage against cyber thieves and disruptors and laying emphasis on why is cybersecurity important.

Tx’s Approach Towards Cyber security Testing?

Our organization plays a critical role in cyber security testing by implementing appropriate security measures and working with cyber security professionals to conduct regular testing and assessments. Here are some ways that we can help you in cyber security testing:

Implementing security controls:

We implement security controls such as firewalls, intrusion detection and prevention systems, and access controls to help prevent unauthorized access to systems and networks.

Conducting regular assessments:

We at Tx conduct regular assessments and testing to identify vulnerabilities and weaknesses in their systems and networks.

Penetration testing:

Organizations can work with cyber security professionals to conduct penetration testing, which involves simulating an attack to identify vulnerabilities and weaknesses that could be exploited by hackers.

Providing training and education:

We can provide training and education to employees on how to recognize and avoid phishing scams, how to use strong passwords, and other best practices for cyber security.

Compliance with regulations:

Many industries in Canada are subject to regulatory compliance requirements related to cyber security, such as the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Canadian Anti-Spam Legislation (CASL). Organizations can work to ensure compliance with these regulations by implementing appropriate security measures and conducting regular cyber security testing.

Overall, Tx plays a critical role in cyber security testing by implementing security controls, conducting regular assessments and testing, providing training and education to employees, and ensuring compliance with regulations. By taking proactive steps to protect their systems and networks from cyber-attacks, Tx can help to prevent data breaches and other cyber threats.

The advantages of Hiring TestingXperts Security Testing Services

• Large pool of CEHs (Certified Ethical Hackers).

• Conformance with international standards like OWASP, NIST, CIS , SANS, PTES, OSSTMM, etc.

• Vendor independence coupled with deep expertise of key security technologies.

• Cyber Security Experts holding educational degree in cyber security Canada.

• The report classifies each vulnerability in appropriate categories along with mitigation strategy.

• Ensuring zero false positives with snap-shot of exploitation.

• Complete coverage of regression testing.

• Vulnerability-free application with an iterative strategy for further release.

• Supported Tools: Veracode, Fortify, HCL AppScan, Acunetix, NetSparker, Nessus, Burp Suite Professional and many other open-source tools.

Contact TestingXperts, a leading web app pen test company in Canada, to learn about Security testing services.

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]]> https://www.testingxperts.com/blog/black-friday-payment-gateway-ready-for-cybersecurity-threats/?utm_source=rss&utm_medium=rss&utm_campaign=prepping-for-black-friday-is-your-payment-gateway-ready-for-cybersecurity-threats https://www.testingxperts.com/blog/black-friday-payment-gateway-ready-for-cybersecurity-threats/#respond Mon, 21 Oct 2024 12:44:30 +0000 https://www.testingxperts.com/?p=42709 With the businesses gearing up for Black Friday, securing payment gateways against cyber threats is not just a temporary fix, but a long-term investment in trust, reputation, and revenue. Read this blog to understand how you can make this Black Friday — a secure one.

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Understanding Cybersecurity Threats for Black Friday

Payment Gateway Vulnerabilities: What’s at Stake

Essential Cybersecurity Services for Payment Gateways

Cybersecurity Acts in the US, UK, and Canada

Key Tips for Strengthening Black Friday Cybersecurity

How Prepared Companies Benefited Last Black Friday

Conclusion: Cybersecurity as a Long-Term Investment

As Black Friday approaches, businesses look forward to massive sales and unprecedented traffic, however, there’s a darker side to this digital gold rush: cyber threats. In 2022 alone, retail cybercrime surged by 30% during Black Friday weekend with 62% of businesses reporting cybersecurity incidents related to payment gateways. This peak in cyber activity has made Black Friday a profitable hunting ground for hackers.  

With more customers shopping online, payment gateways have become the prime targets. One breach can result in millions of dollars in lost revenue and also erode customer trust, potentially wiping out business. It is more important than ever to ensure that your payment systems are fortified against cyber threats, making robust cybersecurity a non-negotiable investment.  

Understanding Cybersecurity Threats for Black Friday

The sheer volume of online transactions during Black Friday increases the risk of cyberattacks. Businesses face threats ranging from DDoS attacks (leading the system to crash) to phishing schemes designed to forge customer credentials. Payment gateways are primarily vulnerable because of the sensitive data they process – the credit card details, personal information, and transaction histories serve as goldmines for criminals. 

Payment Gateway Vulnerabilities: What’s at Stake

Payment gateways are digital channels for sensitive data during transactions. Here’s the reason they are at risk: 

• Weak Encryption – If sensitive data is not encrypted properly, it becomes easy for attackers to intercept.  

• Unpatched Software – Older software versions have the possibilities of vulnerabilities that hackers exploit.  

• Incapable Monitoring – Without real-time monitoring, attacks may go unnoticed until it is too late. 

• Third-party risks: Gateways that are highly dependent on third-party services may inherit security flaws from those partners. 

In the case of a breach, businesses encounter penalties, compliance issues, and lose trust.  

Essential Cybersecurity Services for Payment Gateways

In order to safeguard payment systems, it is important for businesses to invest in key cybersecurity services covering all the layers of their digital infrastructure: 

Application Security 

The applications driving your payment gateway need to consistently be scanned for vulnerabilities like cross-site scripting, SQL injections, and insecure configurations. Security testing tools powered by AI can enhance the process, recognizing weaknesses faster and more accurately than manual methods. 

Cloud Security 

A lot of modern payment systems heavily rely on cloud-based infrastructure. Make sure your cloud environments are configured securely to avoid unauthorized access and data leaks. Using multi-factor authentication (MFA) and encryption is a must to safeguard the cloud-based payment data. 

Infrastructure Security 

Your business’s network infrastructure serves as the foundation of all operations. Implement firewalls, network segmentation, and intrusion detection systems to limit access to the sensitive areas of your system.  

Data Privacy and Compliance  

With data privacy laws such as GDPR in the UK and EU and CCPA in the US, businesses are compelled to protect customer information. Maintaining data encryption and securing consent before gathering data ensures compliance. AI-driven data privacy monitoring tools can identify the policy violations in real-time. 

Cybersecurity Acts in the US, UK, and Canada

The Importance of Cybersecurity Compliance  

In the digitally growing sphere, adhering to cybersecurity laws is about safeguarding your business from devastating breaches and earning the trust of your customers. A report from IBM’s cost of Data Breach 2023 stated that the average cost of a data breach reached $4.45 million globally, with companies lining huge penalties for non-compliance. With major events like Black Friday driving huge online traffic, businesses in the US, UK, and Canada need to ensure they are aligned with the cybersecurity guidelines to protect both their payment systems and customer data. 

Each country enforces different regulations that companies shall follow to secure their operations. Be it preventing data theft or complying with the strict privacy laws, businesses need to be vigilant and proactive in meeting these legal standards.  

United States: PCI-DSS & CCPA 

In the US, businesses encounter two critical standards and regulations that ensure cybersecurity and data privacy are maintained, specifically for companies handling financial transactions and sensitive customer data. 

PCI-DSS (Payment Card Industry Data Security Standard) – This standard outlines specific requirements for securing credit card transactions. It is important for any business that stores, processes, or transmits cardholder data to ensure it is PCI-DSS compliant.  Failure to comply may result in steep fines and the risk of losing the ability to process payments, potentially crippling your operations. PCI-DSS emphasizes securing networks, encrypting sensitive data, maintaining secure access, and continuously monitoring systems to detect vulnerabilities. 

CCPA (California Consumer Privacy Act) – Though it is focused on businesses dealing with California residents, the CCPA has a broad impact, especially during global sales events like Black Friday. The act offers consumers more control over their personal data, needing businesses to disclose what data is gathered, how it is used, and the audience with whom it is shared. Companies should also provide options for consumers to choose data collection or delete their information completely. Non-compliance with CCPA can lead to fines of up to $7500 per intentional violation, making it important for businesses to comply. 

Virginia Consumer Data Protection Act (CDPA) – The Virginia Consumer Data Protection Act (CDPA), which came into effect on January 1, 2023, is a significant cybersecurity and privacy law aimed at protecting the personal data of Virginia residents. The law applies to companies that control or process data of at least 100,000 consumers annually or derive more than 50% of their revenue from selling personal data of at least 25,000 consumers. It emphasizes consumer rights, including the right to access, correct, delete, and opt-out of data processing, especially for targeted advertising purposes. Furthermore, the CDPA mandates that companies implement reasonable data security practices to protect against data breaches, holding them accountable for the unauthorized access or misuse of consumer information.  

United Kingdom: GDPR 

The General Data Protection Regulation (GDPR) is broadly regarded as one of the harsh data privacy laws in the globe, designed to protect individual’s personal data and give them control over it. For businesses operating in the UK, GDPR is non-negotiable.  

Non-compliance can result in fines of up to 4% of annual global revenue or €20 million- whichever is higher.  

Key GDPR requirements for businesses include: 

• Data Transparency: Businesses need to clearly apprise users of how their data is stored, collected, and used. 

• Consent Management: Companies need to gain consent from users before collecting the data. 

• Right to Be Forgotten: Users need to be given the authority to request that their personal data can be deleted. 

• Data Security: Personal data must be encrypted, and security measures must be in place to prevent breaches. Businesses are also required to report data breaches within 72 hours. 

For businesses handling Black Friday sales, complying with GDPR is critical, especially with the sheer volume of personal data processed during transactions. 

Canada: PIPEDA 

In Canada, businesses are governed by the Personal Information Protection and Electronic Documents Act (PIPEDA). PIPEDA regulates how private-sector organizations collect, use and disclose personal information during commercial activities. The companies operating in Canada need to comply with this act or risk serious penalties. 

Key PIPEDA principles include: 

• Accountability: Businesses are responsible for safeguarding the data they collect and need to ensure it is used for the intended purposes.  

• Limiting Collection: Organizations can only collect personal information required for the identified purposes and shall obtain meaningful consent before collecting any data.  

• Safeguards: Businesses need to implement strong data protection from breaches. This includes encrypting sensitive data and restricting access to the authorized personnel. 

The penalties for non-compliance can be severe, and the damage to your reputation if found in breach of PIPEDA can be more detrimental. The act is designed to give consumers control over their personal data, and with the high volume of transactions during Black Friday, ensuring compliance with PIPEDA is important. 

Key Tips for Strengthening Black Friday Cybersecurity

1. Perform a Pre-Black Friday Security Audit: Review your payment systems, security practices for vulnerabilities, and network infrastructure.  

2. Implement Two-Factor Authentication (2FA): Ensure both customers and employees use 2FA to secure their accounts. 

3. Encrypt Everything: From transaction data to personal information, encryption minimizes the risk of stolen data being misused. 

4. Monitor Real-Time: Use AI-based tools to monitor transactions and detect unusual behavior in real-time, preventing attacks before they escalate. 

5. Load & Performance Testing: Ensure your payment systems can handle the traffic surges on Black Friday. Load testing helps prevent system crashes, while performance testing ensures your application operates smoothly during high demand. 

How Prepared Companies Benefited Last Black Friday 

The businesses that prioritized cybersecurity saw huge returns last Black Friday. They invested in advanced threat monitoring systems and load testing and reported no downtime during peak hours. This led to 20-30% higher sales compared to competitors who face outages or security breaches. Companies with robust encryption and compliance measures enjoyed a boost in customer confidence and repeat sales.  

How Tx Can Secure Your Business for Black Friday 

At Tx, we specialize in Cybersecurity advisory services tailored for businesses looking forward to securing their operations during critical periods like Black Friday. Our services cover all the aspects of cybersecurity, from application security to data privacy, ensuring your business is secure from threats at every level. 

Tx-Secure: Your Accelerator for PCI-DSS Compliance 

Tx-Secure, our cybersecurity accelerator, comes with pre-built PCI-DSS compliance capabilities.  

By integrating Tx-Secure into your payment system, you’ll be assured that your on-prem or on-cloud infrastructure remains secure and compliant with industry standards. Beyond compliance, Tx-Secure uses AI-driven analytics to regularly monitor your systems, flagging vulnerabilities in real-time and automatically updating compliance measures as new threats emerge.  

Conclusion: Cybersecurity as a Long-Term Investment

With the businesses gearing up for Black Friday, securing payment gateways against cyber threats is not just a temporary fix, but a long-term investment in trust, reputation, and revenue. The cost of prevention is always lower than the price of recovery from a breach. By following industry best practices, adhering to cybersecurity acts, and employing robust security testing services, the businesses can ensure a successful Black Friday but also a secure digital future.  

Investing in cybersecurity today safeguards your bottom line tomorrow. At Tx, we’re here to help guide you every step of the way, ensuring that your systems remain compliant, fortified, and ready for whatever challenges do come.  

Let’s make this Black Friday not just a profitable one—but a secure one. 

The post Prepping for Black Friday: Is Your Payment Gateway Ready for Cybersecurity Threats?  first appeared on TestingXperts.

]]> https://www.testingxperts.com/blog/black-friday-payment-gateway-ready-for-cybersecurity-threats/feed/ 0 https://www.testingxperts.com/blog/cyber-security-in-banking?utm_source=rss&utm_medium=rss&utm_campaign=blog-cyber-security-in-banking Tue, 04 Jun 2024 12:48:59 +0000 http://18.219.80.225/blog-cyber-security-in-banking/ Table of Contents Cyber Security in Banking Current State of Cyber Security How is AI Changing the Cyber Security Landscape in Banking? Challenges and Solutions in AI Deployment How can Tx Help with AI Integration with Cyber Security? Summary It is a fact that the banking sector is on cybercriminals’ top hit list because of ... Ways AI is Transforming Cyber Security in the Banking Sector

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Table of Contents

1. Cyber Security in Banking
2. Current State of Cyber Security
3. How is AI Changing the Cyber Security Landscape in Banking?
4. Challenges and Solutions in AI Deployment
5. How can Tx Help with AI Integration with Cyber Security?
6. Summary

It is a fact that the banking sector is on cybercriminals’ top hit list because of its sensitive nature. It holds a vast amount of money and other valuable assets in the form of data. As users shift towards the digital economy, cyber security in the banking sector has become a major concern for financial institutes globally. The traditional security measures are no longer effective to safeguard against sophisticated hacking attacks. According to statistics, cyberattacks in the financial sector reached 238% globally. It shows the rising need for advanced cyber security solutions to identify and neutralize threats early and effectively. Its effectiveness will directly influence the safety of PII in case of an unintentional breach or during a well-planned cyberattack. That’s where artificial intelligence (AI) comes in.

Business owners realize that the stakes are high in the banking and financial sectors, as money and other valuable assets are at risk. A security fault can compromise banking systems and lead to significant upheaval. AI steps in as an ally of the banking sector to implement cyber security practices. But how can AI transform cyber security capabilities for banking and financial data security? Today, in this blog, we will look into how AI is transforming cybersecurity in the banking sector to ensure it is more secure than ever.

Cyber Security in Banking

The connection of methods, protocols, and technologies that build up cyber security is the set of procedures to guard against damage, hacking, attacks, malware, viruses, and unauthorized access to data, networks, programs, and devices. In the banking sector, securing user’s assets is the primary responsibility. People are becoming cashless as they adopt online transactions, which will rise in the future. As more people conduct digital payments via credit/debit cards, mobile payment apps, etc., it becomes a necessity for banking institutes to protect these methods by cyber security. However, the traditional methods alone are not enough. Cybercriminals use complex methods like advanced persistent threats (APTs), dynamic ransomware that evolves with every breach, and phishing to penetrate security defenses.

Current State of Cyber Security

Generally, banks secure their networks using a combination of IDS, manual monitoring, and firewalls. Although these methods have been effective in the past, they can’t handle the rapidly evolving cyber threat landscape, which can easily penetrate these defenses. Talking about the market for IT security in banking, it has maintained its rapid growth in 2024. As the finance sector is always a primary target of cybercriminals, investments in maintaining security protocols are growing steadily. Also, its market value is projected to reach $195.5 billion by 2029. But, as we know, hackers will continuously develop and deploy new techniques to exploit vulnerabilities, which makes it necessary for banking and financial institutes to invest and work on advanced cyber security approaches.

How is AI Changing the Cyber Security Landscape in Banking?

According to statistics, AI-powered fraud detection could save banks $10 billion annually. Businesses know that AI can transform banking operations by analyzing large datasets, identifying patterns, and making accurate predictions. According to a survey by The Economist Intelligent Unit, 77% of bankers believe that unlocking value from AI will differentiate between winning and losing banks. It has the potential to enhance risk management and optimize cyber security measures. AI capabilities to introduce smarter, faster, and more adaptive security measures are crucial in the era where cyber threats are always evolving, becoming more sophisticated and frequent.

By leveraging ML and data analysis, AI predicts, identifies, and responds to threats faster and more accurately. AI enhances cybersecurity in several ways, which are given below:

Real-time Fraud Detection:

In cyber security, AI tools help identify and prevent cyber fraud in real time and protect sensitive information from breaches. AI-enabled systems learn from each attack and continuously improve their defense protocols. According to a survey, 69% of organizations cannot respond to critical threats without AI. It also allows banking institutes to stay ahead of potential threats by:

• Detecting abnormalities

• Processing data quickly and accurately

• Analyzing and learning from past data to improve continuously

• Identifying potential threats

• Automating alerts regarding new threats before they become unmanageable

Predictive Analytics:

AI utilizes predictive analysis to improve cyber security measures. In this, AI analyses historical data to anticipate and prevent potential hacking incidents before they actually occur. AI identifies anomalies that might lead to a planned attack by analyzing trends and patterns from past incidents, allowing banks to deploy security protocols to improve their defenses.

Automated Incident Response:

AI detects and responds to the identified threats. Its automated incident response system isolates the infected devices, blocks malicious IP addresses, and implements mitigation measures without manual support. This level of automation speeds up response times and reduces the workload on security teams as they focus on priority and complex tasks.

Endpoint Security:

AI-powered endpoint security systems protect individual devices like computers, smartphones, etc. They identify and thwart fraud activities at the device level, which is important for banking employees accessing sensitive data from different devices and locations.

Chatbots Security:

Banks nowadays utilize chatbots for customer support. So, ensuring chatbot security is necessary to prevent cyber threats. The AI-enabled chatbot would allow banks to monitor and analyze conversions and identify security threats that might arise during the process.

Behavioral Biometrics:

It records and analyzes user behavior (the way and manner of handling devices and body movements). AI-powered behavioral biometrics considers the keystroke dynamics, navigation patterns, and mouse movements. If it detects any deviation from usual behavior, it will trigger an alert, giving early warning regarding insider threats or account hacks.

Challenges and Solutions in AI Deployment

Despite the significant role of AI in enhancing banking cyber security, it comes with a set of challenges. AI predictions depend on the quality and quantity of data available, and banks need to ensure their AI systems are trained with up-to-date and comprehensive datasets to avoid false positives, bugs, and errors. As AI becomes widely accepted by financial institutes, cybercriminals are too beginning to utilize AI to create more sophisticated hacking attempts. This is a significant challenge for security professionals, keeping banks on their toes to continuously upscale their AI systems. Let’s take a look at some of the significant challenges in AI deployment:

Data Privacy and Security:

AI implementation requires access to data, which raises concerns about privacy and security breaches. To mitigate this challenge, banks should develop robust data encryption and anonymization techniques that protect their integrity while deploying AI. Also, having a zero-trust security framework would ensure all users (inside-out) must verify their identity and have access to particular information based on their role. Security audit of AI implementations, especially in the case of LLMs, should be conducted at all phases, from design till implementation and continuous operations to ensure AI models are configured correctly and do not, inadvertently, disclose or expose sensitive data or information.

Integration with Old Systems:

Most banks still operate on legacy systems incompatible with the latest AI technologies. This makes it difficult to upgrade the existing systems, which might make them a potential target for hackers. Banks can deploy phased integration strategies for implementing AI solutions alongside legacy systems. It will facilitate a smooth transition to AI-based systems with minimal disruption. They should also invest in middleware to support old and new systems integration.

Skill Issues:

The workforce skill gap is one of the significant challenges in AI deployment and its application in cybersecurity. Banks should focus on upskilling their workforce knowledge by investing in training and development programs. Collaborating with third-party AI professionals like Tx to enhance cybersecurity auditing and testing is also recommended.

High Costs:

The high upfront costs of implementing AI in cyber security would prevent some banks from adopting this technology. To mitigate this challenge, they should opt for scalable AI solutions to start small and expand as they experience its benefits. Partner with cybersecurity auditing and testing service providers that utilize AI solutions to manage finances and share expertise.

How can Tx Help with AI Integration with Cyber Security?

As banking organizations strive to upscale their cyber security measures, they will look for innovative solutions like AI/ML. Tx, a leading AI and cyber security testing company, implements comprehensive QA strategies to ensure the robustness of your security measures. By partnering with Tx, you can expect:

• A talented pool of Highly Skilled and Globally Certified Cyber Security Professionals with years of expertise delivering security auditing and testing services. Other certifications that our team has include CISSP, CISM, CAP etc.

• In-house security testing accelerator Tx-Secure makes security testing quicker, result-oriented, and seamless.

• Our security advisory assists in providing appropriate solutions to your AI Security and general cybersecurity needs.

• 30+ years of collective experience in utilizing various tools to provide intelligent automation solutions to handle AI testing complexities.

• Ability to harness AI for cyber security testing using in-house accelerators, enabling the delivery of advanced security measures tailored to your banking needs.

Summary

The banking sector, increasingly targeted by cybercriminals due to its sensitive data and financial assets, is urgently upgrading its cybersecurity measures. Traditional security strategies need to be revised against sophisticated cyberattacks. AI addresses cyber security challenges by providing essential solutions like real-time fraud detection, predictive analytics, automated incident responses, and endpoint security. It enhances the efficiency and accuracy of cyber security measures and helps regulate compliance and gain customer trust. However, integrating AI poses challenges such as data privacy, system compatibility, workforce skills, and high initial costs. Tx offers comprehensive solutions to these challenges, aiding banks in seamlessly integrating AI to fortify their cybersecurity defenses, thus ensuring a safer banking environment.

The post Ways AI is Transforming Cyber Security in the Banking Sector first appeared on TestingXperts.

]]> https://www.testingxperts.com/blog/cyber-extortion-protecting-your-business/?utm_source=rss&utm_medium=rss&utm_campaign=cyber-extortion-protecting-your-business-from-digital-blackmail https://www.testingxperts.com/blog/cyber-extortion-protecting-your-business/#respond Mon, 18 Nov 2024 12:44:57 +0000 https://www.testingxperts.com/?p=43776 The tech space and digital business era witnessed a sudden and concerning rise in cyber-attacks in the 2024 Q3. On average, 1,876 cyber-attacks per enterprise were recorded, 75% more than the 2023 Q3 data. If we talk about which industry was primarily affected, the education/research sector would top the list with 3,828 attacks per week, ... Cyber Extortion: Protecting Your Business from Digital Blackmail 

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Brief History of Cyber Extortion

Cyber Extortion Timeline

How does Cyber Extortion Work?

Types of Cyber Extortion

Real-world Examples of Cyber Extortion Attack

Best Practices to Protect Yourself from Cyber Extortion

How Tx Can Help Mitigate Cyber Extortion Risks?

Summary

The tech space and digital business era witnessed a sudden and concerning rise in cyber-attacks in the 2024 Q3. On average, 1,876 cyber-attacks per enterprise were recorded, 75% more than the 2023 Q3 data. If we talk about which industry was primarily affected, the education/research sector would top the list with 3,828 attacks per week, followed by military/government (2,553 attacks per week) and healthcare sectors (2434 attacks per week). Talking about persistent threats like cyber extortion or ransomware attacks, over 1230 such incidents were reported, while North America led with 57% of incidents, followed by Europe with 24%. [Source: Check Point] 

The severe cyber extortion and attacks in Q3 2024 are a stark reminder of the rapidly advancing cyber threat ecosystem. If businesses want to function correctly, they must prioritize upgrading their cyber defenses and adopt a culture of resilience. In this blog, we will learn in-depth about cyber extortion and how businesses can protect themselves from these attacks.  

Brief History of Cyber Extortion

Before discussing cyber extortion’s history, let’s understand it. Cyber extortion is a crime in which a threat actor steals sensitive or crucial information about someone and demands money or other requirements in exchange for returning it. Another name is ransomware, in which cyber criminals leverage digital mode to extort data or money from organizations/individuals/government entities. Recently, financial exchanges are happening in the form of cryptocurrency, which has also increased cyber extortion cases over the last couple of years.  

To understand it better, let’s take the example of an ABC company, which uses a confidential password, 123XYZ, to keep its customers’ data safe on-premises or in the cloud. A group of cybercriminals stole that password using hacking tools and techniques. Now, they will contact the ABC company to demand money or other requirements in exchange for the password and data. And that’s how cyber extortion works in the real world.  

Cyber Extortion Timeline

Year	Event	Description
1989	AIDS Trojan (PC Cyborg Virus)	It was the first known ransomware attack in which users were locked out of their systems until they paid $189.
The early 2000s	Rise of Distributed Denial-of-Service (DDoS) Extortion	Cybercriminals began launching DDoS attacks and demanded ransoms to stop the attacks.
2006	GPcode Ransomware	One of the earliest encryption-based ransomwares, encrypting files and demanding payment for keys.
2013	CryptoLocker Ransomware	Transformed ransomware by encrypting files while criminals demanded payment in Bitcoin.
2017	WannaCry Ransomware	Global ransomware attack affecting over 230,000 computers, exploiting a vulnerability in Windows.
2019	Sodinokibi (REvil) Ransomware	A highly advanced ransomware attack that targeted businesses and critical infrastructure.
2020	Maze Ransomware	Combined ransomware with data theft, threatening to leak sensitive data if ransom wasn’t paid.
2021	Colonial Pipeline Attack	A ransomware attack on a US oil pipeline operator led to fuel shortages until the ransom was paid.
2023	Ransomware as a Service (Raas)	The emergence of ransomware criminal groups offering services to less skilled attackers for a share of ransom.

How does Cyber Extortion Work?

There’s a pattern in which cyber extortion operates, which varies based on tools, techniques, procedures, and tactics used by criminals. To understand how it works, let’s take a look at the steps involved: 

Step-1: The Infiltration:

In the initial step, hackers compromise the victim’s system, data, or network using various infiltration methods. Their approach might involve phishing techniques to trick victims into disclosing critical data, which they can leverage to ask Ransome later. Another approach will be to exploit loopholes in an enterprise’s hardware, software, or vulnerabilities in human factors to gain unauthorized access to sensitive information. 

Step-2 Malware Installation:

Once the hackers are inside the system, they install ransomware to encrypt the victim’s data. They can also spread the malware throughout the network to infect multiple devices and systems, maximizing the negative impact. 

Step-3 Complete Lockdown and the Start of Extortion:

After gaining complete control over the victim’s system or data, the cybercriminals will take the next step, i.e., send a ransom request. When the victim realizes their data has been stolen or encrypted, they will receive a ransom note demanding money or other requirements in exchange for the decryption key.  

Step-4 Transaction Process:

Although not advised by the law, if the victim chooses to pay, the cybercriminal will provide a method to recover or restore the data/system. However, there’s no surety that the attacker will follow their end of the deal. So, the best option is to consult the authorities that deal with cybercrime. 

Step-5 The Repeat Loop:

In some cases, even though the attackers receive ransom, they will still be present in the victim’s system to repeat the attack in the future. A thorough incident response plan and system clean-up are necessary after an attack. 

Types of Cyber Extortion

Multiple forms of cyber extortion exist, each involving unique methods and implications. Businesses must completely understand common cyber extortion types to have effective countermeasures. 

Doxing Extortion:

In the case of doxing extortion, the attackers obtain critical/confidential/personal details about the party they plan to extort. Then, they threaten to publish or disclose the details publicly if the ransom is not paid. Therefore, doxing extortion leverages reputational damage cards to force victims into fulfilling the attacker’s demands. 

Software Extortion:

It involves exploiting vulnerabilities in a company’s software systems and threatening to publicly expose their software loopholes if the victim does not pay the ransom. The attackers extort the victim by addressing the harm they will suffer when users exploit their software vulnerabilities. 

Data Breach Extortion:

The attackers gain unauthorized access to sensitive data on a larger scale, often involving large organizations or entities. They threaten the victim party to sell or release the stolen data (for example, business information, passwords, clients’ data, or other critical data) if their ransom demands are unmet. 

Email Extortion:

The cybercriminal sends an email-based extortion message threatening the victim that they will release private details to family and friends or over social media if they don’t pay the ransom. Although there is a chance that the attacker is bluffing, they might have obtained sensitive emails/text messages, videos, or pictures in some situations. 

Real-world Examples of Cyber Extortion Attack

In 2017, the “Orange Is the New Black” TV show was hit by a cyberattack. The extortionist group demanded $50,000 in exchange if the show director and producer did not want them to pre-release some of the episodes before their scheduled release date. As a result, the show’s producer had to pay the amount, but the criminals still leaked the episodes.  

In another incident in 2023, the University of Manchester in Manchester, England, was hit by a ransomware attack. The details of more than 1 million patients were compromised as they were part of a medical research project. 

In 2019, Baltimore experienced a heavy ransomware attack named RobbinHood, disrupting the city’s government computer systems and servers. The criminals demanded 13 bitcoins (approximately $78,280) to restore access. They threatened that if the demands were not met within 4 days, the ransom would increase, and the data would get deleted after 10 days. Ultimately, Baltimore officials spent approximately $18 million to restore the systems. 

Best Practices to Protect Yourself from Cyber Extortion

To protect your business against cyber extortion and avoid paying hefty ransom amounts, you should follow some practices to avoid damages caused by ransomware attacks. The first practice is always to have a backup of your files and data so that when a ransomware attack hits, you can access your crucial assets to keep your business running smoothly. Businesses should properly understand their operations and know better about their critical assets that need protection. Secondly, anti-malware and firewall protection measures should always shield the software and systems from hackers’ mechanisms to execute ransomware attacks. 

Perform a background check on each employee to determine whether they have cases regarding digital fraud. If yes, then it’s a red flag. Train your employees about DDoS attacks, phishing, spear phishing, and whale phishing attacks and how to avoid them. Include periodic drills, tabletop exercises, and training sessions in the breach management plan to ensure the employees are well aware and prepared. Always use up-to-date software tools with the latest security patches. Implement an authentication system to manage employees’ access to IT infrastructure services. Also, a cyber extortion insurance policy should be ensured to protect the business from financial fallout after a cyber-attack. Lastly, partner with a professional and experienced cybersecurity solution provider like TestingXperts (Tx) to assess whether your security measures are updated and resilient against attacks.  

How Tx Can Help Mitigate Cyber Extortion Risks?

The Level of safety of your IT infrastructure depends on various factors, such as your business nature, the type of data you handle, and the quality of your current cybersecurity measures. Partnering with Tx will help you tackle security risks that might lead to cyber extortion. Here’s how Tx can help: 

• Proactive Vulnerability Assessment: Our experts will identify security vulnerabilities in your software systems that cybercriminals can exploit. We conduct regular vulnerability assessments to prevent potential attack vectors, which is vital in the current digital business environment.  

• Penetration or Pen Testing: We launch a simulated attack to uncover weaknesses in IT security defenses. Pen testing helps identify vulnerabilities that attackers can leverage for extortion later.  

• Conduct Security Testing and Compliance Audits: Our team can assist you in conducting compliance audits to evaluate your organization’s security posture and ensure you adhere to industry standards and regulations like GDPR, WCAG, etc. We conduct rigorous security testing to help you identify gaps in security controls that might increase extortion risks. This would help you avoid fines and penalties that could exacerbate the impact of a cyber extortion attack.  

• Incident Response Testing: Businesses should have a well-defined incident response or disaster recovery plan. We conduct incident response testing to assess your organization’s preparedness for handling cyber extortion attacks. 

Summary

Cyber extortion severely threatens organizations in the modern digital age. It targets critical data and leverages advanced techniques like ransomware and doxing to demand ransom. Cybercriminals exploit system weaknesses and human errors, often encrypting data or threatening to release sensitive information. To mitigate these risks, businesses must adopt comprehensive cybersecurity strategies, including vulnerability assessments, compliance audits, and incident response testing.  

Partnering with a professional cybersecurity provider like TestingXperts (Tx) enables organizations to fortify their defenses through penetration testing and proactive security monitoring, ensuring robust protection against potential extortion threats. Contact our experts to learn how Tx can help. 

The post Cyber Extortion: Protecting Your Business from Digital Blackmail  first appeared on TestingXperts.

]]> https://www.testingxperts.com/blog/cyber-extortion-protecting-your-business/feed/ 0 https://www.testingxperts.com/blog/top-cyber-security-metrics/?utm_source=rss&utm_medium=rss&utm_campaign=blog-top-cyber-security-metrics Thu, 06 Jun 2024 13:18:00 +0000 http://18.219.80.225/blog-top-cyber-security-metrics/ This blog outlines essential cyber security metrics businesses should monitor in 2024 to enhance their security strategies. It discusses the importance of these metrics in threat detection, resource allocation, and maintaining regulatory compliance. Additionally, the piece highlights the benefits of partnering with Tx for specialized cyber security testing, aligning with industry standards, and minimizing vulnerabilities.

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1. An Overview of Cyber Security Metrics
2. Importance of Cyber Security Metrics
3. Top 10 Security Metrics Businesses Should Keep an Eye On
4. Why Partner with Tx for Cyber Security Testing?
5. Summary

In today’s digital business environment, when it comes to preventing security breaches, identifying cyber-attacks, and protecting data, there must be a checklist to keep track of cybersecurity efforts. And what would be the best way to do so? The answer is Key Performance Indicators (KPIs). They offer an effective way to measure the success rate of security strategies and aid in decision-making. But why should businesses focus on security metrics? They convert complex security data into actionable insights.

Without security metrics, businesses will be practically blind to emerging threats and vulnerabilities. According to the Cybersecurity Ventures report, cybercrime will cost around $10.5 trillion annually by 2025, highlighting the urgent need for continuous monitoring and adaptation. Edwards Deming states, “Without data, you’re just another person with an opinion.” This is why KPIs, and security metrics are crucial in justifying the value of cybersecurity efforts.

An Overview of Cyber Security Metrics

Cyber security metrics are critical for evaluating the effectiveness of cyber defenses. The KPIs and metrics provide insights into threat patterns, system vulnerabilities, incident responses, and tracking mechanisms, in which AI-driven analytics is also crucial. Organizations can draft better security strategies and allocate resources more efficiently by monitoring security metrics. These metrics keep stakeholders informed about the proficiency of their cyber security protocols, assuring better ROI and the robustness of security measures. As digital dependency increases, these metrics are necessary for strategic decision-making to standardize business resilience against evolving cyber threats. Cyber security metrics reflect the organization’s adaptability and readiness in the digital threat environment, highlighting the necessity of tracking and improving cyber security strategies.

Importance of Cyber Security Metrics

Things that are not measurable can’t be managed. As cyber threats constantly evolve due to new tech innovations, they become harder to detect. This is why businesses need to have proper measures in place to analyze the effectiveness of their cyber security programs. The metrics allow companies to access vulnerabilities, track performance improvement, and justify security investments. Let’s take a look at some of the factors highlighting the importance of cyber security metrics:

Threat Detection:

Businesses can detect possible security threats before escalating into serious breaches. They can identify and mitigate risks by monitoring trends and data patterns.

Resource Allocation:

Effectively using these metrics would allow organizations to allocate security resources more efficiently. It will ensure critical business areas receive the necessary support, thus optimizing security spending.

Regulatory Compliance:

Adhering to regulatory standards is a crucial practice. Security metrics provide businesses with a clear compliance framework, showing security auditors that the business takes regulatory compliance seriously.

Continuous Improvement:

Businesses can improve security measures by regularly reviewing and analyzing these metrics. This ongoing process enables companies to be ready against emerging threats and adapt to the dynamic cyber landscape.

Stakeholder Confidence:

Maintaining cyber security metrics reports can boost the confidence of stakeholders, including customers, business partners, and investors. Showing commitment to security practices will reassure stakeholders regarding sensitive data protection.

Top 10 Security Metrics Businesses Should Keep an Eye On

Knowing which metrics to monitor is crucial for analyzing cybersecurity effectiveness and maintaining security against potential attacks. These metrics are like the eyes and ears of the security team, providing necessary data to prevent breaches and improve system integrity. Below are the top 10 cyber security metrics and KPIs businesses should track and present to the stakeholders, demonstrating their vendor risk management efforts:

Readiness Level:

The readiness or preparedness metric assesses the risk management program’s security posture and overall value. It allows businesses to evaluate the readiness of their cyber security protocols to handle and mitigate threats. The effectiveness of cyber security measures can be measured following the below set of metrics:

• Amount of security incidents identified and prevented within a given period (week, month, quarter, or year).

• Percentage of security incidents prevented by security measures, such as threat intelligence, endpoint protection, and breach detection systems.

• Number of false positives and negatives generated by monitoring tools, and the reduction in these numbers due to continuous improvement in the monitoring process.

• Level of security awareness among employees due to cybersecurity awareness programs.

• Backup frequency, completeness level, and accuracy analysis

• Simulated phishing attack frequency to evaluate phishing attack susceptibility.

• Number of devices on the corporate network running outdated OS or software.

MITRE ATT&CK Coverage:

By following MITRE ATT&CK, businesses can assess their threat detection capabilities and identify areas for improvement. This metric covers several attack techniques that allow businesses to prioritize security measures according to real-world scenarios. They can strengthen threat detection capabilities against evolving cyber-attacks. When assessing MITRE ATT&CK coverage, organizations must consider the following questions:

• Did they map existing detection processes according to MITRE ATT&CK techniques?

• Are they utilizing the MITRE ATT&CK framework to structure their detection protocols?

Total Count of Unidentified Devices on Internal Network: 

Companies can gain valuable insights regarding the risk level of critical assets by identifying vulnerabilities in the internal and external accessible systems. By doing so, they can prioritize gap fixing. Businesses can use manual scans, automated assessments, and other security evaluation tools. This is also one of the key cyber security metrics because the generated results help update security policies, prioritize patch management, and fulfill compliance requirements. In this metric, businesses should take care of the following points:

• Regular updates for device inventory

• Event and logs of respective network devices

• Tools and protocols for network segmentation

• Device authentication measures

Breach Attempts:

Monitoring and categorizing breach attempts is necessary to understand the frequency and impact of cyber breaches that a business faces. One must keep track of all breach attempts to evaluate the effectiveness of cyber security protocols. While doing so, businesses should focus on the following points:

• Document the number of breach attempts made by cybercriminals. This will provide insights into attackers’ focus targets.

• Access how frequently the unauthorized attempts have been made. Is there a pattern between them, or are they sporadic? This will help identify and make proper arrangements for future attacks.

• Identify the sources of the breaching attempts and use that data to reinforce cyber security measures against the attack vectors targeting IT infrastructure.

Mean Time to Detect (MTTD):

This metric calculates the average duration the cyber security team takes to detect a security incident. It allows businesses to assess the responsiveness of security operations. MTTD allows security teams to measure the efficiency and swiftness of the cyber security and threat identification systems. Shorter MTTD means quick detection and faster response to mitigate risks. Businesses can also identify areas requiring improvement in threat detection methodologies. This enhances the security monitoring tool’s capabilities and alert system’s effectiveness.

Mean Time to Resolve (MTTR): This metric helps in answering the following queries:

• The mean response time after identifying a cyber attack.

• Average MTTR for security teams.

• Coordination and management of security incident response, and the resources involved during the process.

• Continuous evaluation and improvement of the incident response process and the metrics used for tracking.

• The average time taken to identify the root cause of security incidents and the measures utilized to ensure a thorough investigation.

• System and data restoration process following a security incident and the roadmap to validate the process effectiveness.

Patch Management Efficiency:

This metric allows companies to measure how quickly they address identified vulnerabilities by measuring the efficiency of their patch management systems. A high patching rate demonstrates a proactive approach to resolving vulnerabilities, reducing attack areas, and minimizing exposure to security incidents. This metric can be easily calculated by dividing the number of patched vulnerabilities by the number of identified vulnerabilities in a given timeframe (usually every month). Measuring the ‘day to patch’ metric would help in answering the following questions:

• How long does the relevant team take to implement security patches?

• How is to implement security patches? metric defined and measured within the organization?

Access Management:

This cyber security metric relates to a business’s controls, processes, and practices to manage user access controls to networks and systems. With this metric, businesses get to know:

• Number of users having admin access.

• The way they manage user access within the networks and systems.

User authentication success rate is the part of access management that evaluates the effectiveness of authentication mechanisms, such as MFA, passwords, biometrics, etc. A high authentication rate demonstrates robust access control, which reduces the chances of unauthorized access.

Non-Human Traffic:

This metric prevents businesses from tracking bot traffic and helps them understand their operations and efforts’ success rate. NHT consists of a portion of network or web traffic originating from automated sources instead of real users. This metric allows businesses to quantify the following questions:

• Have they been experiencing normal traffic on the website, or is there a potential bot attack?

• What is the web traffic percentage that’s categorized as non-human?

Phishing Attack Rate:

Phishing attacks remain the common and frequent vector in the current digital business environment. Monitoring phishing attack rates will allow businesses to evaluate the effectiveness of their training and preventive measures. This metric allows businesses to measure the following:

• Percentage of phishing emails opened by end-users.

• Variations in phishing attacks that were successful.

• Percentage of users who clicked on Phishing links.

• Percentage of users who submitted information on the Phishing Simulation Page.

• The percentage of users mandated to take phishing awareness training and the percentage of users who successfully completed it.

A high click rate on phishing emails will represent the need for proper user training and awareness programs. Businesses must conduct regular training and simulated phishing activities to inform employees, reduce click rates, and strengthen cyber security defenses.

Why Partner with Tx for Cyber Security Testing?

Choosing the right cyber security testing partner is necessary for protecting digital assets. Tx specializes in evaluating a wide range of applications for security threats by analyzing the necessary metrics and the results they provide. Our security auditing and testing approach aligns well with industry standards such as NIST, OWASP, PCI-DSS, HIPAA, WAHH, SOX, etc. Partnering with Tx will give you the following benefits:

• Our team of Highly Certified Security Professionals brings years of expertise to our security testing efforts.

• Our security testing follows international standards to ensure every cybersecurity metric is by respective guidelines and protocols.

• We provide vendor-independent security testing services and possess deep expertise in key cyber security methodologies.

• Our auditing and testing approach ensures zero false positives and provides snapshots of exploitation to validate the severity of vulnerabilities.

• We perform vulnerability and pen testing to safeguard your apps, infrastructure, and systems from cyber threats.

• Our cyber security center of excellence team conducts in-depth pen testing to identify and rectify security gaps before they can be exploited by malicious actors.

Summary

In the dynamic landscape of digital security, the role of cyber security metrics must be addressed. These metrics provide businesses with crucial insights to manage threats, optimize resource allocation, and adhere to regulatory standards. By continuously monitoring and analyzing these KPIs, organizations can effectively detect and mitigate risks and enhance their overall security posture. Partnering with Tx ensures that your cybersecurity measures are comprehensive, up-to-date, and aligned with the best industry practices. With our expertise, your business is better equipped to face the challenges of tomorrow’s cyber threats.

The post Top Cyber Security Metrics Business Should Track in 2025 first appeared on TestingXperts.

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