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Report: New & Old Cyber Attack Techniques Being Used

Report New & Old Cyber Attack Techniques Being UsedCombat Cyber Attacks with Smart Security Measures

Verizon recently released its “2015 Data Breach Investigations Report,” which revealed that although cyber attacks are becoming increasingly sophisticated, many criminals still rely on old techniques such as phishing and hacking. In fact, according to the report, the “majority of cyber attacks (70%) use a combination of these techniques, adding complexity to a breach.” Phishing involves fraudsters using tricks to get users to give out personal or financial information via email, text or pop-up messages.

“There’s an overarching pattern,” said Verizon scientist Bob Rudis. “Attackers use phishing to install malware and steal credentials from employees, then they use those credentials to roam through networks and access programs and files,” said Rudis.

The Verizon report also highlighted another troubling area involving the existence of vulnerabilities that go as far back as 2007. Security patches that have been available to companies were simply never implemented, leaving them exposed to vulnerabilities.

“We continue to see sizable gaps in how organizations defend themselves,” said Mike Denning, vice president of global security for Verizon Enterprise Solutions. “While there is no guarantee against being breached, organizations can greatly manage their risk by becoming more vigilant in covering their bases. This continues to be a main theme, based on more than 10 years of data from our ‘Data Breach Investigations Report’ series.”

The Verizon report also stresses the importance for organizations to act immediately in trying to detect breaches. In fact, the longer it takes for an organization to discover a breach, Verizon says, the more time attackers have to penetrate its defenses and cause damage. “In more than one quarter of all breaches, it takes the victim organization weeks, or even months, to contain the breaches,” according to Verizon.

Businesses can find detailed information and recommendations in the Verizon report to assist with combating cyber crime based on these key themes: the need for increased vigilance; making people your first line of defense; retaining data on a need-to-know basis; patching promptly to secure vulnerabilities; encrypting sensitive data; using two-factor authentication; and implementing physical security.

Cyber Liability Insurance Steps In to Protect Assets, Reputation

Remember, even with a comprehensive cyber security plan breaches occur, which is why it’s imperative to protect your assets with a Cyber Liability/Privacy & Network Security insurance program. Cyber insurance can be designed to provide data breach/privacy crisis management coverage, including expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines. It can also include Multimedia/Media Liability coverage, including specific defacement of website and intellectual property rights infringement; Extortion Liability coverage, which typically includes losses due to a threat of extortion, professional fees related to dealing with the extortion; and Network Security Liability, which includes third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.

Axis Insurance Services specializes in Cyber Liability insurance and is available to discuss your specific risks and how we can best protect your firm. Give us a call at 877.787.5258.

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Blogged on: April 22, 2015 by Mike Smith
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