The major challenge is that proliferation of internal IT fraudulent activities typically go unnoticed and undetected for a longer period. It costs a bomb to organizations beleaguering their financial conditions and puts a big question mark on their reputation. 

A single IT fraud can be catastrophic if adequate measures are not taken on time.

Types of Internal IT frauds – Reasons

Large organizations and SMBs face various kinds of fraudulent activities internally that leave long-lasting consequences. One of the main reasons for internal fraud is that organizations often fail to keep a check on end user activities. Not only do security staff fail to identify the fraudulent activities but they are also incapable of learning the patterns behind the data abuse or misuse.  

From IT security perspective, the major fradulences are as below:

• Manipulation of data: Internal users end up manipulating data if he/ she wishes to conceal his/ her mistake or malicious activity while performing any task, and to avoid any kind of punitive actions. 

• Malicious Intention: Malicious insiders and sometimes compromised third parties that have access to the systems, exploit the IT security vulnerabilities especially in the access control management and steal data, mainly for financial gains. Even other white-collar crimes like skimming of virtual money happens due to poor access control management and inadequate monitoring.

• Cyber Espionage: In this act, organized cyber criminal groups or malicious third party users collide with some ‘compromised’ insider to extract confidential information for social engineering and zero day attacks. This occurs frequently in government organizations to acquire intellectual property, highly sensitive information and strategic blueprints. 

• Data Theft: Typically, the culprits behind data theft incidents are organized cyber criminal groups or malicious third party users. However, it has been observed in the last few years that internal users are also responsible for data theft incidents. Lackadaisical attitude towards following IT security policies, including poor access control and sometimes, inadequate knowledge of robust IT solutions that can protect data, results in data theft.

How to Prevent – The Remedies

During the pandemic, many organizations globally have shifted their IT security gear towards predictive measures. With this, organizations can stay proactive in identifying the risky user behavioural profiles and take timely action to prevent data breaches. The advent of advanced and sophisticated technologies like Big data and cloud computing have resulted in multiple and frequent changes in the IT threat patterns.

Benefits of Predictive Security Measures

Predictive user behavioural analytics is the use of end-user data with the help of artificial intelligence and machine-learning techniques to identify and detect the possible risks in future outcomes based on historical data. Predictive security measures enable the IT security teams to answer the below critical questions. 

• Is there any anomaly in end users’ activities?
• What is happening with anomalous activities?
• What’s the data patterns and the context behind suspicious events?

In order to vouch for the credibility of the business and the organization, these questions need to be answered. If organizations have a typical distributed IT environment, where the number of end users are large in numbers, the risk multiplies automatically. However, adequate predictive IT security measures in the policies can build a different picture altogether.  

Due to the recent pandemic and other factors, the number of devices is exploding significantly across the globe as organizations look to build a digital infrastructure. Amid increasing pace of digitalization, however, the number of digital identities is going to skyrocket in no time. While the world has 7 billion people, the number of devices has gone up to 15 billion and is expected to reach 50 billion in the next ten years. Hence, protecting these identities from malicious elements through predictive analytics is highly important. 

Conclusion

Is it ever possible to completely eradicate Internal IT frauds? Until we do not have proper user behavioural assessment mechanisms in place round the clock, we are surely at the risk of losing confidentiality of critical data assets. It eventually impacts on the regular business processes and on larger consequences, affects brand reputation and credibility.

Security teams and enterprise-level CISOs are hungry for new techniques and technologies to help them navigate this complex landscape. Security leaders across the globe are keeping a close eye on this year’s record-breaking attacks and attempting to predict the next one.

Defining Ransomware – Causes & Threats:

According to a definition provided by the US government’s CISA, ransomware can be defined as an “ever-evolving form of malware” designed for file encryption on a device, ultimately making it unusable. Ransomware attackers threaten to sell confidential data or leak exfiltrated data if their demands are not met. In short, hackers penetrate through weak security spots to steal sensitive data. They only hand over the data once their financial demands have been satisfied.

Many hackers take advantage of the turmoil and disorder during times of crisis, looking for potential monetary gain. According to the Harvard Business Review, companies’ payments to hackers increased by 300 percent in 2020. The dramatic spike in remote work and inadequate security protections at home provided the ideal opportunity for hacker groups to breach sensitive data.

With the emergence of the COVID-19 crisis in 2020, there has been an increase in focus on cyberattacks, especially in healthcare environments. As per a Comparitech study, ransomware attacks had a considerable financial impact on the healthcare industry, with over $20 billion lost in revenue, lawsuits, and ransom paid in 2020 alone. Over the year, 92 ransomware attacks impacted over 600 hospitals, clinics, and other healthcare organizations.

It is evident from the number of instances that hackers have taken full advantage of the pandemic crisis. In 2021 alone, there have been many high-profile cyber attacks worldwide, causing huge monetary losses. Here are some of the biggest ransomware attacks making headlines in the year.

What were the Scariest Cyberattacks of 2021?

Colonial pipelines

So far, the Colonial Pipeline attack is the most infamous of 2021. DarkSide, a Russian hacking group, admitted responsibility for the incident which targeted SCADA systems that link operational systems to conventional IT networks that are internet-connected.

The Colonial Pipeline attack had such a large impact because the pipeline is a critical component of the national key infrastructure system. The shutdown of the system disrupted fuel supplies all along the United States East Coast, causing chaos and panic.

Brenntag

Brenntag is a chemical distribution company based in Germany that operates in 77 countries. DarkSide aimed at the North American division earlier this year, intercepting data and devices on the vulnerable network and embezzling 150 GB of data. DarkSide demanded $7.5 million in bitcoin as ransom.

Brenntag eventually gave in to the claims and paid $4.4 million. Despite being slightly more than half of the original demand, it remains one of the highest ransomware reimbursements in history.

JBS Foods

In May, a high-profile ransomware attack targeted JBS Foods, one of the world’s largest meat processing companies. REvil, a Russia-based hacking group, is believed to be behind the attack.

It was confirmed on June 10 that JSB paid the $11 million ransom demand after consulting with cybersecurity experts. This massive bitcoin compensation is one of the biggest ransomware payments in history.

CNA

In March, another large insurance company was hit by a ransomware attack. The hacker team Evil Corp is allegedly behind the attack, which employs a new type of malware known as Phoenix CryptoLocker. On March 21, CNA’s network was struck, and the hacker group encrypted 15,000 devices, along with many computers used by employees working remotely.

It is abundantly clear when looking at the year’s attacks is that the cybersecurity solutions available today are insufficient to overcome disruptive ransomware attacks. Many of this year’s victims had endpoint security measures, advanced anti-virus solutions, and other safeguards in place, but they still became victims.

Best Possible Ways to Prevent Cyberattacks:

With criminal organizations deploying attractive hacking platforms, we need to identify loopholes and bring effective solutions to prevent them. The only solution is for the organizations to stay ahead of the vulnerabilities and determine a bold yet proactive solution.

Solutions like Privileged Access Management or User Behavior Analytics can give you a head start. A PAM solution’s proactive approach will help your technology function properly. It also ensures security, vivacity, and flexibility, saving you time and money.

Even when best security practices are followed, ransomware attackers frequently exploit weaknesses in complex systems where access vulnerabilities are exposed as the scale of the system.

A solid PAM solution automatically discovers and imports privileged accounts as the organization changes and grows by utilizing various connectors. Similarly, UBA can also detect and prevent ransomware threats.

Things to Look Forward in 2022:

So, what can we expect in 2022? Global organizations have adopted more stringent governance standards and advanced security solutions to combat increasingly complex cyber threats. As a prominent leader in next-generation IT security solutions, ARCON analyzes the 2022 forecast that will define the development of cybersecurity.

• Surge in Hybrid Work Environments

WFA has become the norm in recent months. Organizations are facing the need to adopt a two-pronged IT security policy, with stringent requirements in both remote and on-premises work environments. Organizations must work on access control policies at the infrastructure level, where there must be rule- and role-based access to critical systems and applications.

• Added Investment in IT Security

Cybercriminals see the healthcare industry as a gold mine for manipulating and misusing personally identifiable information. The more that people seek medical attention, the more data about patients is generated and stored in applications and databases. Higher risks are expected in 2022, and every healthcare organization must conduct regular vulnerability assessments to mitigate cyber risks.

• Enhanced Cloud Security

Cloud computing provides a plethora of services that accelerate IT innovation and the development of services and applications. Nonetheless, cloud environments always pose greater security risks due to lax access controls to cloud resources. Hence, security professionals must look for scalable solutions that have comprehensive capabilities.

• Adoption of AI in Cybersecurity

With the adoption of e-commerce rising, machine learning to combat fraud must become more prevalent. This will help online retailers keep up with fraudster tactics, detect patterns that manual checks may miss, and analyze historical data and compare it to current transactions.

In Conclusion

In the post-pandemic era, every sector has witnessed dramatic changes in the IT security environment. As we approach 2022, the number of cyberattack instances and projections indicate that appropriate security measures are necessary for every MNC and SME.

Amidst changing times, organizations will need to reorient their overall cybersecurity strategy. With ARCON, detect invisible threats and ensure security always. We wish you a happy 2022!

Building an efficient cybersecurity network overnight is an impossible task for any organization. While your IT security team works out a permanent solution suited to the changing scenario, you can always practice cyber hygiene to keep your network infrastructure safe.

Here are some tips and tricks you can use to keep your systems squeaky clean.

1. Use the Correct Tools and Equipment

To begin with, you need proper tools to maintain your cyber hygiene. We suggest you use the most up to date antivirus software on your system. This is a fundamental step in protecting personal data stored on your device.

You can use a network firewall to prevent common network breaches efficiently. Coupling it with an Endpoint Management System like ARCON|EPM will ensure the safety of your endpoint devices. ARCON|EPM also blacklists malicious applications from your network automatically.

2. Document Your Equipment

After setting up your firewall, you will need to begin documenting your software and hardware immediately. Documentation will make it easier for you to keep track of your equipment and its functionalities. Don’t forget to edit the list when you install a new software and/or perform updates.

3. Safeguard Your Login Access

In a large organization with many cogs in the machine, it is vital to track whenever someone uses a privileged account to access the system. This can help you retrace their steps if a security breach occurs. A logging tool will help you create a detailed log in this respect, but those can be complicated and time-consuming to do by hand.

A Privileged Access Management tool like ARCON|PAM monitors, manages, and controls all your Privileged Accounts for you. It randomizes and changes your passwords frequently to minimize threats relating to shared credentials. Finally, it offers a centralized policy framework for your corporation and provide a well-organized working environment.

4. Perform Regular Backups

Most organizations tend to keep their crucial data in a cloud environment, which is highly susceptible to attack. Protecting your network and data against a well-maneuvered cyberattack is difficult to begin with, but what do you do when one has already occurred? Keeping a backup of everything in an offline storage device, such an external hard drive or a physical server, will help you there.

5. Use Multi-Factor Authentication

The core principle of maintaining cyber hygiene is using a strong password and changing it regularly. However, your password-protected system can still be breached by a proficient hacker using high-end technology. In such a situation, a two-factor authentication system provides an extra layer of protection.

To access a system protected by two-factor authentication, a user has to provide additional credentials alongside the password to enter the system. In most cases, the security code is sent on your email or mobile through SMS. You may also add a third layer of security to your network by implementing facial recognition or fingerprint scanning.

6. Educate Your Employees

According to a recent report, almost 75% of phishing-related attacks are caused by human error. Employees of the organization often open malicious mails by mistake and pave the path for hackers to access the organization’s system. Hence, increasing employee awareness about possible cybersecurity threats is extremely important. You may conduct a training session to offer insights on phishing emails and how to avoid them, as well as provide additional information on how to use multi-factor authentication or offline storage to secure the organization’s data.

Apart from the above, here are some other tips for to maintain cyber hygiene:

• Maintain a meticulous baseline for evaluating cyber threats to your business.
• Establish a comprehensive incident response plan.
• Use a dedicated inventory to safekeep your organization’s software and hardware systems.
• Implement a password management infrastructure.
• Identify vulnerable parts or applications during regular audit reports and get rid of them.
• Update your software programs whenever you can.

In today’s world, cyber hygiene is as necessary as brushing your teeth. Be sure to follow the tips we mentioned above and hire a cybersecurity specialist if you feel the need to do so. After all, it is better to prevent a data breach by implementing solutions beforehand than attempting to salvage a ruined reputation after the breach has already happened.