WEBINAR EXECUTIVE SUMMARY
What to Know, What to Do
What to Know, What to Do
- Although security technology is evolving, so are cyber threats.
- Better SOC technology is essential, since cybercrime is constantly evolving.
- Most cybercrime is financially motivated.
- A cyber cold war is underway worldwide.
- The Internet of Things is raising the threat of cyber attacks.
- Given these realities, information security teams are constantly on a state of alert.
The cyber threat landscape is constantly evolving.
Cyberattacks are a reality for organizations of all sizes and in all industries. Many attack vectors capitalize on human error and fallibility. Clicking on a malicious web page, opening a compromised email attachment, or responding to a seemingly legitimate email message can be the first step to financial loss or a data breach. Rather than focusing on firewalls and other aspects of the IT infrastructure, companies must shift their IT security focus to people. People-centric security solutions like Proofpoint are the key to preventing email fraud and other cyberattacks.
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Although security technology is evolving, so are cyber threats.
Security operations center (SOC) technology has evolved. Initially, it was people driven and technology enabled. SOC technology helped people identify policy violations and threats and then prompted them to take appropriate action. Next-generation SOC technology is technology driven and people enhanced. It relies on automation and incorporates tools like machine learning to flag unusual behaviors. People are still critical to the process, however. They have insight into the business context and possess cyber defense expertise. This new approach to SOC prevents “console blindness,” because people are empowered to make key decisions and provide a check on the technology.
Given these realities, information security teams are constantly on a state of alert.
Most cybercrime is financially motivated.
Experts have identified three strategies for deterring these attacks: imposition of financial sanctions, public and private partnerships to disrupt cybercrime tools, and disruption of payment networks run by criminals on the dark web.
A cyber cold war is underway worldwide.
As many as 32 nation-states are believed to have the capability to launch a cyberattack. Russia, China, Iran, and North Korea are considered to be the worst offenders.
The IoT is raising the threat of cyber attacks.
The potential for cyberattacks is growing as more devices are connected to the Internet.
Cybercriminals conduct attacks in different ways. Email is their top choice.
Organizations face a wide variety of cyber threats. Email, however, is the primary vector for launching malware and phishing attacks. Most companies (90%) have seen the volume of phishing attacks either increase or stay the same this year.
Email is also a vector for internal threats, such as careless employees, compromised email accounts, or bad-acting insiders. The rise of cloud-based email like Office 365 has helped cybercriminals. That is because once organizations move email to the cloud, many forget about security. Last year, over 60% of organizations were hit by an attack where malware was spread from user to user via email. About half had infected attachments. Malicious URLs were the cause of over a quarter of the attacks.
In addition to email, other common types of cyber attacks include:
“Over half of all organizations are going to suffer email cyberattacks that negatively impact their business either financially or reputationally.”
Michael Krieger, CEO, MRK Technology Marketing
Cybercrimes and data breaches result in costly downtime and reputational damage.
In 2016, cybercrimes surpassed disasters as the leading cause of data center outages. Experts estimate the average cost of a data breach is $3.86 million.
Data breaches also result in reputational damage and the loss of customers. Typically, organizations with senior leaders like chief privacy officers or chief information security officers experience lower levels of customer churn. These executives direct initiatives that improve customer trust and protection of personal information. Companies that offer identity protection to customers after a data breach also experience lower levels of customer loss.
Industry sectors with low-hanging fruit for cybercriminals:
Cybercriminals frequently try to extract money from user accounts.
Risks to the energy infrastructure have the potential to cross from the cyber realm to the physical world. Large nuclear, coal, or oil plants could be a target.
Both biotech and healthcare organizations are at risk.
Small and medium-sized businesses are attractive targets since they typically don’t have resources to devote to cybersecurity.
Governments at all levels are seeing a magnified risk of cyber intrusion and data breaches. These can result in the compromise of residents’ personally identifiable information, as well as their protected health information.
Students are often not cognizant that their online behaviors generate security risks.
People are the biggest challenge in preventing cyber threats.
Ways cybercriminals capitalize on human error and fallibility:
“Attackers use email because it works. If IT security teams aren’t focusing on email to the same extent as attackers, they are leaving their organizations open to attacks.”
– Ryan Terry, Manager, Product Marketing, Proofpoint
Cyberattacks now target people, not infrastructure.
The threat landscape has fundamentally changed. Attackers are increasingly targeting people rather than the IT infrastructure. Over 99% of threats rely on users to run malicious code and two-thirds of malicious links are credential phishing.
The shift to the cloud has intensified these trends, creating new threat vectors and data exposure. According to Gartner, email is the most important Office 365 service. Hybrid integration is important, but also a large source of technical problems.
Email fraud has become a board-level issue. According to the FBI Internet Crime Report from summer 2018, there were 78,617 email fraud incidents worldwide between October 2013 and May 2018, which accounted for over $12.5 billion in direct losses. Over 80% of company board members cite email fraud as a top concern for their organizations.
Yet, traditional approaches to information security don’t focus on people.
A disconnect exists between the IT security industry and attacker behavior. Gartner’s 2017 IT Security Industry forecast predicted that only 8% of security vendors would address email security. However, 93% of all breaches are attacks that target people and 96% of those are via email.
Over 99% of threats rely on users to run malicious code.
“Very attacked people,” or VAPs, have three characteristics:
Very Attacked People – VAPs
The traditional approach to information security is to invest in firewalls that keep cybercriminals out. Cyber attackers, however, are taking a different, simpler path. They are adept at using LinkedIn and Google to gather personal and professional data. It’s easy to take publicly available information and launch an email-based attack that bypasses traditional corporate controls and goes straight to people of interest. This approach increases the likelihood that attackers will successfully obtain money or valuable information.
With email fraud, messages are highly targeted to specific people based on job function or authority level. However, they usually don’t include a malicious payload. As a result, there is no malicious attachment to detect, analyze, or quarantine.
Proofpoint offers people-centric security solutions.
Proofpoint helps organizations gain visibility into their greatest risk—their people—and protects the valuable information those people have access to.
Key benefits of Proofpoint’s people-centric security solutions are:
- Identify the targets of cyber threats. Proofpoint’s VAP View identifies accounts that may be compromised, as well as employees who may need cybersecurity training. In the example below, for instance, the operations manager was the only person to receive a RAT, while the maintenance & reliability manager and the legal counsel were targeted by information stealers.
- Prevent cyber attacks. Proofpoint helps organizations stop email fraud, detect compromised accounts, and train employees through simulated attacks.
- Defend against data and financial losses. Proofpoint stops email and cloud threats, protects data access, and isolates employee web browsing.
- Respond to cyberattacks. Proofpoint enables IT teams to orchestrate an intelligent response, limit the data loss, and train targeted users.