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What is a Data Breach: Understanding the Basics of Data Security Breaches

In today’s digital age, data breaches have become a prevalent concern for businesses of all sizes. Understanding what a data breach is and how it can impact your organization is crucial for safeguarding sensitive information. In this article, we will examine the fundamentals of data security breaches, including their definition, typical hacker techniques, and potential business repercussions. By gaining a comprehensive understanding of data breaches, you will be better equipped to implement effective security measures and protect your valuable data.

What is a Data Breach?

Any unlawful access, disclosure, or acquisition of sensitive data, including trade secrets, financial records, or personal information, is referred to as a data breach. It happens when a hacker, cyberattacker, or other unauthorized person gets access to a business’s database or network and takes or alters data from there. Regardless of an organization’s size or industry, data breaches can occur.

How Do Data Breaches Occur?

Data breaches can occur through various methods and techniques that cybercriminals employ. Some common techniques include:

1. Phishing:

Hackers send fraudulent emails or messages pretending to be a trusted source, such as a bank or a reputable organization. When the malicious links or attachments in these emails are clicked, the hacker can take control of the recipient’s machine or network.

2. Malware:

Malicious software, such as viruses, worms, or ransomware, can infect a computer or network and enable unauthorized access to data. Hackers often distribute malware through infected websites, email attachments, or software downloads.

3. SQL Injection:

This technique involves manipulating a website’s database by injecting malicious code into the input fields. By exploiting vulnerabilities in the website’s code, hackers can gain unauthorized access to the database and retrieve sensitive data.

4. Insider Threats:

Data breaches can also occur internally when employees or individuals with authorized access to the data deliberately or accidentally disclose or misuse sensitive information. This can be due to negligence, a lack of proper security protocols, or malicious intent.

5. Weak Passwords:

Weak passwords make it easier for hackers to steal unauthorized access to systems and networks. This includes passwords that are easy to guess, use common words or phrases, or lack complexity. Additionally, reusing passwords across multiple accounts increases the risk of a data breach.

6. Unsecured Wi-Fi Networks:

Using unsecured Wi-Fi networks, especially in public places, can expose a company’s data to potential hackers. Hackers can intercept data transmissions and gain unauthorized access to sensitive information.

7. Third-Party Security Breaches:

Many businesses rely on third-party vendors or partners to handle certain aspects of their operations. If these third parties experience a data breach, it can also put the business’s data at risk. It is crucial for businesses to have strong contracts and security measures in place when working with third parties to ensure the protection of their data.

What are the Risks Associated With a Data Breach?

Financial Loss and Data Loss

Data breaches can result in significant financial losses for businesses. The cost of investigating the breach, restoring systems, notifying affected individuals, providing credit monitoring, and potential legal fees can be substantial. Furthermore, losing data, clients, and economic possibilities might result from harming a company’s reputation.

Legal and Regulatory Compliance

Depending on the nature of the data breached, businesses may be subject to legal and regulatory penalties. Many jurisdictions have strict data protection laws in place, and failure to comply with these regulations can result in fines, lawsuits, and even criminal charges. Additionally, businesses may be required to notify affected individuals and regulatory authorities about the breach, which can further impact their reputation and credibility.

Damage to Reputation

A company’s brand can be seriously harmed by data breaches, which weaken client loyalty and confidence. Consumers may lose faith in a company if they believe it is not protecting their personal information with care. Businesses may struggle to reestablish their reputation as a result of negative publicity and media coverage surrounding data breaches, which could have a long-term impact on their growth and profitability.

Intellectual Property Theft and Confidential Information

Data breaches can also expose a company’s intellectual property to theft. This can include trade secrets, patents, proprietary algorithms, and other important knowledge that provides a competitive advantage to a corporation. Intellectual property theft can have serious ramifications for a firm, such as a loss of market edge, diminished innovation, and decreased revenue.

How to Prevent a Data Breach

1. Implement Strong Security Measures:

Businesses should invest in robust security measures, such as firewalls, encryption, and multi-factor authentication. Regularly update and patch software and systems to address any vulnerabilities.

2. Train Employees:

Educate employees about the importance of data security and train them on how to recognize phishing emails, suspicious websites, and social engineering tactics. Encourage the use of strong passwords and provide guidelines on safe online practices.

3. Limit Access:

Grant employees access to sensitive data on a need-to-know basis. Restrict access to only those who require it for their job responsibilities. Regularly review and update access privileges as employees change roles or leave the company.

4. Backup Data:

Regularly backup data to secure locations, both onsite and offsite. This ensures that even if a data breach occurs, the business can still recover their important information.

5. Regularly Monitor and Update Systems:

Implement monitoring systems to detect any suspicious activity or unauthorized access. Regularly update software, firmware, and security patches to protect against known vulnerabilities.

6. Data Ecryption:

Use encryption to protect data both at rest and in transit. Encryption ensures that even if data is stolen, it remains unreadable without the decryption key.

7. Implement a Incident Response Plan:

Have a plan in place for how to respond to a data breach. This includes procedures for containing the breach, notifying affected parties, and recovering and securing data.

8. Conduct Regular Security Audits:

Regularly assess and evaluate your security measures and protocols. Conduct security audits to identify any weaknesses or vulnerabilities in your systems.

9. Know Your Legal Obligations:

Familiarize yourself with any applicable data protection laws and regulations. Understand your legal obligations regarding data privacy and take the necessary steps to comply with them.

What are the Legal Implications of a Data Breach?

The General Data Protection Regulation (GDPR) in the European Union, the California Consumer Privacy Act (CCPA), and industry-specific regulations like the Health Insurance Portability and Accountability Act (HIPAA) all require businesses to take data protection seriously. Failure to comply may result in monetary fines and other legal action.

Data breach victims, including customers or workers, may initiate legal actions against the affected organization. Financial losses, identity theft, and emotional suffering are all examples of damages that can be claimed after a data breach. Legal fees and damages awarded or awarded against the company in these cases can be very high.

Investigations into data breaches are commonplace among regulatory bodies including data protection agencies and state attorneys general. The company’s compliance with data protection laws and regulations is the focus of these probes. The company could face fines, penalties, or other forms of enforcement action if it is found to be in breach.

Loss of client confidence and significant harm to the company’s brand are only two of the many negative outcomes that might result from a data breach. This can lead to fewer sales, higher customer turnover, and trouble bringing in new clients. Restoring a tarnished reputation takes time and money.

Conclusion

In conclusion, data breaches pose a significant threat to businesses in today’s technology-driven world. As attackers continue to evolve their tactics, it is essential for organizations to stay vigilant and proactive in protecting their data. By understanding the basics of data breaches and implementing robust security measures, businesses can fortify their defenses and minimize the risk of falling victim to these malicious attacks. Remember, staying informed and investing in advanced technologies and security protocols are key to keeping your valuable data protected from potential breaches.

Final Thoughts

When it comes to cybersecurity, Buzz Cybersecurity stands out as a trusted authority. Our proficiency in managed IT services, advanced cloud solutions, proactive managed detection and response, and reliable disaster recovery sets us apart. We proudly serve clients ranging from small businesses to large corporations, not only in California but also in the surrounding states. If you’re seeking to bolster your digital integrity and safeguard against potential security incidents, reach out to us here. Our team is dedicated to assisting you every step of the way.

Sources

  1. https://oag.ca.gov/privacy/ccpa
  2. https://en.wikipedia.org/wiki/SQL_injection
  3. https://www.itgovernanceusa.com/data-breach-notification-laws

M&A Due Diligence: Safeguarding Business Transitions

M&A deals have become more popular in the corporate world because they help businesses grow, diversify, and improve their processes. Due diligence is essential to merger and acquisition success. This guide will explain merger and acquisition due diligence and offer advice from industry professionals on how to make business transitions go successfully. This article gives business beginners and experts the information they need to confidently execute M&A due diligence and succeed in their future undertakings.

What is M&A Due Diligence?

M&A due diligence is a critical process that occurs during the merger or acquisition of two companies. It involves a thorough investigation and analysis of the target company’s financial, legal, operational, and commercial aspects. The purpose of this due diligence is to evaluate the risks and opportunities associated with the transaction, identify any potential issues or red flags, and make informed decisions based on the findings.

Why is M&A Due Diligence Important?

M&A transactions can be complex and high-stakes endeavors, with significant financial and strategic implications. Conducting thorough due diligence helps mitigate risks, uncover hidden liabilities, and ensure that both parties have a clear understanding of the target company’s current state and future potential. It allows the acquiring company to validate the assumptions made during the deal negotiation process and make informed decisions about the transaction’s feasibility and value.

What are the Main Types of M&A Due Diligence?

Financial Due Diligence

This involves a comprehensive examination of the target company’s financial records, including its revenue, profit margins, cash flow, debt, and assets. Financial due diligence identifies anomalies, evaluates the company’s finances, and forecasts its future.

Legal Due Diligence

This involves a thorough review of the target company’s legal documents, contracts, licenses, and litigation history. It seeks to identify legal risks such lawsuits, regulatory compliance difficulties, and IP infringements.

Operational Due Diligence

This focuses on evaluating the target company’s operations, including its supply chain, manufacturing processes, technology systems, and organizational structure. Operational due diligence evaluates the company’s efficiency, scalability, and future readiness.

Commercial Due Diligence

This involves analyzing the target company’s market position, competitive landscape, customer base, and growth potential. Commercial due diligence evaluates the company’s market opportunity, competitive advantage, and growth potential.

Human Resources Due Diligence

This focuses on assessing the target company’s workforce, including its organizational culture, employee contracts, compensation plans, and talent retention strategies. Human resources due diligence helps evaluate the company’s human capital and potential risks related to employee turnover or legal compliance.

IT Due Diligence

This involves assessing the target company’s IT infrastructure, software systems, data security measures, and technology capabilities. IT due diligence helps identify any potential IT risks, such as outdated systems, cybersecurity vulnerabilities, or data privacy concerns.

What are the Benefits of Conducting M&A Due Diligence?

First, it thoroughly covers the target company’s financial, operational, and legal elements. This helps the purchasing company evaluate transaction risks and possibilities and make educated decisions.

By completing rigorous due diligence, organizations can uncover outstanding lawsuits and regulatory compliance issues, reducing the chance of legal issues in the future.

Second, M&A due diligence reveals hidden liabilities and financial issues. Buying businesses can determine the target company’s value and financial health by carefully studying its financial statements, contracts, and customer data. This helps them appropriately analyze synergies and value the transaction.

Due diligence can also disclose cost savings, operational improvements, and revenue development potential, boosting merger or acquisition success and profitability.

How to Conduct Effective M&A Due Diligence

1. Define the objectives:

Clearly define the goals and objectives of the due diligence process, considering both short-term and long-term success factors.

2. Assemble a team: 

Form a cross-functional team with expertise in finance, legal, operations, and other relevant areas to conduct the due diligence.

3. Develop a due diligence checklist: 

Create a comprehensive checklist that covers all the areas of focus mentioned above. This will ensure that no important aspects are overlooked during the investigation. 

4. Gather relevant documents and information: 

Request and review all necessary documents and information from the target company, such as financial statements, contracts, legal agreements, and operational reports. This will provide a clear picture of the company’s current state and potential risks.

5. Conduct interviews and site visits: 

Schedule interviews with key stakeholders, including executives, managers, and employees, to gather insights and clarify any uncertainties. Additionally, visit the target company’s facilities to observe its operations firsthand and assess its physical assets.

6. Analyze the data: 

Thoroughly analyze the collected data to identify any potential red flags or areas of concern. Financial statements, legal paperwork, market research, and operational reports are reviewed. Check for inconsistencies, contradictions, and unreported information that could affect the merger or acquisition.

7. Assess risks and opportunities: 

Evaluate the identified risks and opportunities based on their potential impact on the business. Prioritize deal risks that could significantly impact financial, legal, operational, or reputational elements. Identify any transaction-related synergies or growth prospects.

8. Seek professional expertise: 

Consult with legal advisors, financial analysts, and industry experts to ensure a comprehensive and unbiased assessment of the target company. Their knowledge may reveal legal, financial, or operational issues that the internal due diligence team missed.

9. Prepare a due diligence audit: 

Compile all findings, risks, opportunities, and recommendations into a comprehensive due diligence audit report. The due diligence report should clearly state major findings, risks, and recommendations. To explain the investigation’s results to stakeholders, the report should be organized and straightforward.

10. Communicate and collaborate with stakeholders: 

Share the due diligence audit report with all relevant stakeholders, including senior management, board members, and potential investors. Discuss issues and questions openly. Develop a plan with stakeholders based on due diligence results.

11. Marketing opportunity review: 

Evaluate the potential marketing opportunities that may arise from the merger or acquisition. Assess how the combined firm can use its skills and resources to sell to new customers or markets. Develop a strategic marketing plan to capitalize on transaction synergies and competitive advantages.

12. Investment valuation: 

Determine the value of the target company and assess its potential for growth and profitability. Compare the company’s market position, intellectual property, and client base to its finances. To value a company fairly, use discounted cash flow analysis, similar company analysis, and asset-based valuation.

13. Arrangements, negotiation, and deal structuring: 

Based on the findings of the due diligence process and the valuation of the target company, negotiate the terms of the merger or acquisition. Consider purchase price, payment structure, and post-transaction duties. Work closely with legal consultants and financial experts to structure the acquisition to maximize value and minimize risk.

14. Sales and IT securities: 

Assess the sales and IT security measures of the target company to identify any potential vulnerabilities or risks. Check the company’s sales methods, client data protection, and IT infrastructure for industry best practices and regulatory compliance. Suggest ways to boost sales and IT security.

15. Employee retention and integration: 

Evaluate the target company’s employee retention rates, talent management strategies, and culture fit. Identify any potential challenges or risks related to employee integration and develop a plan to address them. Ensure that key employees are motivated and incentivized to stay with the company post-merger or acquisition.

How Long Does M&A Due Diligence Usually Take?

On average, M&A due diligence typically takes between 30 and 90 days to complete. The acquiring business can analyze the target company’s financials, operations, legal and regulatory compliance, and other crucial areas in this timeframe. Depending on the deal, the length may be longer or shorter.

Conclusion

In conclusion, M&A due diligence is a vital step in assuring the success of mergers and acquisitions. Companies that undertake rigorous due diligence can get a comprehensive understanding of the target company’s financial, operational, and legal elements, limiting potential risks and exposing hidden liabilities. This intelligence enables purchasing organizations to make informed judgments, appropriately assess the target company, and uncover development prospects. Whether you are new to the business world or an experienced professional, understanding the benefits of conducting M&A due diligence is crucial for navigating the complexities of business transactions with confidence and achieving long-term success.

Final Thoughts

Our expertise in cybersecurity runs deep. At Buzz Cybersecurity, we specialize in providing exceptional managed IT services, cutting-edge cloud solutions, proactive managed detection and response, reliable disaster recovery, and much more. Our client base spans from small businesses to large corporations, and we are proud to serve not only California but also the surrounding states. If you’re looking to strengthen and protect your digital integrity, don’t hesitate to contact us. We’re here to assist you every step of the way.

Sources

  1. https://www.investopedia.com/terms/d/duediligence.asp
  2. https://instituteprojectmanagement.com/blog/stakeholders
  3. https://www.quantumworkplace.com/future-of-work/why-employee-retention-is-important

Photo by Rock Staar on Unsplash

What is IT Consulting: Maximizing Technology for Business

In today’s highly competitive market, the extent to which a corporation succeeds and grows is increasingly dependent on its use of technology. But it can be daunting for business owners and executives to make their way through IT’s large and complex landscape. This is where information technology consulting services come in. In this piece, we’ll explain IT consulting and discuss how it could assist companies in maximizing their use of technology to increase revenue.

What is IT Consulting?

IT consulting is a professional service performed by information technology experts. These consultants collaborate extensively with firms to understand their specific needs and difficulties before providing strategic counsel and assistance on how to successfully employ technology to achieve their goals. An IT consultant’s function is varied and can change based on the needs of the organization.

An IT consultant will often examine the organization’s present IT infrastructure, identify areas for improvement, and build a comprehensive IT plan that corresponds with the business goals. This plan may involve hardware and software upgrade recommendations, the installation of new systems or procedures, and the incorporation of emerging technology.

What are the Benefits of IT Consulting?

Expertise and Knowledge

IT consultants bring a wealth of knowledge and expertise in the field of technology. As a result of their dedication to staying abreast of the newest developments in their field, the ideas and solutions they propose for the company’s problems are always well-informed and effective.

Cost Savings

Investing in technology can be costly, especially for small and medium-sized businesses. With the assistance of IT consultants, organizations may maximize the return on their IT investments. IT consultants can help companies save money in the long run by spotting and removing wasteful spending practices.

Increased Efficiency and Productivity

A well-designed IT infrastructure can greatly improve the efficiency and productivity of a business. IT consultants collaborate with companies to optimize their technology systems, streamline operations, and automate repetitive jobs. This saves time while simultaneously improving accuracy and lowering the danger of human error. Businesses may increase productivity and do more in less time by successfully embracing technology.

Enhanced Security

Information technology consultants are trained to recognize the need of protecting sensitive company data and may advise firms on how to do so effectively. They can assess the current security measures, identify any flaws, and suggest improvements. Having a reliable security system in place to safeguard customer data and maintain brand integrity is more crucial than ever in this age of increasing cyber threats.

Scalability and Flexibility

As businesses grow and evolve, their technology needs may change. IT consultants can offer adaptable technology solutions that can change with demand, assisting firms in making plans for future growth and scalability. As the company grows, they may also help with the integration and implementation of new systems, guaranteeing a seamless transfer and no interruption to business operations.

Focus on Core Business Functions

By outsourcing IT consulting services, businesses can focus on their core competencies and leave the technical aspects to the experts. This allows business owners and executives to dedicate their time and resources to strategic decision-making and other critical aspects of their business, while IT consultants handle the technology-related tasks.

Access to Latest Technology

IT consultants have access to the latest technology tools and solutions, which may not be readily available or affordable for businesses to acquire on their own. With the help of IT experts, organizations may use the newest technological developments to their advantage, increasing innovation and growth.

Strategic Planning and Guidance

IT consultants can help businesses develop long-term IT strategies and roadmaps aligned with their business goals. To stay ahead of the competition and future-proof their IT infrastructure, firms can benefit greatly from their advice and recommendations on technological investments, upgrades, and migrations.

What Services Do IT Consultants Provide?

  1. Technology Strategy and Planning:
    IT consultants can help businesses develop a comprehensive technology strategy aligned with their goals and objectives. They assess the current IT infrastructure, identify gaps and opportunities, and recommend solutions that can enhance efficiency, productivity, and profitability.
  2. IT Infrastructure Design and Implementation:
    IT consultants can design and implement IT infrastructure solutions tailored to the specific needs of businesses. This includes hardware and software selection, network design, server setup, cloud migration, and security implementation. By leveraging their expertise, consultants ensure that businesses have a robust and reliable IT environment.
  3. Cybersecurity and Data Protection:
    IT consultants play a critical role in assisting organizations in safeguarding their valuable data and digital assets in the face of a growing number of cyber threats. To prevent cyber assaults, they perform risk analyses, create security policies and processes, set up protective technologies like firewalls and encryption, and offer continuous monitoring and assistance.
  4. IT Project Management:
    IT consultants can manage and oversee IT projects, ensuring timely and successful completion. From software implementations to system upgrades and infrastructure expansions, consultants provide project planning, coordination, and implementation expertise, minimizing disruptions and maximizing return on investment.
  5. IT Support and Maintenance:
    IT consultants provide ongoing support and maintenance for businesses’ IT infrastructure. This includes troubleshooting technical issues, resolving system failures, installing updates and patches, and providing technical assistance to employees. Consultants ensure that businesses’ IT systems are running smoothly and efficiently, minimizing downtime and productivity loss.
  6. Technology Training and Education:
    IT consultants can provide training and education to businesses’ employees, helping them enhance their technical skills and knowledge. This includes training on new software applications, cybersecurity best practices, and IT policies and procedures. By investing in employee training, businesses can improve their overall IT capabilities and maximize the benefits of their technology investments.

What is the Difference Between IT Consulting and IT Services?

IT consulting refers to the practice of offering expert advice and guidance to organizations regarding their IT strategy, systems, and infrastructure. IT consultants are typically experienced professionals who possess deep knowledge and understanding of different technologies and their potential applications within a business context.

These consultants work closely with the client to assess their current IT needs, identify areas for improvement, and develop strategies to enhance their overall IT capabilities. They may also assist in implementing new technologies or streamlining existing systems to improve efficiency and effectiveness.

On the other hand, IT services refer to the specific tasks and activities that are performed to support and maintain the IT infrastructure of an organization. This can include a wide range of activities, such as hardware and software maintenance, network management, cybersecurity, data backup and recovery, help desk support, and more. IT service providers are typically companies or departments within an organization that offer these services either on-site or remotely to ensure the smooth operation and functionality of the IT systems.

What Type of Clients Do IT Consultants Work With?

IT consultants deal with a wide range of clients, including small enterprises and huge corporations. They may also collaborate with non-profits, government agencies, educational institutions, and healthcare providers. The specific type of clients that IT consultants work with can vary depending on their area of expertise and the industries they specialize in.

While some IT consultants serve a wide variety of enterprises, others focus on serving a specific industry, such as banking, healthcare, or manufacturing. Regardless of a company’s size or sector, IT consulting services may provide invaluable insight and expertise for enhancing IT strategy and operations.

Conclusion

In conclusion, IT consulting is an invaluable resource for businesses seeking to optimize their use of technology. By partnering with experienced IT consultants, business owners and executives can gain valuable insights, expertise, and guidance to make informed decisions that align with their strategic objectives. From implementing cutting-edge solutions to addressing cybersecurity concerns, IT consulting allows organizations to stay ahead of the curve and leverage technology to their advantage. By maximizing the potential of their IT infrastructure, businesses can enhance efficiency, productivity, and competitiveness in today’s digital age.

Final Thoughts

With a passion for cybersecurity and a dedication to delivering exceptional services, Buzz Cybersecurity stands as a trusted leader in this ever-evolving industry. Our extensive portfolio of specialized offerings, such as managed IT services, cloud solutions, disaster recovery, and managed detection and response, caters to businesses of all scales. Reflecting our commitment to going the extra mile, we extend our cybersecurity expertise beyond California, covering neighboring states to provide robust digital security. Reach out to Buzz Cybersecurity today and let us be your shield of protection.

Sources

  1. https://www.linkedin.com/pulse/maximizing-business-success-digital-age-benefits-technology-shaik/
  2. https://www.bdc.ca/en/articles-tools/blog/how-to-use-technology-to-boost-your-operational-efficiency
  3. https://www.forbes.com/sites/adrianbridgwater/2020/02/19/what-is-technology-scalability/

Ziggy Ransomware Shuts Down, Refunds Money

In a stunning reversal, the Ziggy admin is now giving ransom money back to victims

Darth Vadar. The Grinch. The Ziggy Admin. What do they all have in common? Once known as infamous agents of villainy, they all experienced one heck of a character arc after seeing the light. What caused this change of heart? It’s difficult to say for sure. Vadar was turned back by the love of a son who chose to believe that there was still good inside of him, while Mr. Grinch was won over by the indomitable spirit of the Whoville residents when he grossly misjudged the source of their joy, causing his attempt to steal Christmas to fail miserably.

And the Ziggy admin? In early February, the cybercriminal operation announced that they were shutting down for good. They shared with Bleeping Computer that they had turned to crime because they lived in a developing country but that they were “very sad” about the crimes they had committed and had decided to release the encryption keys publicly for their victims. They also admitted that they were concerned about legal problems and the possibility of having the same fate as ransomware extortionists Emotet and Cyberwalker, who had recently been raided.

No other information was forthcoming, so it became a waiting game to see if Ziggy would make good on their promise. Many cyber-criminologists remained skeptical. Yet the Ziggy admin was true to their word—sort of. The next day they published the decryptor code, offering an SQL file with 922 decryption keys that victims could use to unlock their files, but they were loaded with malware. In addition to the keys, the admin also published a tool to make the process less complicated, along with the source code for a decryptor that does not need an internet connection to work.

They are not the first hackers to do a 180. Days before, the hacker group known as Fonix (aka Xonix and FonixCrypter) had also made a similar announcement, stating that guilt had finally caught up with them and releasing the decrypter codes would help to alleviate that. And in the past, other groups such as GandCrab, Shade, and TeslaCrypt have also made similar turnarounds.

What makes Ziggy different is that in mid March, they announced that they would be refunding their victims the money paid for the ransom. It was a move that shocked many. Within a week of the unprecedented announcement, they stated they were ready to begin making restitution.

The Ziggy admin told Bleeping Computer that they would begin refunding the ransom in Bitcoin at the rate it was valued on the day that the ransom was paid. Which means they are still making a tidy profit, given the fact that the price of Bitcoin has been ascending the last three months. On the day that Ziggy made the announcement, the price of Bitcoin was around $39,000. Five days later, it had jumped above $61,000.

The Ziggy admin insists though that they are not profiting, and have even had to put their house up for sale to pay for restitution. They also have stated that they are now going to start using their powers for good as “ransomware hunters.”

Maybe it’s not that surprising a move after all. Among cybercriminals, Ziggy was never considered a hardcore bad guy in comparison to others like the aforementioned Emotet, whose actions prompted a joint international strike force coordinated by the Eureopean Union to launch a crackdown that ended with seizing of computers and arrests. Or Egregor, who shut down Translink’s transportation system in Vancouver last year when ransom demands were not met.

Ziggy was more “old fashioned” in their crime sprees. They would encrypt files after hacking into a company’s records, but never actually steal them and threaten to sell them to the public if the ransom wasn’t paid.

So what do we make of all of this? Was it true repentance or a strategically-timed ploy to escape punishment? We can’t really know the heart of a person and this blogger will refrain from passing judgement. In the end, perhaps it’s enough that they’re going to refund the monies ransomed, and trying to be a force of good in the cyberworld.

All we can tell you is that an ounce of prevention is always better than a pound of cure. So if you have any lingering doubts about whether or not you’re protected against a ransomware attack, let us help with a free assessment today. Don’t hope to depend on the kindness of strangers!

If you’ve been the victim of a Ziggy ransomware attack, please reach out to the admin directly at ziggyransomware@secmail.pro with proof of your payment in Bitcoin and computer ID. It’s estimated that you’ll see a refund to your Bitcoin wallet in roughly two weeks.

Image by Gerd Altmann from Pixabay

The Changing Face of Generative and Predictive Artificial Intelligence

(and how it’s shaping cybersecurity for decades to come)

First off, let’s define what we mean by AI (artificial intelligence), because the definition can be varied, depending on who you ask. For some, it’s Haley Joel Osmont’s character David laughing that creepy laugh during the dinner table scene in the Steven Spielberg film AI, or, if you’re of a certain age, it’s HAL 9000, the sentient computer who goes on a eerily calm murder spree in the cold vacuum of space in Stanley Kubrick’s 2001: A Space Odyssey.

(Personally, I am super nice to Alexa, in the hopes that when the machines do take over, she might put in a good word for me!)

But all kidding aside, what are we really talking about here? In the cybersecurity world, we’re looking at predictive AI, and most experts recognize that there have been three waves of development with this type of network protection:

  • Wave One: Human developers created guidelines for AI to follow. The first phase of AI could solve complex problems. If you’ve ever seen a chess match between a computer and a human being, this is a classic example of First Wave AI. The AI was supervised during the entire process, and gathered data to form a baseline with which other data would be compared. Then the AI would look for anomalies in any new, incoming data. The issue programmers ran into was that the information collected for the baseline quickly became outdated because hackers were evolving faster than the data could be updated. Which led to the creation of the next phase.
  • Wave Two: Supervised and unsupervised AI, also known as “machine-learning AI” were used to create guidelines by relying on methods such as classification, clustering, and regression, which are used to help with making predictions. Although it was considered superior to first wave AI, it still had some limitations. Second Wave AI doesn’t have the capacity to draw conclusions or make predictions based on its own reasoning. 
  • Wave Three: Unsupervised by humans, computers “self-supervise” and make decisions based on their own reasoning and analytics. Third Wave AI is able to draw new conclusions and increases its own learning capacity. It’s considered “context aware.” Operating systems using 3rd wave predictive AI can adapt to changing situations.

So, now that we know what predictive AI is, why is it important for cybersecurity? Before we answer that, it’s important to realize that you are most likely using predictive AI everyday without realizing it. If you’ve ever used Uber, Lyft, or DoorDash, their apps use predictive AI to determine what time you’ll arrive at your destination or when your food will arrive. Also, if you’ve ever fly on a commercial airline, the average flight only involves an average of seven minutes of human-steered flight time, typically during take offs and landings. The rest of the time? Autopilot, which—you guessed it—is a form of predictive AI.

In terms of AI used in cybersecurity, it’s often seen in things like anomaly detection, threat detection, and cybercrime prevention. One benefit is that Third Wave assesses each situation in real-time, as it’s unfolding. Typically, odds favor hackers, but with Third Wave, those odds are being evened.

Statistically, companies that were using Third Wave experienced far less issues with hacking issues like ransomware attacks during the Covid-19 shutdown. With millions of employees suddenly working from home with little to no training on how to avoid sophisticated phishing scams, cyber criminals jumped on the opportunity to exploit any weakness that resulted from workers using unsecured networks. And those who had Third Wave predictive AI were able to adapt more quickly than their counterparts.

Perhaps the most apparent example of this was the string of zero-day attacks that occurred at the end of 2020 on several government agencies, including the Department of Homeland Security and the National Institute of Health. Considered one of the boldest cyber crimes ever committed, many people wondered how this could have happened “on US soil.” That’s a discussion for another blog, but suffice to say that Third Wave predictive AI has the capability to respond much faster because it’s real-time threat detection, versus a rules-based evaluation of the events unfolding. It may not sound that impressive, but every second counts when someone is trying to steal sensitive data and make you pay a ransom for it.

And yet, many people don’t feel entirely comfortable with trusting AI to be responsible for their safety. We find ourselves back to a HAL 9000 conundrum. Tesla made headlines last year when several of its self-driving cars crashed, all within a short time frame of one another.

And there is also the growing concern that as AI evolves, many people will find themselves out of a job and obsolete. To be fair though, it’s already been proven that this concern is somewhat unfounded. Predictive AI has actually been shown to create jobs. A recent article by Forbes Magazine indicated that although AI will eliminate roughly 85 million jobs by 2025, it will create 97 million more.

The main concern for most people is the moral and ethical question on AI. The Campaign to Stop Killer Robots, chartered in 2013, lobbies governments to halt the development of drones and other AI-powered machines. Frank van Harmelen, an AI researcher based in Amsterdam stated, “Any computer system, AI or not, that automatically decides on matters of life and death — for example, by launching a missile — is a really scary idea.”

Van Harmelen may be thinking back to an incident in 1983 where former Soviet military officer Stanislawv Petrov averted a potential global nuclear war when he noticed that Russian computers had incorrectly sent out an alert that the United States had launched a preemptive nuclear missile strike.

And yet, the benefits of AI are hard to ignore. One of the main challenges of cybersecurity is staying ahead of hackers. Ransomware attacks have grown exponentially in the last few years alone, and their success rates are alarming. When federal governments and hospitals treating COVID-19 patients are targeted with no mercy, it makes the days when financial devastation being the greatest consequence of being hacked seem like child’s play. Right now, AI is the only way to assess threats in real time and shut them down before they inflict serious damage.

Many people are not comfortable becoming bedfellows with AI, and that’s something to continue to pay attention to as we continue in the 21st century. It’s not an either/or situation. While AI might work for some cybersecurity scenarios, obviously at least as much (if not more) consideration needs to be given in the areas for example, such as military AI or robo doctors.

It’s a trend we’ll keep you up to date on, and in the meantime, feel free to reach out to us with any questions or concerns you have when trying to assess just how safe you are from things like a ransomware attack. Buzz Cybersecurity provides free assessments and provides preventative care for all of your digital integrity needs.

Photo by FLY:D on Unsplash

7 Ways to Protect Your Assets During the Holiday Season

As we close out what has been a difficult year for many, there’s a temptation to slack off being aware of the cyber risks out there, but the holiday season statistically sees an increase in cyberattacks, and experts are predicting that this year will be particularly bad. This year with COVID-19 restrictions hindering in-person activities, online purchases are expected to have a record-setting year. Cybercriminals are anticipating this, and will ramp up their efforts to take advantage of both unaware shoppers and unprotected businesses, looking to exploit sensitive information and data for the purpose of hacking. In this article, we take a look at how to stay one step ahead of the bad guys. We’ve done the research so you can actually enjoy your holidays with loved ones, rather than having to be on guard duty 24/7.

  1. Be Careful With Holiday-Themed Emails. Retailers go out of their way to send out emails touting sales and special deals, and they all look really shiny! And by all means, take advantage of those savings, but understand that phishing emails will also look festive. Pay particular attention to an email if you don’t recognize the sender, or it’s rife with spelling errors. That might be a clue that someone overseas is trying to get you to give your credit card information, or open an email with a virus attached to it.
  2. Slow Down. We’ve all clicked on a deal, only to see a pop up telling us that the special price is only available for a limited time—sometimes only minutes! Personally, I click right out of these because retailers often use this tactic to pressure you into making a bad decision that will result in buyer’s remorse, but hackers also use it to get you to throw caution to the wind, enter your credit card information, and click the buy button before you’ve really checked out the site. It’s OK to slow down and take a minute to make sure you trust the retailer on the other end.
  3. Beware of Phone Phishing Scams. I don’t know about you, but during the month of December, I am working to meet deadlines faster so I can have more time to bake cookies, attend parties, and savor the moments of peace and joy that are unique to this time of year. And all the while, I’m juggling phone calls and emails from clients. Normally, I don’t answer the phone if I don’t recognize a number, but I’ve occasionally broken my own rule, and there is usually someone on the other end trying to sell me something. They’re typically harmless telemarketers, but one time in particular I remember the person on the other end had an air of urgency and needed to verify me before he would even explain what the call was about. And when I say verify, he needed me to confirm my mother’s maiden name and the last 4 numbers of my social security number! When I refused, he tried to intimidate me with vague consequences that made me laugh out loud and hang up. Stay vigilant—this time of year scammers are counting on you juggling ten things at once and hoping you’ll have a momentary lapse in judgment.
  4. If You Must Work While Mobile, Be Extra Aware of The Risks. Many people wind up working during the holidays from hotels, airports, and anyplace that has free WiFi. But there are additional risks that come with working on-the-go, so be sure that you’re not using an unsecured network. Hackers will sit in coffee houses and lie in wait for unsuspecting victims who are tired, working against a deadline, and figure that using the free WiFi this one time won’t hurt. Trust us, it’s not worth it. A moment in lapsed judgment can wind up costing you thousands of dollars, and damage your professional reputation when you have to explain to clients how their information got leaked.
  5. Pay Attention to Your Server Activity. Server mining happens with more frequency during periods of shutdown, like holidays, when schools, businesses, and others are not using the majority of their server capacity. You’ll want to keep an eye on the activity level, and if it seems off to you, make sure to look into it right away. Buzz Cybersecurity offers Managed IT Services that can help with this.
  6. Keep You Updates Updated! The excitement of getting to see family, coupled with fast-approaching deadlines means that during the holidays, many companies and employees are more likely to put off patching until the beginning of the year, and hackers will look to take advantage of this. Updates and restarts are often seen as a frustrating barrier to getting out the door and often get overlooked, but take the time to audit. You know what they say about an ounce of prevention.
  7. Keep the Faith. As we celebrate the holidays, we want to encourage you to keep your faith in things above, and not in too-good-to-be-true sales and specials that make grandiose promises. If you get a nagging feeling that something isn’t right, don’t ignore that. At Buzz Cybersecurity, we like to think that we all have a built-in sense of discernment that helps to protect us when others would seek to harm us in some way. We encourage you to pay attention to that.

We hope you and your loved ones enjoy the happiest of holidays and stay safe. And if you want to have us run a diagnostic on how you’re doing with protecting your assets, contact us so we can help you to have peace of mind this holiday season.

Ransomware Attacks

NOTE: if you have already been the victim of a ransomware attack, please contact us immediately.

While you’re running your business, there are evil people thinking up new ways every day to steal your hard-earned dollars. It seems like they never sleep. You’ve taken steps to ensure that you won’t be an easy target like installing good alarm systems, running background checks on potential employees, and hiring security guards (or you yourself carry). And that’s great for threats you can see, but what about the virtual bad guys? How do you fight them? Sadly, many companies never think about this until it’s too late. Kudos to you for taking the time to research cybersecurity threats and how to protect your assets. Ransomware has become one of the most costly types of malware in the last decade. At Buzz Cybersecurity, we have seen this happen and it’s never pretty. You’re probably wondering how to prevent ransomware. Let’s take a more in-depth look at it and how you can avoid becoming a victim.

What is ransomware?

In layman’s terms, ransomware is a type of malware that gets its name from the fact that the attackers gain access to data and hold it hostage for a ransom. This is known as cryptoviral extortion. Cybercriminals can block the company’s access, or if its particularly sensitive data, threaten to make it public if the demands are not met. Such attacks are becoming more frequent and more brazen. Earlier this month Variety reported that a group known as REvil claimed to have dirt on President Donald Trump and threatened New York law firm Grubman Shire Meiselas & Sachs with a data dump if they did not receive $42 million within 7 days, doubling their fee after the firm made an offer of $365,000. To show they meant business, and as a possible punishment for what they considered an insulting offer, REvil published a 2.4 GB document containing another client’s info: Lady Gaga’s contracts for concerts, TV appearances, and merchandising. Since payment is typically demanded in Bitcoin or some other cryptocurrency, tracing the ransom and making arrests are still very difficult. Research shows that 70% of those infected with ransomware have paid to get their data back, even when advised not to by law enforcement, so there seems to be little incentive for these cyber-terrorists to stop anytime soon.

How do ransomware attacks work?

Most ransomware attacks begin with an unsuspecting employee opening an email attachment that has a trojan disguised as a legitimate file. (Although it should be noted that much is still unknown about how some attacks were able to take place; in 2017 computers using Microsoft Windows were the target of the “WannaCry Worm,” which traveled between computers without user interaction) Once released, the malware is able to encrypt the user’s data, usually by tricking him or her into giving it admin access. However, if a company has significant security holes, aggressive malware may not need to trick the recipient. A message is then sent to the victim with instructions on how to pay the ransom electronically. Once received, a mathematic key is sent to the company so the files can be unlocked.

What’s at stake?

In 2019, ransomware is estimated to have caused organizations global damage to the sum of $11.5 billion dollars. The average amount a company would pay last year was $41,000. But according to an article in Forbes Magazine, that number has more than doubled in 2020 to over $84,000. That includes lost revenue, hardware replacement, and repair costs, but the damage to a company’s brand is harder to gauge. And while 98% of those who paid did get an encryption tool, on average they still lost 3% of their files. That may not sound like much, but remember, there is no guarantee that you will be one of the lucky ones that are dealing with a thief who intends to honor their word in the first place and give you anything. And you should also expect your normal IT duties to take a backseat during recovery. It can take many, many hours to get things back to where they need to be.

Who’s at risk?

You might think that because you’re a small business, hackers will bypass you in favor of larger corporations who will be able to pay a larger ransom. And that’s what they are counting on. While it’s true that government agencies, big law firms, and medical facilities make tempting targets because they are more likely to pay up quickly, often times targets are chosen because of ease of opportunity: smaller businesses don’t always have the security measures in place that keep the bad guys from finding the weak link in the fence. According to an article by CNBC published late last year, 43% of small businesses are targeted, but only 14% are prepared to defend themselves. And as we like to say here at Buzz, the best defense is a good offense.

Steps you can take starting now

The truth is that no organization is immune to ransomware, but there are some things you can do to ensure that you are less of a target and mitigate the damage if you are attacked.

  1. Take stock of your current situation. This is a step you cannot afford to skip. By keeping your operating system patched and up-to-date, you make it harder for cyber thieves to exploit you. If you’re not sure what to look for, Buzz Cybersecurity has a free audit that you can take advantage of to ensure you don’t have “open doors” that are inviting an attack.
  2. Back up your files- frequently! While this won’t stop a ransomware attack, it at least ensures that you have a disaster plan recovery (DPR) in place that will make the damage much less significant.
  3. Invest in anti-virus software. Again, nothing is foolproof, but a good system will detect malware programs and may prevent ransomware from successfully getting access to your data. Don’t assume though that the software that was included with your PC is going to meet your needs. We can help you look at the variables that you need to consider when choosing the right software that will protect your most valuable data.
  4. Educate yourself and your employees. It’s not enough for you to know what to do to prevent an attack. You should look to bring your entire team on board so everyone can work together. We offer a program called Lunch & Learn that’s free for your company, and we cover things like the basics of malware, how to spot and avoid a potential phishing email, protecting credentials, and what to do if an employee suspects there has been a breach.
  5. Network monitoring. You can’t be everywhere at once, so we recommend having an added safety net in place. There are some free tools available out there, but again, like anti-virus software, it may be missing key features that you need. Because of the many drawbacks such as not being able to upgrade and most not offering any support should you need it, many in upper management are not comfortable using these tools and we can’t say we blame them. The fact is these products will not give you the same stability or reliability as a paid commercial tool. We started off talking about threats you can see- and in the same way that a good home security system protects your loved ones and gives you peace of mind, Buzz Cybersecurity specializes in actively monitoring your “cyber-home” during an attempted break in.

These steps are not all-inclusive, but some basics to get you started. We’re happy to talk IT shop with you if you want to take the next step. Or sign up to get our emails and stay in the loop on the constantly evolving world of cybersecurity. You’ve put your blood, sweat, and prayers into your business. Don’t let some punk who’s never worked an honest day in their life swoop in and take it from you.

Image by Pete Linforth from Pixabay