#cyber risk mitigation

[aiolegalservices]

Achieving NIST and DORA Compliance: How We Can Help Companies Build Cybersecurity and Operational Resilience

In today’s fast-paced digital environment, cybersecurity and operational resilience are at the forefront of corporate priorities. With the increasing frequency of cyberattacks and strict regulatory requirements, companies must adapt and align with internationally recognised frameworks and regulations such as the National Institute of Standards and Technology (NIST) and the Digital Operational…

[alertbrilliant4204]

Optimizing Financial Portfolio Management with Big Data Analytics

Portfolio management requires accurate insights to make informed investment decisions. EIIRTREND Company uses big data analytics to help financial institutions analyze market trends, evaluate investment risks, and optimize portfolio performance. By leveraging large datasets, EIIRTREND enables banks and investment firms to offer more personalized and effective portfolio management services. This blog explores how big data is enhancing portfolio management in the financial sector.

https://eiirtrend.com/industries/industry.php?sector=BFSI

[bcybersecurity]

3 Tips for Improving Cybersecurity in Advice Firms

Traditionally, small and medium financial advice businesses have been left behind when it comes to cybersecurity. They’re considered too small by the big consultants or they’re unable to afford the measures or staff available to big businesses. Yet these advice businesses are the gatekeeper to the two true loves of the cybercriminal — large amounts of client money and information. If you haven’t been asked about the strength of your cybersecurity defence by a client it is only a matter of time and you need to be ready.

The opportunity for cybercriminals are greater than ever before as working from home has become the new norm and the stakes are higher than ever — the 2020 IBM Cost of Data Breach Report had the average cost of an Australian data-breach sitting at $2.15M USD and in the U.S., this increases to $8.64M USD.

Working on the assumptions that you want to be ready when your clients ask about your cybersecurity plans and you don’t have a spare $2M+ USD laying around, we recommend that you not wait until your firm is compromised to improve security. For a more proactive approach, here are three things an advice business can do today to harden their cybersecurity defence:

1. Evaluate your firm’s cyber risk

Just like your regular client reviews, in order to understand the areas you need to improve in, it’s worthwhile reviewing your overall corporate cyber health. This is often made harder and more complex than it needs to be. For example, if you look at the gold standard Cybersecurity Framework from the US National Institute of Standards and Technology (NIST), you’ll see that it has over 900 unique security controls that encompass 18 control families.

Let’s be honest, no small or medium business is going to do that — you have neither the time, money, nor staff, but that doesn’t mean you shouldn’t do something.

Check out BCyber’s complementary health check. This health check can be the first step in your cyber journey and provides you with a quick snapshot of where you are at, in relation to the NIST framework and the Australian Cyber Security Centre’s Essential 8. This is a quick, pared-back snapshot with around 54 “yes or no” questions that will identify your vulnerabilities. With this, you’ll have your starting point.

Tip: Once you have identified your vulnerabilities, you can make incremental changes to harden your security defence by simply addressing the areas of improvement that have been identified. Becoming harder for the cybercriminal to breach might be enough to encourage them to leave you alone and move onto the next softer target. 

2. Establish a technology register

This sounds a bit techie, but it isn’t. It’s just like doing a “fact find” when you are giving financial advice, so you know what the client has in place and can develop a strategy to optimise their financial position. The theory behind an assets register is the same. You put together a list of all assets (aka “devices”) that interact with your business and the internet to better understand your cyber-attack surface (i.e. all the spots where cybercriminals can potentially access your business).

Keeping track of what you own, their capabilities, warranties, updating and replacement schedule should be integral to any IT planning or budgeting. This list may also come in handy when applying for cyber insurance, if you want to hire external IT support, or if you want to gain a better understanding of what your own internal IT team is up to and/or up against (Note: cybersecurity is a business problem and not a technology one, but that’s a discussion for another day).

Once you have the list, you need to review what’s on it and determine whether they’re needed. After all, you don’t want to be paying for something that you don’t need. Costly legacy devices that are not used by anyone can leave you with an additional opening for cybercriminals to breach. Once this is done, you’ll know what needs to be protected and you’ll have taken a big step in securing your business.

Tip: A good starting point is a simple list which records all technology assets and their basic details (e.g. device type, brand, model, serial number, software licenses, IP address, warranty details, responsible staff member, purchase and life expectancy dates). And remember, if it interacts with the internet, you should include it. So it’s not just laptops and computers, but also (potentially) printers, photocopiers, servers, business mobile phones, etc.  

3. Strengthen your human firewall

And I mean that literally.

Your staff are your best first line of defence, but they’re also your weakest link. The days of the annual one-hour cyber training session (and job done!) are long gone. You need to provide your employees (top to bottom) with the tools to be able to identify and know what to do should they be confronted with cybercriminal activity. It’s more than just saying “don’t click the link” (although that’s a good start, but these days it’s not only the links that can release a virus, they’re also embedded in pictures!).

All staff members need to take part in regular training — ideally, monthly. It doesn’t have to cost the earth, but it does have to happen consistently. That way, should the inevitable happen they know what to do. A bland “set and forget” education program might tick the audit box, but it won’t help shore up your defences.

Tip: Not sure about your training program? Here’s a checklist of things you should be doing. If you can’t check all these off, then your training could be stronger.

1. My staff have monthly training and phishing exercises

2. We review the monthly training results so we can identify staff that need a “little extra help”

3. We review our training provider at least triannually (ie you see what is out there on offer once every three years)

Cybersecurity Australia is now an all-too-real threat to advice businesses. It’s no longer a matter of ‘if’ a business will be breached, but ‘when’. Making your business cybersecure is a journey which we should all be on, and there’s no reason you can’t begin today. With the tips above, you can better identify your vulnerabilities, track your technology and educate your staff. Each improvement you make gets your business one step ahead, so start on your journey today — you have no time to lose.

[the-learning-hub]

Don't Let a Cyber Attack Bankrupt Your Small Business: Understanding the Financial Impact

Don’t Let a Cyber Attack Bankrupt Your Small Business: Understanding the Financial Impact

As a small business owner, the last thing you want to think about is the potential for a cyber attack. But the truth is, cyber attacks are becoming more and more common, and the financial impact on small businesses can be devastating. In fact, 60% of small businesses that experience a cyber attack go out of business within six months. But don’t let the fear of a cyber attack bankrupt your small…

[mariacallous]

United States intelligence officials have been quietly issuing warnings to government agencies all summer about a rising threat of extremist violence tied to the 2024 presidential election, including plots to destroy bins full of paper ballots and promote "lone wolf" attacks against election facilities throughout the country.

In a series of reports between July and September, analysts at the Department of Homeland Security warned of a “heightened risk” of extremists carrying out attacks in response to the race. Copies of the reports, first reported by WIRED, describe efforts by violent groups to provoke attacks against election infrastructure and spread calls for the assassinations of lawmakers and law enforcement agents.

Last month, the agency’s intelligence office emphasized in a report that “perceptions of voter fraud” had risen to become a primary “trigger” for the “mobilization to violence.” This is particularly true, the report says, among groups working to leverage the “concept of a potential civil war.” Fears about “crimes by migrants or minorities” are among other top “triggers,” it says.

The documents show that DHS alerted dozens of agencies this summer to online chatter indicating potential attacks on election drop boxes—secured receptacles used in more than 30 states to collect mail-in voter ballots. The text highlights the efforts of an unnamed group to crowdsource information about “incendiary and explosive materials” capable of destroying the boxes and ballots. An extensive list of household mixtures and solvents, which are said to render voter ballots “impossible to process,” was also compiled by members of the group, the report says, and openly shared online.

“The United States remains in a heightened, dynamic threat environment and we continue to share information with our law enforcement partners about the threats posed by domestic violent extremists in the context of the 2024 election,” a spokesperson from DHS tells WIRED. "Violence has no place in our politics, and DHS continues to work with our partners to evaluate and mitigate emerging threats that may arise from domestic or foreign actors. DHS, through CISA, is also helping  election officials and election infrastructure partners bolster resilience in their cyber, physical, and operational security.  The Department continues to advise federal, state, and local partners to remain vigilant to potential threats and encourages the public to report any suspicious activity to local authorities."

The FBI, which is on a distribution list for several of the reports, declined to comment.

The reports were first obtained by Property of the People, a nonprofit focused on transparency and national security, under open records law. The reports contain details about how to commit crimes and avoid law enforcement, which WIRED is not publishing.

Wendy Via, cofounder and president of the Global Project Against Hate and Extremism (GPAHE), says the conclusion reached by DHS matches the consensus of experts in the field: “Election denialism is going to be the primary motivator—if there is going to be violence.”

For decades, a growing number of states have adopted election drop boxes as a way to offer voters a dedicated, secure, and convenient way to submit voter ballots ahead of elections. Today, as many as 35 states allow drop boxes in some capacity, though a handful—nearly all southern—have outlawed their use, mostly over baseless claims about fraud and ballot stuffing. While drop boxes are no less secure than other forms of voting, Republicans have scrambled to block their use in key states, including Wisconsin, where Donald Trump blasted legislation expanding drop boxes as “only good for Democrats and cheating.” Via points to the Republican-led campaign aimed at banning and restricting access to election drop boxes in Wisconsin as a flash point for election denialism and possible violence.

The obsession with the otherwise mundane practice of dropping off ballots prior to election day stems in large part from the widely discredited film 2,000 Mules. The “documentary” depicts a shadowy network of operatives attempting to sway the 2020 election by stuffing ballots in Joe Biden’s favor; the film’s publisher, a conservative media company, has since issued an apology.

While the film’s evidence turned out to be false, it nevertheless provoked a surge of intimidation from far-right groups targeting drop-box voters and the officials defending their use. For the November election, some groups have committed to fundraising in order to surveil the boxes around the clock over public livestream. Others have hosted events near the locations to push conspiracy theories about immigrants. Election denial groups such as True the Vote, meanwhile, are working with myriad others across the country, as WIRED reported this summer, and are establishing a web of operations for waging legal warfare in the aftermath of the vote—if Trump fails to retake the White House a second time.

Spurious claims of voter fraud have remained a mainstay of the former president’s reelection efforts, with Trump preemptively and baselessly claiming that should he lose in November, the election will have been rigged. Claims that the 2020 presidential election was stolen have been exhaustively investigated and debunked by countless judges and state election officials across the country. Property of the People executive director Ryan Shapiro says that though DHS does not mention the political leanings of the subjects in its reports, he believes “the documents make plain that US intelligence is bracing for election- and immigration-related violence from Trump's MAGA minions.”

The concerns of DHS today are reminiscent of warnings shared by the agency two years ago during the midterm elections. Similar bulletins leaked then showing fears among federal security officials that extremists would mount an attack, threaten poll workers, or sabotage infrastructure. The concerns proved largely unwarranted, outside of scattered instances of armed men in paramilitary gear showing up to “monitor” ballot boxes across Arizona—an effort quietly spearheaded in part by True the Vote, which helped make 2,000 mules, involving militias that included the American Patriots Three Percent, an anti-government group.

The election threats flagged in the reports by DHS appear to be growing more extreme over time. No longer restricted to aggressive surveillance and loitering outside polling locations, the risks associated by DHS with election fraud conspiracies today more closely resemble traditional acts of terrorism.

There are, however, some deterrents. The arrests and prosecutions of rioters involved in the January 6 attack on the United States Capitol building are credited by DHS, as well as groups such as GPAHE, with stifling much of the enthusiasm that far-rights groups once held for turning out in big numbers.

“In my lifetime of working in civil rights, the January 6 arrests are the only time I’ve ever seen an arrest or prosecution work as a deterrent,” says Via. “They really do not want to go to jail.”

[acceptccnow]

The Future of E-Commerce Payment Processing Solutions

Article by Jonathan Bomser | CEO | Accept-Credit-Cards-Now.com

In the perpetually evolving world of online commerce, the importance of efficient and secure e-commerce payment processing solutions has never been more critical. As businesses adapt to the digital age, ensuring seamless transactions while mitigating risks is essential. This article delves into the future of E-Commerce Payment Processing and how it's set to revolutionize the way we conduct online transactions, from accepting credit cards for high-risk industries to providing hassle-free services like credit repair payment gateways and CBD merchant accounts.

DOWNLOAD THE FUTURE OF E-COMMERCE INFOGRAPHIC HERE

The Power of Payment Processing for High-Risk Industries

When it comes to payment processing for high-risk businesses, traditional methods often fall short. These enterprises, including those involved in credit repair, have faced numerous challenges in accepting payments. However, the future is bright as innovative high-risk merchant processing solutions are emerging. These solutions not only enable them to accept credit cards but also offer enhanced security measures, reducing the risk of fraudulent transactions. One of the key advantages of these high-risk payment gateways is their ability to tailor services to the unique needs of high-risk industries. Whether you're in the credit repair business or dealing with CBD products, having a CBD payment processing system that understands the intricacies of your industry is a game-changer.

The Convenience of Credit Card Payment Services

In the world of E-Commerce, convenience is king. Consumers expect a seamless shopping experience, which includes hassle-free payment options. This is where credit card payment services play a pivotal role. By partnering with a reliable credit and debit card payment processor, businesses can offer their customers a variety of payment methods, enhancing their shopping experience and ultimately boosting sales. The future involves cutting-edge technology that ensures the security of sensitive data. With the rise of cyber threats, consumers are more cautious than ever about sharing their financial information online. Hence, investing in a top-notch online payment gateway is not just a choice but a necessity for businesses aiming to thrive in the competitive e-commerce landscape.

Merchant Processing: A Gateway to Success

A significant component of E-Commerce Payment Processing is merchant processing. This service bridges the gap between businesses and their customers, facilitating transactions smoothly and securely. By partnering with a reputable provider, businesses can ensure that they can confidently accept credit cards for e-commerce operations without the fear of payment disruptions. For high-risk industries, such as credit repair and CBD, finding the right high-risk merchant account is crucial. This ensures that businesses can conduct their operations without unnecessary hindrances. In the coming years, we can expect to see more tailored solutions for these industries, making it easier than ever to accept credit cards for credit repair and accept credit cards for CBD products.

The Future of E-Commerce Credit Card Processing

As we look ahead, the future of E-Commerce credit card processing is rife with possibilities. The technology driving this industry forward is poised to enhance security, streamline transactions, and open new avenues for businesses. With the rapid growth of online shopping, it's essential for businesses to stay ahead of the curve. One of the most promising developments is the integration of artificial intelligence and machine learning into credit card payment processing systems. These technologies can identify patterns of fraudulent activities and protect both businesses and consumers. Additionally, they can personalize the shopping experience, making recommendations based on past purchases and preferences.

Embracing the Future of E-Commerce Payment Processing

In conclusion, the future of E-Commerce Payment Processing is bright and promising. From accepting credit cards for credit repair to providing CBD payment processing solutions, the landscape is evolving to cater to the diverse needs of businesses. As the demand for online shopping continues to grow, businesses must invest in reliable payment processing solutions to thrive. The future will see more businesses benefiting from high-risk payment gateways, ensuring that they can operate without unnecessary restrictions. Credit card payment services will continue to evolve, offering consumers a seamless and secure way to make purchases. Merchant processing will play a pivotal role in connecting businesses with their customers, enabling them to accept credit cards for e-commerce without complications.

As we embrace the technological advancements on the horizon, we can expect a safer, more convenient, and more efficient E-Commerce Payment Processing landscape. Businesses that invest wisely in these solutions will not only meet the demands of today but also be prepared for the ever-evolving future of online commerce.

[ivygorgon]

AN OPEN LETTER to THE PRESIDENT & U.S. CONGRESS

Urgently Investigate IDF's AI War on Gaza

39 so far! Help us get to 50 signers!

President Biden, esteemed members of Congress,

I write to address a matter of paramount importance concerning recent developments in artificial intelligence (AI) and military strategy, particularly regarding the Israel Defense Forces (IDF) and Unit 8200.

The recent unmasking of Yossi Sariel, allegedly the head of Unit 8200 and the mastermind behind the IDF's AI strategy, highlights a critical security lapse on his part. Sariel's true identity was revealed online after the publication of "The Human Machine Team," a book he authored under a pseudonym. This book presents a groundbreaking vision for AI's role in reshaping the dynamic between military personnel and machines.

This revelation not only exposes the depth of AI integration within the IDF but also underscores its potential implications for global security. Published in 2021, it outlines sophisticated AI-powered systems reportedly deployed by the IDF during recent conflicts, including the prolonged Gaza war.

We understand that this book is the blueprint for Israel's war on Gaza!

The deployment of AI in warfare raises profound ethical, legal, and strategic questions, especially given the significant loss of life and destruction it has caused. It is imperative to thoroughly examine the implications of AI in military operations.

Hence, I implore you to launch a comprehensive investigation into both the IDF's AI practices and Unit 8200's security protocols. This inquiry should evaluate the impact of AI on warfare, assess potential risks and benefits, and propose guidelines for responsible AI implementation in military contexts.

Such an investigation will not only foster transparency and accountability within the IDF but also inform broader discussions on regulating AI in international security. Proactive measures are essential to mitigate the risks associated with AI proliferation in military settings.

The use of AI and machine learning in armed conflict carries significant humanitarian, legal, ethical, and security implications. With AI rapidly integrating into military systems, it is vital for states to address specific risks to individuals affected by armed conflict.

Among the myriad implications, key risks include the escalation of autonomous weapons' threat, heightened harm to civilians and civilian infrastructure from cyber operations and information warfare, and the potential compromise of human decision-making quality in military contexts.

Preserving effective human control and judgment in AI use, including machine learning, for decisions impacting human life is paramount. Legal obligations and ethical responsibilities in warfare must not be delegated to machines or software.

Your urgent attention to these concerns, without delay, is imperative. I await your prompt response.

▶ Created on April 5 by Fatima

📱 Text SIGN PZNRHY to 50409

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[Source:]

[darkmaga-returns]

Technocrats in China love fellow Technocrats Mark Zuckerberg and his wife, Priscilla Chan, who both speak fluent Mandarin Chinese. Zuckerberg’s Meta produces the Llama AI model as open source, meaning it can be downloaded in full for free by anybody, anywhere, for any purpose. This paper details how the Chinese military is having a heyday adapting Llama from top to bottom.

According to the report, the adapting process poses challenges:

PLA experts have implemented different techniques involving advanced data collection, computational techniques, and algorithmic improvements. These efforts have enabled Llama to adapt to understand Chinese-language military terminology and tactics.

What does Zuckerberg think about China weaponizing Llama to use against America, the world and its own people? Crickets. ⁃ Patrick Wood, Editor

Executive Summary:

Researchers in the People’s Republic of China (PRC) have optimized Meta’s Llama model for specialized military and security purposes.

ChatBIT, an adapted Llama model, appears to be successful in demonstrations in which it was used in military contexts such as intelligence, situational analysis, and mission support, outperforming other comparable models.

Open-source models like Llama are valuable for innovation, but their deployment to enhance the capabilities of foreign militaries raises concerns about dual-use applications. The customization of Llama by defense researchers in the PRC highlights gaps in enforcement for open-source usage restrictions, underscoring the need for stronger oversight to prevent strategic misuse.

In September, the former deputy director of the Academy of Military Sciences (AMS), Lieutenant General He Lei (何雷), called for the United Nations to establish restrictions on the application of artificial intelligence (AI) in warfare (Sina Finance, September 13). This would suggest that Beijing has an interest in mitigating the risks associated with military AI. Instead, the opposite is true. The People’s Republic of China (PRC) is currently leveraging AI to enhance its own military capabilities and strategic advantages and is using Western technology to do so.

The military and security sectors within the PRC are increasingly focused on integrating advanced AI technologies into operational capabilities. Meta’s open-source model Llama (Large Language Model Meta AI) has emerged as a preferred model on which to build out features tailored for military and security applications. In this way, US and US-derived technology is being deployed as a tool to enhance the PRC’s military modernization and domestic innovation efforts, with direct consequences for the United States and its allies and partners.

PLA Experts’ Vision for Military AI

The PRC’s 2019 National Defense White Paper, titled “China’s National Defense for the New Era (新时代的中国国防),” notes that modern warfare is shifting toward increasingly informationized (信息化) and intelligentized (智能化) domains, demanding advances in mechanization, informationization, and AI development (Xinhua, July 24, 2019).

AI development in the military has accelerated in direct response to the demands of intelligent warfare, which itself has been propelled by recent technological advances. Experts from AMS and the People’s Liberation Army (PLA) have highlighted several key capabilities that AI systems must achieve to meet the PLA’s evolving military needs. First, large AI models must enable rapid response and decision-making to enhance battlefield situational awareness and support command functions. This includes autonomous mission planning and assisting commanders in making informed decisions under complex conditions. Strengthening the fusion of information from multiple sources is also seen as crucial, using AI to integrate data from satellite feeds, cyber intelligence, and communication intercepts. This is then used to deepen intelligence analysis and support joint operations, as highlighted by the PLA Joint Operation Outline (中国人民解放军联合作战纲要), which entered its trial implementation phase in 2020 (MOD, November 26, 2020). [1]

[xettle-technologies]

Why Your Business Needs Fintech Software At present ?

In an era defined by technological advancements and digital transformation, the financial sector is experiencing a seismic shift. Traditional banking practices are being challenged by innovative solutions that streamline operations, enhance user experiences, and improve financial management. Fintech software is at the forefront of this transformation, offering businesses the tools they need to stay competitive. Here’s why your business needs fintech software now more than ever.

1. Enhanced Efficiency and Automation

One of the primary advantages of fintech software is its ability to automate repetitive and time-consuming tasks. From invoicing and payment processing to compliance checks, automation helps reduce human error and increase efficiency. By integrating fintech software services, businesses can streamline their operations, freeing up employees to focus on more strategic tasks that require human intelligence and creativity.

Automated processes not only save time but also reduce operational costs. For example, automating invoice processing can significantly cut down on the resources spent on manual entry, approval, and payment. This efficiency translates into faster service delivery, which is crucial in today’s fast-paced business environment.

2. Improved Customer Experience

In a competitive marketplace, providing an exceptional customer experience is vital for business success. Fintech software enhances user experience by offering seamless, user-friendly interfaces and multiple channels for interaction. Customers today expect quick and easy access to their financial information, whether through mobile apps or web platforms.

Fintech software services can help businesses create personalized experiences for their customers. By analyzing customer data, businesses can tailor their offerings to meet individual needs, enhancing customer satisfaction and loyalty. A better user experience leads to higher retention rates, ultimately contributing to a company’s bottom line.

3. Data-Driven Decision Making

In the digital age, data is one of the most valuable assets a business can have. Fintech software allows businesses to collect, analyze, and leverage vast amounts of data to make informed decisions. Advanced analytics tools embedded in fintech solutions provide insights into customer behavior, market trends, and financial performance.

These insights enable businesses to identify opportunities for growth, mitigate risks, and optimize their operations. For instance, predictive analytics can help anticipate customer needs, allowing businesses to proactively offer services or products before they are even requested. This data-driven approach not only enhances strategic decision-making but also positions businesses ahead of their competition.

4. Increased Security and Compliance

With the rise of cyber threats and increasing regulatory scrutiny, security and compliance have become paramount concerns for businesses. Fintech software comes equipped with advanced security features such as encryption, two-factor authentication, and real-time monitoring to protect sensitive financial data.

Moreover, fintech software services often include built-in compliance management tools that help businesses adhere to industry regulations. By automating compliance checks and generating necessary reports, these solutions reduce the risk of non-compliance penalties and reputational damage. Investing in robust security measures not only safeguards your business but also builds trust with customers, who are increasingly concerned about data privacy.

5. Cost Savings and Financial Management

Implementing fintech software can lead to significant cost savings in various aspects of your business. Traditional financial management processes often require extensive manpower and resources. By automating these processes, fintech solutions can help minimize operational costs and improve cash flow management.

Additionally, fintech software often offers advanced financial tools that provide real-time insights into cash flow, expenses, and budgeting. These tools help businesses make informed financial decisions, leading to better resource allocation and improved profitability. In an uncertain economic climate, having a firm grasp on your financial situation is more critical than ever.

6. Flexibility and Scalability

The modern business landscape is characterized by rapid changes and evolving market conditions. Fintech software offers the flexibility and scalability necessary to adapt to these changes. Whether you’re a startup looking to establish a foothold or an established enterprise aiming to expand, fintech solutions can grow with your business.

Many fintech software services are cloud-based, allowing businesses to easily scale their operations without significant upfront investments. As your business grows, you can add new features, expand user access, and integrate additional services without overhauling your entire system. This adaptability ensures that you can meet changing customer demands and market conditions effectively.

7. Access to Innovative Financial Products

Fintech software has democratized access to a variety of financial products and services that were once only available through traditional banks. Small businesses can now leverage fintech solutions to access loans, payment processing, and investment platforms that are tailored to their specific needs.

These innovative financial products often come with lower fees and more favorable terms, making them accessible for businesses of all sizes. By utilizing fintech software, you can diversify your financial strategies, ensuring that you’re not reliant on a single source of funding or financial service.

Conclusion

In conclusion, the need for fintech software in today’s business environment is clear. With enhanced efficiency, improved customer experiences, and the ability to make data-driven decisions, fintech solutions are essential for staying competitive. Additionally, the increased focus on security and compliance, coupled with cost savings and access to innovative products, makes fintech software a valuable investment.

By adopting fintech software services, your business can not only streamline its operations but also position itself for growth in a rapidly evolving financial landscape. As the world becomes increasingly digital, embracing fintech solutions is no longer an option; it’s a necessity for sustainable success.

[zerosecurity]

Ransomware Attacks Target VMware ESXi Infrastructure Following Interesting Pattern

Cybersecurity firm Sygnia has shed light on a concerning trend where ransomware attacks targeting VMware ESXi infrastructure follow a well-established pattern, regardless of the specific file-encrypting malware deployed. According to the Israeli company's incident response efforts involving various ransomware families, these attacks adhere to a similar sequence of actions.

The Attack Sequence

- Initial access is obtained through phishing attacks, malicious file downloads, or exploitation of known vulnerabilities in internet-facing assets. - Attackers escalate their privileges to obtain credentials for ESXi hosts or vCenter using brute-force attacks or other methods. - Access to the virtualization infrastructure is validated, and the ransomware is deployed. - Backup systems are deleted, encrypted, or passwords are changed to complicate recovery efforts. - Data is exfiltrated to external locations such as Mega.io, Dropbox, or attacker-controlled hosting services. - The ransomware initiates execution and encrypts the "/vmfs/volumes" folder of the ESXi filesystem. - The ransomware propagates to non-virtualized servers and workstations, widening the scope of the attack.

Mitigation Strategies

To mitigate the risks posed by such threats, organizations are advised to implement the following measures: - Ensure adequate monitoring and logging are in place - Create robust backup mechanisms - Enforce strong authentication measures - Harden the environment - Implement network restrictions to prevent lateral movement

Malvertising Campaign Distributing Trojanized Installers

In a related development, cybersecurity company Rapid7 has warned of an ongoing campaign since early March 2024 that employs malicious ads on commonly used search engines to distribute infected installers for WinSCP and PuTTY via typosquatted domains. These counterfeit installers act as a conduit to drop the Sliver post-exploitation toolkit, which is then used to deliver more payloads, including a Cobalt Strike Beacon leveraged for ransomware deployment. This activity shares tactical overlaps with prior BlackCat ransomware attacks that have used malvertising as an initial access vector, disproportionately affecting members of IT teams who are most likely to download the infected files.

New Ransomware Families and Global Trends

The cybersecurity landscape has witnessed the emergence of new ransomware families like Beast, MorLock, Synapse, and Trinity. The MorLock group has extensively targeted Russian companies, encrypting files without first exfiltrating them and demanding substantial ransoms. According to NCC Group's data, global ransomware attacks in April 2024 registered a 15% decline from the previous month, with LockBit's reign as the top threat actor ending in the aftermath of a sweeping law enforcement takedown earlier this year. The turbulence in the ransomware scene has been complemented by cyber criminals advertising hidden Virtual Network Computing (hVNC) and remote access services like Pandora and TMChecker, which could be utilized for data exfiltration, deploying additional malware, and facilitating ransomware attacks. Read the full article

[sjainventuresltd]

How to Mitigate Cyber Security Risk from Data Breaches?

Cybersecurity breaches have been increasing, and by 2023, it is predicted to reach 15.4 million. Although modern technology has made it simple for businesses to update their security procedures, sophisticated technologies are increasingly being used by hostile hackers. This indicates that businesses must adopt proactive measures in addition to stringent cybersecurity regulations to lower cybersecurity risks.

A strong cybersecurity risk management strategy is essential to assisting organizations in lowering their exposure to cyber threats. Business leaders must continually update, refine and test their cybersecurity defense strategies to combat risks such as ransomware and business email compromise (BEC).

Organizations cannot afford to rely on chance to protect their data. The financial impact might be enormous, leading to lost revenue, operational disruption, and consumer data theft. Additionally, data breaches harm your reputation, which could sometimes force you out of business. How then can you lower cybersecurity risk for your firm given everything that is at stake?

What is risk mitigation in cybersecurity?

An organization uses risk mitigation as a technique to prepare for and decrease the impact of potential hazards. Similar to risk reduction, risk mitigation entails taking steps to decrease the negative effects of risks and disasters on business continuity (BC). Cyberattacks, weather-related disasters, and other potential sources of real or imagined damage are examples of threats that could endanger a business. One aspect of risk management is risk mitigation, and each organization will apply it differently.

How to mitigate cyber security risk from data breaches?

Here are some strategies to mitigate cyber security risks from data breaches.

1. Create backups and encrypt your data

Ensure that every piece of sensitive data is encrypted. Normal-text file formats just make it simple for hackers to access your data. Data encryption, on the other hand, limits access to data to those who have the encryption key. Additionally, it makes sure that even if unauthorized individuals access the data, they are unable to read it. Some data encryption tools even alert you when someone tries to change or tamper with the data.

Additionally, you need to regularly back up your important information. Data loss can occur occasionally as a result of cybersecurity breaches.  If this happens and you don’t have a trustworthy and secure backup, it could lead to operational disruptions and a significant loss for your company. The 3-2-1 rule is one of the best data backup techniques. You should store at least three copies of your data using this technique. 2 of them ought to be kept on different media, and one ought to be kept in an offsite location.

Read: Top Cyber Security Problems and Solutions Every Business Should Know

2. Organize Regular Employee Training

Phishing emails sent to your employees are one of the typical methods malicious hackers get access to your database. According to statistics, about 3.4 billion phishing emails are actually sent each year worldwide. The link in these emails is actually a harmful virus that allows hackers to access user information, including login credentials.

The fact that phishing emails appear real makes them difficult to spot. For instance, a hacker may send an email posing as an organization head and requesting personal information. The employee can end up disclosing this information if they weren’t given the required training. Because of this, it’s very important to conduct cybersecurity awareness training. Inform your employees of the main forms of cybersecurity attacks and the effective defenses against them.

Double-checking email addresses before responding to them and links before clicking on them should also be emphasized. The company policy should be highlighter about sharing sensitive information, including on social media, should also be highlighted.

3. Keep Your Systems and Software Updated

Your cyber security and digital safety are significantly impacted by software and system updates. This is because they don’t just bring new features; they also fix bugs and help in patching exploitable security flaws and vulnerabilities.

Malicious hackers create code that they employ to take advantage of the flaws. The majority of the time, this code comes bundled as malware that can harm your entire system. Therefore, to automatically handle all updates and maintain information security, use a patch management system.

4. Use Strong Passwords

An interesting statistic is that weak passwords are to blame for almost 80% of organizational data breaches. Hackers don’t need much to get access to your systems. They simply need a tiny gap, and they’ll take full advantage of it.

Because password-cracking technology has advanced, simple passwords are no longer sufficient. To deter hacking in your organization, you should instead implement multi-factor authentication techniques and employ complicated passwords. Additionally, you should discourage password sharing among staff members so that the rest of the desktops are safe, even if one is hacked.

When it comes to passwords, some of the security risk mitigation strategies you should include;

There should be at least 8 characters in every password.

They ought to be made of alphanumeric characters.

They shouldn’t include any private data.

They ought to be original and never before utilized.

Ideally, they shouldn’t contain any words that are spelled correctly.

Keep in mind to store your password securely and in an encrypted manner.

5. Install Firewalls

Hackers constantly develop new techniques for gaining access to data, and cyber security threats are evolving. Installing firewalls will protect your networks from cyber attacks. A trustworthy system will successfully defend you from brute attacks or stop security mishaps from causing irreparable harm.

Additionally, firewalls keep an eye on network traffic to spot any unusual activity that can jeopardise the security of your data. They also support data privacy and stop sophisticated spyware from accessing your computers.

When selecting the right firewall for your business, exercise extreme caution. Choose a system that enables complete security control and network and application visibility. It should be equipped with efficient security infrastructure, as well as protection and prevention capabilities.

Also Read: How a Mobile App can Transform your Business Digitally in 2023

Conclusion

To sum up, the above points, let’s delve a little more into how can small businesses mitigate the risk of costly cybersecurity breaches. Many individuals appear to believe that only extremely large organizations, such as banks or enormous IT companies, actually need cybersecurity (or can afford). Cyber-attacks, nevertheless, affect small firms as well. In fact, two-thirds of all cyber-attacks are focused at small businesses”, according to a cited data.  Even worse, the figure only takes those attacks that get reported- it cannot account for attacks that go undiscovered or unreported. 

It is true that if you want all of the most cutting-edge and expensive proprietary security technology and solutions, going all-out with your cybersecurity can be prohibitively expensive. However, protecting your business from an attack doesn’t have to be prohibitively expensive.

There shouldn’t be any new point that to be added to explain to mitigate cybersecurity risks, the above points are quite enough and explains above how can you keep your company’s network and systems safe and mitigate cybersecurity risks without breaking the bank.

Safeguard Your Organization From Cybersecurity Risks Today Statistics of data breaches increase with each passing year.  Proactive action is the greatest approach to ensure that your organization is secure. This comprises;

Data backups and encrypting sensitive information.

Updating all software and security systems.

Conducting regular cybersecurity training for employees.

Using strong and challenging passwords,

Setting up firewalls.

Cutting back on your attack surfaces

Evaluating your vendors

Putting in place a killswitch.

establishing sound rules and methods for managing cyber risk.

Protecting your physical premises.

You are not required to be included in the statistics. By protecting your sensitive data, Sjain Ventures can assist in lowering your cyber risk. Visit our website today Sjain Ventures to scale up your cybersecurity defenses.

[bcybersecurity]

Want an Easy Cyber Life?

Bcyber - The Cyber Security Australia offers scalable protection against cyber attacks. We provide tailored Cyber Security Services in Australia to your business.

As always it is important to have good cyber hygiene at both a personal and a corporate level. So, while the mainstream media keeps on feeding the fire of fear and confusion, we need to keep our heads when all about us are losing theirs (with thanks to Mr Kipling) and focus on ensuring we get the basics right. Here are six basics to get you started on the cyber secure journey. 

1. Assessment. 

2. Good password hygiene. 

3. Build cyber knowledge into your DNA. 

4. Patch everything, patch often, patch now. 

5. Speak business not tech. 

6. Practice makes perfect. 

[govindhtech]

How To Reduce 5G Cybersecurity Risks Surface Vulnerabilities

5G Cybersecurity Risks

There are new 5G Cybersecurity Risks technology. Because each 5G device has the potential to be a gateway for unauthorized access if it is not adequately protected, the vast network of connected devices provides additional entry points for hackers and increases the attack surface of an enterprise. Network slicing, which divides a single physical 5G network into many virtual networks, is also a security risk since security lapses in one slice might result in breaches in other slices.

Employing safe 5G Cybersecurity Risks enabled devices with robust security features like multi-factor authentication, end-to-end encryption, frequent security audits, firewall protection, and biometric access restrictions may help organizations reduce these threats. Regular security audits may also assist in spotting any network vulnerabilities and taking proactive measures to fix them.

Lastly, it’s preferable to deal with reputable 5G service providers that put security first.

Take On New Cybersecurity Threats

Cybercriminals often aim their biggest intrusions at PCs. Learn the characteristics of trustworthy devices and improve your cybersecurity plan. In the current digital environment, there is reason for worry over the growing complexity and frequency of cyber attacks. Cybercriminals are seriously harming businesses’ reputations and finances by breaking into security systems using sophisticated tools and tactics. Being able to recognize and address these new issues is critical for both users and businesses.

Threats Driven by GenAI

Malicious actors find it simpler to produce material that resembles other individuals or entities more authentically with generative AI. Because of this, it may be used to trick individuals or groups into doing harmful things like handing over login information or even sending money.

Here are two instances of these attacks:

Sophisticated phishing: Emails and other communications may sound much more human since GenAI can combine a large quantity of data, which increases their credibility.

Deepfake: With the use of online speech samples, GenAI is able to produce audio and maybe even video files that are flawless replicas of the original speaker. These kinds of files have been used, among other things, to coerce people into doing harmful things like sending money to online fraudsters.

The mitigation approach should concentrate on making sure that sound cybersecurity practices, such as minimizing the attack surface, detection and response methods, and recovery, are in place, along with thorough staff training and continual education, even if both threats are meant to be challenging to discover. Individuals must be the last line of defense as they are the targeted targets.

Apart from these two, new hazards that GenAI models themselves encounter include prompt injection, manipulation of results, and model theft. Although certain hazards are worth a separate discussion, the general approach is very much the same as safeguarding any other important task. Utilizing Zero Trust principles, lowering the attack surface, protecting data, and upholding an incident recovery strategy have to be the major priorities.Image Credit To Dell

Ransomware as a Service (RaaS)

Ransomware as a Service (RaaS) lets attackers rent ransomware tools and equipment or pay someone to attack via its subscription-based architecture. This marks a departure from typical ransomware assaults. Because of this professional approach, fraudsters now have a reduced entrance barrier and can carry out complex assaults even with less technical expertise. There has been a notable rise in the number and effect of RaaS events in recent times, as shown by many high-profile occurrences.

Businesses are encouraged to strengthen their ransomware attack defenses in order to counter this threat:

Hardware-assisted security and Zero Trust concepts, such as network segmentation and identity management, may help to reduce the attack surface.

Update and patch systems and software on a regular basis.

Continue to follow a thorough incident recovery strategy.

Put in place strong data protection measures

IoT vulnerabilities

Insufficient security makes IoT devices susceptible to data breaches and illicit access. The potential of distributed denial-of-service (DDoS) attacks is increased by the large number of networked devices, and poorly managed device identification and authentication may also result in unauthorized control. Renowned cybersecurity researcher Theresa Payton has even conjured up scenarios in which hackers may use Internet of Things (IoT) devices to target smart buildings, perhaps “creating hazmat scenarios, locking people in buildings and holding people for ransom.”

Frequent software upgrades are lacking in many IoT devices, which exposes them. Furthermore, the deployment of more comprehensive security measures may be hindered by their low computational capacity.

Several defensive measures, such assuring safe setup and frequent updates and implementing IoT-specific security protocols, may be put into place to mitigate these problems. These protocols include enforcing secure boot to guarantee that devices only run trusted software, utilizing network segmentation to separate IoT devices from other areas of the network, implementing end-to-end encryption to protect data transmission, and using device authentication to confirm the identity of connected devices.

Furthermore, Zero Trust principles are essential for Internet of Things devices since they will continuously authenticate each user and device, lowering the possibility of security breaches and unwanted access.

Overarching Techniques for Fighting Cybersecurity Risks

Regardless of the threat type, businesses may strengthen their security posture by taking proactive measures, even while there are unique tactics designed to counter certain threats.

Since they provide people the skills and information they need to tackle cybersecurity risks, training and education are essential. Frequent cybersecurity awareness training sessions are crucial for fostering these abilities. Different delivery modalities, such as interactive simulations, online courses, and workshops, each have their own advantages. It’s critical to maintain training sessions interesting and current while also customizing the material to fit the various positions within the company to guarantee its efficacy.

Read more on govindhtech.com

[mariacallous]

“Americans, your calls and texts can be monitored by Chinese spies,” a Washington Post opinion piece recently headlined. China has “growing cyber-sophistication and relentless ambition to undermine U.S. infrastructure” another Post article reported. Some analyses trace the recent exploitation to a telecommunications network backdoor created early in the era of digital networks to allow for court-authorized wiretaps.

When the digital wiretap law was passed in 1994, no one foresaw the kind of sophisticated intrusions apparently developed by the Chinese. It is an experience that we must remember as the design of digital network technology continues to evolve. 

I helped negotiate the 1994 Communications Assistance for Law Enforcement Act (CALEA) that, some fear, created the exploitable access for Chinese spies. The concern at the time was that the evolution from analog to digital telecommunications was hindering law enforcement. “Some of the problems encountered by law enforcement relate to the explosive growth of cellular and other wireless services,” the House committee report explained. “[T]he increasing amount of transactional data generated by the millions of users of on-line services” was an accompanying problem. Written 30 years ago, it is a description of today’s communications environment, in which wireless networks deliver online digital information.

At the time, I was the CEO of the Cellular Telecommunications and Internet Association (CTIA), the wireless industry’s trade association. Along with wired communications providers, our members were concerned about the way the FBI was proposing to monitor communications across the new digital technology. After detailed and lengthy negotiations, industry and law enforcement mutually agreed to a result that addressed the FBI’s concerns about access to the new technology, while also addressing industry concerns.

On August 11, 1994, I sat next to FBI Director Louis Freeh before a joint House and Senate hearing to announce that we had reached an agreement on the CALEA legislation and to urge its passage. That what we jointly endorsed that day could, decades later, be potentially hackable by Chinese spies was not part of that discussion.

Today—30 years after CALEA—a new digital wireless technology promoted by both the industry and government is raising new cyber risks. Called Open Radio Access Network (O-RAN), it is a new technical standard that seeks to copy for telecommunications infrastructure the scale and savings enjoyed by the computer industry’s interoperability of different pieces of network equipment from different vendors. In O-RAN, the network functions once performed by purpose-built hardware are instead virtualized in software. Based on input from the Federal Communications Commission (FCC) and Department of Commerce, the software is broken into multiple layers, thus expanding the number of vendors.

The O-RAN concept is an important step forward that will deliver increased capabilities at decreased costs. Accompanying these advantages, however, is the challenge to mitigate the increased risk of cyberattacks resulting from software that relies in part on open-source code running on commodity hardware. 

Earlier networks ran on proprietary equipment utilizing proprietary software that offered focused protection against attacks. Moving more functions to hackable software that is disaggregated from a purpose-built network appliance creates new pathways to attack these new networks.

Another attractive aspect of O-RAN is how the shift to virtualize hardware breaks the chokehold of the traditional suppliers of network equipment. This advantages cybersecurity because it creates alternatives to Chinese hardware manufacturers, such as Huawei. Yet, this too comes with the countervailing paradox that such supplier diversity represents another increase in the number of attack trajectories in the networks.  

As the European Union’s Report on the Cybersecurity of Open Radio Access Networks concluded, while there are security benefits to the diversification of suppliers, “by introducing a new approach, new interfaces and new types of RAN components potentially coming from multiple suppliers, Open RAN would exacerbate a number of the security risks of 5G networks and expand the attack surface.”

Network operators and law enforcement were reportedly blindsided by the ability of Chinese hackers to create advanced persistent threats (APTs) to exploit CALEA. This experience, however, is but the most current of many warnings that the networks on which our nation relies are vulnerable. Whatever the outcome of the ongoing investigation, the latest exploitation should send a message that we need cybersecurity as a forethought, rather than an afterthought, in the design of digital networks, accompanied by ongoing oversight of network security.

Looking back to go forward

Twenty years after CALEA passed, I was chairman of the FCC, the agency responsible for America’s networks. As chairman, I tried to work with network providers to develop cybersecurity standards that were flexible enough to evolve with the technology and the ever-evolving attack techniques of those seeking to exploit the networks. The irrefutable fact is that every single one of the cyberattacks that affect our nation traverse, at one point or another in their transmission, a private network regulated by the FCC.

What we proposed in 2014 was that the companies implement and report on their adherence to the National Institute of Standards and Technology’s (NIST) Cybersecurity Framework. The NIST Framework is a collection of best-practice internal controls developed collaboratively with industry that is continually evolving to help companies protect against cyberattacks. Along with implementing the voluntary NIST Framework, we asked the industry to identify where they set their objective cyber-risk threshold, their progress toward implementation of the Framework, and the steps taken to cure internal control shortfalls.

It was a new approach to network oversight that stopped short of regulatory micromanagement in favor of standards-based expectations. “The communications sector is at a critical juncture,” I said in a June 14, 2014, speech laying out the new program. “We know those [cyber] threats are growing. And we have agreed that industry-based solutions are the right approach… We will implement this approach and measure results. It is those results that will tell us what, if any, next steps must be taken.”

Unfortunately, the effort fell apart when the companies resisted a plan for reporting to the FCC. The industry argued the Department of Homeland Security (DHS) was a better place for such oversight. DHS, of course, had no regulatory authority over the networks. The Trump FCC then followed the industry’s preference and ceased the FCC initiative. 

DHS subsequently established the Cybersecurity and Infrastructure Security Agency (CISA), which is doing great work to advance best practices across the economy. Absent regulatory authority, however, such efforts can only go so far.  Cyber risk is a business risk; at the end of the day, how much a company invests in risk reduction is a bottom-line decision. The appropriate role for a regulator such as the FCC should be to establish expectations for such decisions to stimulate sufficient cyber protection by the nation’s networks—and then to inspect the results.

Today, the FCC’s minimal cybersecurity reporting obligations are constrained to cyber incidents that lead to outages, with no reporting requirements for compromises to confidentiality or network integrity. Amazingly, through its detailed reporting requirements on cyber issues, the Securities and Exchange Commission (SEC) has more information on cyber shortfalls than the regulator charged with protecting America’s networks. 

Thirty years ago, government and industry worked together to protect public safety and national security in a rapidly evolving digital environment. Ten years ago, industry and government could not come to terms with ongoing cybersecurity oversight at the FCC. The current cyberattacks are a clarion call that network security must be both a forethought in network design and an ongoing regulatory responsibility for the agency entrusted with oversight of the nation’s networks.