Third-Party Data Breaches Bring Trickle Down Trouble

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As another huge bomb hits the cybersecurity world in the form of the recent Microsoft Exchange hack, it’s a good time to take a look at third-party and supply chain risk to see how it can impact businesses and how it can be mitigated. Over 90% of US businesses experienced a cybersecurity incident like a data breach in 2020 because of a third party or supply chain fault.

It’s important to prepare for this risk because it’s less of a possibility and more of an eventuality in today’s ever more connected world. Those connections are one of the reasons why it has ramped up so steadily. As more and more information about people and businesses accumulates in dark web markets and data dumps, that provides fuel for cyberattacks that perpetuate the cycle, feeding the market. More than 60% of the information available now on the Dark Web could damage businesses, and data breaches exposed 36 billion records in just the first half of 2020.  

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More than 60% of data breaches are a result of exposure through third party or supply chain risk. Unfortunately, any business partner, supplier, or service provider with sloppy cybersecurity practices can put an innocent business at risk by doing things that make it easy for data to walk out the door, like the 17% of companies that have all of their sensitive files accessible to all of their employees – or the 41% of US companies that allow employees unrestricted access to sensitive data. 

Also included in that risk calculus, the siren song of making money on the dark web in a challenging economy has increased the possibility of data being snatched for nefarious purposes. An estimated 30% of data breaches involve internal actors with ill intent, including employees moonlighting by selling data or access on the Dark Web. 

2020 was not a friendly year for businesses when it came to cybersecurity, especially in the supply chain. About 80% of firms responding to a recent survey said that they’d experienced an increase in cyberattacks in 2020. Supply chain cybersecurity risk warnings increased right along with surging cybercrime, up by 80% in Q2 2020 alone. Two in five SMBs were impacted by a cyberattack in 2020.

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Don’t Make a Date with Third-Party Risk!

Third-party and supply chain risk is growing more dangerous for every business as cybercriminals maximize on past breaches to create new ones. Find great ways to reduce third-party and supply chain risk in our new eBook “Breaking Up with Third Party and Supply Chain Risk”. You’ll discover:

• Examples that demonstrate third-party and supply chain data risks to businesses
• A winning formula for solutions to secure companies
• Statistics about how and why threats are heating up in the third-party and supply chain risk landscape

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com/texas 877.860.5831

New Microsoft Exchange Hacking Campaign Targets U.S. Organizations

A new, aggressive hacking campaign that exploits vulnerabilities in Microsoft Exchange Server has hit as many as 30,000 U.S. businesses and government agencies. Microsoft is attributing these attacks to cyber espionage organization, HAFNIUM, based in mainland China. FortiGuard Labs was notified right away though MAPP (Microsoft Active Protections Program). We’ve already released four FortiGuard IPS patches to protect Fortinet customers from these exploits.

What You Can Do If you believe that your organization is vulnerable to this exploit, we recommend the following actions: Apply a “hot patch”, which according to Fortinet CISO Phil Quade, is the strategy of updating security devices to automatically block exploitation attempts using signatures from the threat actor’s exploit while you work to upgrade and patch devices. Conduct an asset inventory to identify all affected Microsoft Exchange Servers deployed in your organization. Run version checks to see if they have been patched. Apply appropriate patches where possible. Devices that cannot be patched should be secured behind a security device able to detect and prevent such an exploit. Apply advanced, scanning leveraging known Indicators of Compromise to detect leave-behinds and anomalous behaviors resulting from a successful breach, such as the use of an unauthorized back door. More details on the attack and how to mitigate it are available in the full blog post. To receive future information from Fortinet, don’t forget to subscribe. Read the Full Post

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