InSights Blog

Cyber risk management should be a priority for any organization. And while there are many measures your business can take to reduce cybersecurity risk across the enterprise, how do you discover and remediate unknown risks that may be lurking in the networks of third parties?

A single unauthorized device being used on your network. An unsanctioned application someone’s accessing from their non-secure home PC. A small vendor with a seemingly insignificant vulnerability. 

Ransomware is rapidly becoming the most common form of cyberattack. According to the Verizon 2021 Data Breach Investigations Report, ransomware incidents have doubled year-over-year with headline-grabbing consequences.

As if reflecting this trend, cyber insurance ransomware claims have also risen. Data collected by the University of Cambridge found that, in 2020, ransomware comprised 54% of insurance claims compared to just 13% between 2014 and 2019.

In early September, a threat actor leaked nearly 500,000 Fortinet VPN login names and passwords that were allegedly scraped from vulnerable devices last summer. The leaked credentials could allow hackers to access an exposed network to perform data exfiltration, install malware, and perform ransomware attacks. BitSight was able to verify that 98% of the IP addresses in the leaked files were, in fact, running Fortinet VPN servers within the past 12 months.

Cybersecurity is one of the biggest threats to global commerce in the 21st century.

With the average cost of a data breach in the U.S. reaching nearly $8.6 million, your organization can’t afford to ignore cybersecurity risk. Indeed, the need for security risk management is greater than ever. When cyber risk is managed more effectively, you can focus on innovation and driving business growth.

It’s a question more people are asking with each passing day:

Credit unions must be on high alert for cyberattacks. That’s according to a recent warning issued by the National Credit Union Administration (NCUA), who cautioned the industry of potential avenues of attack, including ransomware and supply chain attacks.

The red lights are flashing everywhere. News stories are warning about a sharp rise in ransomware attacks, a 2000X fold increase in cybersecurity breaches, and more cyber-related doomsday scenarios. Meanwhile, the Biden Administration released a much-anticipated cybersecurity plan earlier this year, calling for more investments in cybersecurity.

Imagine you've alerted your IT team to a critical infrastructure error plaguing your network. You ask them to drop their current work and focus on immediate remediation of this detected vulnerability. After further investigation, however, it is found to be a false positive. 

Imagine you've alerted your IT team to a critical infrastructure error plaguing your network. You ask them to drop their current work and focus on immediate remediation of this detected vulnerability. After further investigation, however, it is found to be a false positive. 

With cyberattacks on the rise, security investments are more important than ever. Still, the pandemic has forced many organizations to reconsider how they allocate their IT dollars. Between the new work-from-home paradigm and the increasingly global nature of many modern workplaces, CIOs have had to accelerate investments in cloud solutions and remote technology.

Recent events have made cybersecurity a top concern among C-suite executives. The SolarWinds breach, Capital One incident, and Colonial Pipeline attack are just a few of the noteworthy events that have made CEOs and CFOs take active roles in discussions around risk mitigation.

From sensors on the factory floor to those that guide autonomous vehicles, the Internet of Things (IoT) is transforming how we live and work. Over the coming years, IoT will continue to change our world, with the number of connected devices expected to grow from 13.8 billion units in 2021 to 30.9 billion by 2025.

The recent rise in ransomware attacks and business-halting data breaches has made it clear that your organization must prioritize cyber security performance. But ad hoc security controls and defensive measures are not the answer. Instead, you need a strategic, risk-based approach with a cyber security road map as your guide.