The panel begins by discussing threat intelligence. They highlight how the visibility of your network and tool stack is vital. This visibility is essential for producing threat data and generating actionable intelligence that enables the proper personnel to remediate cyber risks quickly. It then transitions into how companies should handle risk management.

The approach treats it as a blend of understanding threats unique to your organization. It also involves implementing general best practices. These practices include maintaining IT visibility, staying proactive, and managing security as a repeatable lifecycle. The goal is to ultimately achieve a zero-risk model.

The conversation later highlights several key aspects, including:

• Filtering threat intelligence, which involves tactical, operational, and strategic levels.
• Identifying the most crucial information for the organization.
• Best practices for parsing through irrelevant data to find valuable insights.
• Techniques for dealing with data related to vulnerability scans and zero-day exploit attacks.

Finally, the discussion concludes with risk management through layered security. It also addresses challenges associated with using bug bounty programs for vulnerability management, including the concept of attacks that can “break the entire chain” of controls. The panel also outlines trends that show cyber threat actors primarily target technology rather than specific industries.

Learn how to get more value from your threat intelligence and improve your organization’s security posture by checking out the full video on our YouTube.

The post Threat Intelligence and Risk Management Insights From Our Expert Panel Discussion appeared first on CyberMaxx.

At this point, almost any asset has the opportunity to become an entry point for cyberattacks making organizations harder to defend when they lack proper cybersecurity measures.

Visibility into the entire attack surface is more important than ever to reduce vulnerabilities whether they are known or unknown. This is where Attack Surface Management (ASM) comes in to save the day.

Defining Attack Surface Management (ASM)

ASM is comprised of a continuous series of steps that:

• Discover
• Monitoring
• Evaluate
• Prioritize
• Remediate

…attack vectors within an organization’s IT infrastructure.

The thought process behind ASM is that teams cannot secure unknown threats and having a solution that monitors the entire IT infrastructure gives organizations the visibility needed to protect their entire attack surface.

ASM differs from traditional asset management or discovery practices because it approaches security from the attacker’s perspective. This way all known and unknown threats can be identified and evaluated for risk.

What’s Included in an Attack Surface?

An organization’s attack surface is the interconnected network of IT infrastructure or any internet-facing asset in the cloud or on-premise.

More Specifically:

• Secure or insecure assets
• Known or unknown assets
• Active or inactive assets
• Shadow IT
• Managed and unmanaged devices
• Hardware
• Software
• SaaS
• Cloud assets and resources
• IoT devices
• Vendor-managed assets

An organization’s attack surface is continuously changing, evolving, and growing as time marches on. This is why continuous attack surface monitoring is so vital for the health of an organization’s overall cybersecurity and posture.

Functions of ASM

An effective attack surface management strategy will include but is not limited too:

1. Discovery

The first step is to create an inventory of all digital assets. This includes all hardware (servers, networking devices, firewalls, etc.), applications exposed through Internet-facing services (API’s, web portals), and cloud-based services (IaaS, PaaS). These individual components are then arranged into a map that offers visual insight into where security measures should be improved.

2. Monitoring

The attack surface of an organization changes constantly as the business grows. In order to make sure that a company is secure, applications are protected, and the device ecosystem is safe, organizations must spend time reviewing their security configuration on a constant basis.

A modern ASM solution automates this process — it continuously reviews and analyzes assets and will identify security gaps before they result in an incident or compromise.

3. Evaluation

One of the most important steps in securing a digital ecosystem is understanding which risk-prone assets are exposed and how they can be effectively managed. There are different kinds of assets within the digital environment, each with its own individual risk level. Each asset should be evaluated and given context about how it is exposed.

4. Prioritization

At this phase, ASM will rank or prioritize the risk-prone assets based on their severity. This comes in the form of actionable risk scoring and security ranking which uses objective criteria like how visible the vulnerability is, how exploitable it is, how difficult the risk is to fix, and the history of exploitation.

5. Remediation

Steps 1-4 of ASM set up the IT team with valuable information on which assets are the most vulnerable so they can begin remediation as soon as possible. Higher risk scores and security rankings will take priority and the team will work their way through the list to repair each asset.

Why ASM is Needed

Vulnerability risk management is generally used to identify and fix issues that may exist within an organization’s IT infrastructure, it may not encompass the attack surface as a whole but only a portion of the network. Continuous monitoring is the only way to be sure assets are always secure from threat actors.

With so many assets now distributed externally across the cloud, due to COVID-19 and many workers doing so from home, this has created even more work for security teams to do.

Digital transformations are also increasing the attack surface of organizations at an accelerated rate. In fact, Chairwoman Rosenworcel of the FCC warned about the risks to privacy and security as the world transitions to 5G. The use of 5G networks connects our lives faster and better than ever before, posing more security challenges aka a broadened attack surface for cyber events.

How ASM Mitigates Attacks

ASM takes security thinking from defensive to offensive; meaning an organization now has the perspective of an attacker.

This positions the IT/security team to understand better and prioritize the organization’s attack vectors.

When the attack surface is continuously monitored with ASM, security teams can move faster than attackers when a vulnerability is identified. The automation of security strategies like protection, classification, and identification in addition to assets outside the scope of traditional processes helps organizations be significantly more proactive than without ASM.

Real-time ASM analysis will scan for potential attack vectors like:

• Weak passwords
• Outdated, unknown, or unpatched software
• Encryption issues
• Misconfigurations

Conclusion

As organizations continue to acquire more external assets, changes in work environments and digital transformations, the importance of protecting their broadening attack surface is critical to business operations and the bottom line.

ASM makes the job of security teams a little easier by looking at the attack surface through the lens of an attacker, automating traditional and non-traditional security strategies, and continuously monitoring the entire attack surface for vulnerabilities.

Put simply…

You can’t protect what you don’t know about and ASM can help fix that.

The post Attack Surface Management (ASM) appeared first on CyberMaxx.

One of these services that have become almost a necessity for organizations to have is cyber insurance.

What is Cyber Insurance?

A cyber insurance policy helps an organization pay for damages resulting from a successful cyberattack or data breach. In the event of such an incident, the policy can help cover the cost of investigation, crisis communication, legal services, and refunds to customers. Having this type of coverage in place can provide peace of mind in the event that your business is targeted by bad actors.

As data breaches and cyber-attacks become more common, the market for cyber insurance is booming. More businesses are feeling the effects of these attacks and are turning to insurance to protect themselves.

In fact, cyber insurance is one of the fastest-growing markets. The global cyber insurance market was valued at $7.7 billion in 2020 and is projected to grow to a staggering $20.4 billion by 2025 (Source).

Companies that suffer from a cyberattack can often find relief through cyber insurance, but this does not mean that they can forgo an all-encompassing cybersecurity program.

Think of it this way: drivers have car insurance to protect themselves from the monetary expenditure should an accident happen, but that’s only after the accident has happened. During the accident, the car launches out airbags to hold the driver and passengers safely inside the vehicle with restraints, and sometimes with newer cars, will divert the car from a collision altogether with modern technology.

The same goes for an organization incorporating security within their IT departments or working with a dedicated MDR provider similar to CyberMaxx. The people, processes, and technology implemented to help protect organizations from bad actors looking to breach assets is like those car safety features that are looking to prevent medical or property damage.

Put simply: Cybersecurity measures help prevent a data breach from happening so that cyber insurance isn’t necessary unless a breach occurs, which is much less likely with proper proactive measures deployed.

The Human Element

85% of data breaches are a result of human error (Source).

What does that mean? Typically it’s when an individual clicked on or downloaded something they weren’t supposed to and allowed malware of some kind to be installed in the organization’s networks, beginning the domino effect of a data breach.

In today’s market, insurance companies providing cyber liability coverage to businesses are increasingly requiring awareness training that includes regular phishing simulations. By regularly testing their employees’ ability to spot and avoid phishing scams, businesses can help protect themselves from the potentially devastating consequences of a successful cyber attack.
Cyber Insurance Is Calling The Shots

Organizations are increasingly being required by cyber insurers to implement security technologies in order to mitigate risk.

Why?

It makes sense. If an organization has an added security posture against cyber attacks, it has a heightened probability of preventing breaches and not even having to use the insurance policy.

Some of these technologies that insurance providers are requiring include:

• Endpoint detection and response (EDR) solutions
• Vulnerability Risk Management (VRM)
• Network Detection and Response (NDR)
• Security Information and Event Management (SIEM) technology

What’s The Worst That Can Happen?

Some organizations have been playing roulette with their security, or lack thereof, and foregoing additional security protection with the intent of just paying deductibles should a breach occur.

The insurance provider may get the last laugh If an organization does not have basic cybersecurity measures in place. Cases have been reported that insurers are not covering expenses associated with a security incident if the organization cannot prove that the required security measures weren’t met.

Why Managed Security Is Better

Some insurance providers are requiring a Managed Detection and Response (MDR) solution (Hint: CyberMaxx is both), instead of an organization just purchasing the minimum required solutions – i.e. EDR, VRM, SIEM, etc.

MDR Services are designed to help organizations quickly identify and respond to threats. By combining human expertise, processes, and technology, MDR can provide a comprehensive solution for threat hunting, monitoring, and response.

MDR solutions improve your organization’s threat detection and incident response, making organizations with an MDR/XDR solution more attractive candidates for cyber insurance providers.

An important benefit of MDR is that it helps reduce the impact of threats without the need for additional staffing. Without the need to hire additional staff, a company’s security posture is immediately increased as having this human expertise that’s been trained for years doesn’t have the typical ramp-up time required with building a team from scratch.

Good Protection Matters: To Hire MDR or Not to Hire MDR

In the end, what insurers are requiring not only protects their bottom line but will help protect organizations choosing to purchase cyber insurance policies.

At CyberMaxx we actively work with cyber insurance to help lower premium rates on the organization’s behalf.

Not only does the insurer benefit from having CyberMaxx as the MDR/XDR provider because of the 20+ year track record of thwarted attacks and protected assets in the healthcare, financial services, retail, and other heavily regulated industries – It’s proven that when an organization uses CyberMaxx as the protection provider, assets won’t go breached.

The post Organizations Need Both Cyber Insurance and a Strong Cybersecurity Program appeared first on CyberMaxx.

Unfortunately, due to compartmentalized and inadequate views of the attack surface, security teams must depend on just-in-time detection and response strategies in order to counteract an attacker’s movements.

What tools are better from the perspective of mitigating and managing risk within an organization’s networks and devices?

Many people mistakenly believe that a “threat” is synonymous with either a “risk” or a “vulnerability”. However, while related, each of these terms has its own distinct meaning.

But in cybersecurity, it’s important to differentiate between: threat, vulnerability, and risk.

• Threat exploits a vulnerability and can damage or destroy an asset
• Vulnerability refers to a weakness in your hardware, software, or procedures. (In other words, it’s a way hackers could easily find their way into your system.)
• Risk refers to the potential for lost, damaged, or destroyed assets

We’re going to cover Continuous Threat Exposure Management and Vulnerability Risk Management; what’s better, different, and ultimately right for the organization to manage risk and vulnerabilities.

What is Continuous Cyber Exposure Management?

According to Gartner and our friend at Tenable, Continuous Cyber Exposure Management (CTEM) allows a business to better understand cyber risk and make informed decisions based on that risk. Exposure management has the bones of risk-based management but takes a wide-angled view of the entire attack surface.

A company’s attack surface is all of the areas where there is potential for an attack, now imagine a threat actor trying to figure out the combination like on a lock using vulnerabilities that exist in network hardware or software, operating systems, processes, and people in an organization until they find the answer.

CTEM applies technical and business context to provide proactive incident response efforts to support the attack surface.

• Unified view of all assets and vulnerabilities
• Reduce time spent for security experts to understand the attack surface
• Eliminates blind spots
• Anticipates the impacts of a cyber attack
• Provides actionable insights

What is Vulnerability Risk Management?

Vulnerability risk management is a critical process for identifying and mitigating risks present in devices, web applications, and networks. This process can help protect organizations from potential cyber threats and safeguard sensitive data.

Risk-based vulnerability management uses machine learning to correlate asset criticality, vulnerability severity, and threat actor activity. It helps cut through the noise so the focus is on the vulnerabilities that pose the most risk to networks and devices.

• Prioritizes remediation
• Provides actionable insights
• Satisfies compliance regulations and standards
• Reporting

Conclusion: Are they the same?

Similar but different. Different, but good different – that’s what we’ll call these two disciplines.

The difference?

• Continuous Threat Exposure Management (CTEM) takes a broader look at a company’s overall attack surface across all security programs. CTEM combines exposure technologies; vulnerability management, web app security, identity security, and threat intelligence with the operational process used to understand exposures to create incident response workflows.
• Whereas, Vulnerability Risk Management (VRM) utilizes scanning based on risk and will prioritize that risk. Data is delivered to security teams in a way that allows them to take action based on what is most important to that team.

CTEM and VRM are both proactive management tools used to mitigate attacks from threat actors making a company less likely to experience a breach.

There is no right or wrong when it comes to keeping your organization safe, only what will work best for the company and its assets. Either tool that is used will significantly reduce the risk of a breach, so talk with an expert to see which one is best.

Keep in mind that by 2026 organizations that continue to prioritize exposure management or vulnerability risk management programs will be three times less likely to suffer from a breach. (Implement a Continuous Threat Exposure Management (CTEM) Programme, Gartner, July 2022.)

The post Continuous Cyber Exposure Management vs Vulnerability Risk Management = The Same? appeared first on CyberMaxx.

In addition to exploiting new attack vectors such as artificial intelligence, attackers have developed advanced persistent threat tactics in order to help them bypass these security measures.

As the attack vectors become more sophisticated, so too are organizations’ defensive strategies.

Attack Vectors and their Defense Strategies

Social Engineering

Social engineering is the psychological manipulation of people in which the attacker uses human communication to obtain information, break into systems or networks, or commit fraud. Social engineering attacks are usually based on exploiting trust relationships between people in order to trick them into revealing sensitive information.

Defense

Conducting security awareness training for employees on a regular basis is the best way to protect against social engineering attacks. The investment in security awareness training can pay off in the long run, lowering your team’s risk of falling victim to a social engineering attack.

Some quick tips:

• Think before you click
• Research the sources
• Email spoofing is ubiquitous
• Don’t download files you don’t know
• Offers and prizes are fake – This goes back to thinking before you click and don’t download files

Technical Vulnerabilities

Operating systems and software programs can be exploited through technical vulnerabilities. These are defined as weaknesses that can be exploited by someone with malicious intent. When a vulnerability is exploited, the attacker may gain access to more sensitive areas of the system and carry out dangerous activities.

Defense

Security isn’t just about installing third-party solutions. It’s also about making sure you have a good patching and change management process to ensure that when you deploy those security solutions, they actually get deployed into your networks and the configuration changes in your environment get applied so that you can protect yourself against the most common attacks.

Misconfigurations

A common mistake that companies make is misconfiguring their systems and applications, which leaves them vulnerable to attacks. Insecure configuration options and misconfigurations can lead to vulnerabilities in applications. When a component is vulnerable to attack as a result of these issues, it is referred to as a “security misconfiguration vulnerability.”

Defense

It is important to have procedures and systems in place that help to secure your configuration process and make use of automation where possible. Monitoring the settings of applications and devices, and comparing these to recommended best practices, can help to identify any potential security risks from misconfigured devices across your network.

Watering Hole/Drive-by Download

Watering Hole

Watering hole attacks happen when a threat actor compromises sites that victims visit, hackers can gain access to their computers and networks, causing serious damage.

Drive-by Download

Hacker creates a vector for malware delivery — usually through online messages, ads, or downloads of legitimate programs. You can interact with these vectors without realizing it — for example, by clicking on a deceptive link or downloading software that has malware embedded in it.

Drive-by downloads are designed to:

• Hijack your device
• Spy on your activity
• Ruin data or disable your device

There are two main variants of Drive-by Download attacks:

• Non-malicious potentially unwanted programs or applications (PUPs/PUAs)
• Malware-loaded attacks

Defense

When it comes to these types of attacks, the best defense is to err on the side of caution. You should never let your guard down when it comes to security.

At CyberMaxx, we’ve put together some of the best tips and tricks on how you can avoid downloading malicious code:

Website Owners

• Keep all website components up to date
• Remove any outdated or unsupported components of your website
• Use strong passwords and usernames for your admin accounts
• Install protective web security software into your site
• Consider how your advertisement use might affect users

Endpoint Users

• Only use your computer’s admin account for program installations
• Keep your web browser and operating system up to date
• Be wary of keeping too many unnecessary programs and apps
• Use an internet security software solution on all your devices
• Always avoid websites that may contain malicious code (i.e. the usual suspects can be gambling, pornography, or fake PayPal or Amazon redirects)
• Carefully read and examine security popups on the web before clicking
• Use an ad-blocker. Drive-by download attacks often use online ads to upload infections

DDoS (Denial-of-service)

A Distributed Denial of Service (DDoS) attack in which a group of compromised systems connected over the Internet is used to send high volumes of traffic toward a target computer or network.

The goal is to make the targeted resource unavailable to legitimate users. The source of this traffic can be a botnet, Mirai, or another cyberattack tool.

Defense

If an organization’s network is experiencing a DDoS attack, the organization should work with the upstream ISP and any other service providers. They can either stop the flood or at least slow it down so the network can recover. Enlisting help from security experts that specialize in DDoS mitigation is another option.

Cybersecurity: An Ever-Evolving Landscape

Taking the time to correctly assess (Vulnerability Risk Management/Exposure Management) where any potential security pitfalls may be and planning for their eventuality can minimize the chances that something will go wrong and threaten the network infrastructure’s security. Everyone is vulnerable to these risks, but you can do a lot to prevent them.

Of course, without the proper training of employees and other users of the organization’s networks and devices to be extra diligent, all the VRM in the world can’t do a thing – It’s important to make sure they are cautious of files, links, and potentially harmful websites.

The post Attack Vectors and Defense Strategies Against Them appeared first on CyberMaxx.

In recent years, we have seen a number of high-profile data breaches affecting small and large businesses. As a result, data security has been a top priority for regulators, including the Federal Trade Commission (FTC).

On May 24, 2022, The FTC released a new publication that provides guidance to financial institutions and their service providers about the FTC’s revised Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA).

Why Should You Care?

Well, it’s a law and if an organization is found not to have complied with these requirements, impending fines and sanctions will be imposed.

That’s not even the bad part. Taking the initiative and making sure that these guidelines are implemented within an organization can drastically reduce the probability of falling into a data breach. One that could result in a loss of trust, an embarrassment in the public, and ransomware fees in excess of $4M to $10M.

Give Me the Cliff Notes

Let’s cut to the chase, here are the highlighted actions all financial institutions that fall under Federal Trade Commission (FTC) law (That’s a majority of financial services organizations conducting business in the US) must comply with by December, 9th, 2022:

• Base your information security program on a risk assessment
• Implementing and periodically reviewing access controls
• Implement policies, procedures, and controls designed to monitor and log the activity
• Continuous monitoring or periodic penetration testing and vulnerability assessments
• Annual penetration testing of your information systems determined each given year
• Vulnerability assessments at least every six months
• Utilizing qualified information security personnel employed by you or an affiliate or service provider (Teaser: CyberMaxx is your friend)
• Establish a written incident response plan designed to promptly respond to, and recover from, any security event materially affecting the confidentiality, integrity, or availability of customer information in your control

What’s the Gramm-Leach-Bliley Act?

As businesses continue to collect and store more data, it is becoming increasingly important for them to have strong data security measures in place. This is especially true for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA), which regulates how these institutions must protect customer information.

Under the GLBA, companies that offer consumers products and services like loans, financial advice, or insurance must explain their information-sharing practices to customers and take measures to keep sensitive data secure.

FTC Safeguards Rule: What Your Business Needs to Know

“FTC Safeguards Rule: What Your Business Needs to Know” is a new publication from the Federal Trade Commission that outlines their continued interest in regulating data security for businesses subject to GLBA. This is something that all businesses under FTC jurisdiction should be aware of, as they may now be more likely to face regulatory action.

In order to protect customer information, financial institutions and their service providers must maintain certain safeguards. These safeguards are outlined in detail in the FTC’s Safeguards Rule.

This Rule broadly defines what counts as a financial institution, including non-banking businesses such as check-cashing services, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, courier services, and credit reporting agencies.

In December 2021, in response to feedback from financial services companies and their third-party service providers, the FTC amended its Safeguards Rule. This new version of the Rule provides more concrete guidance on what information security safeguards financial institutions must implement as part of their overall program. Unlike previous versions of this Rule and other similar regulations promulgated by federal financial regulators, this new Rule includes specific criteria that must be met in order for a company’s security measures to be considered adequate.

What Can You do to Start Complying?

Your organization may be subject to the Safeguards Rule (most likely it is), so it’s important to take steps to ensure compliance.

1. Identify Your Organization’s “Qualified Individual”

The FTC’s amendments to the rule include designating someone within your organization to be the “Qualified Individual.” This person is responsible for ensuring that your organization complies with the rule and overseeing the development and execution of the organization’s security program. They will also be required to report to the company’s board of directors.

Even if a decision to outsource data privacy and security support to an MDR/XDR provider like CyberMaxx, the organization will still need to designate an internal Qualified Individual.

2. Needed: Encryption Services

Safeguards Rule requires that all sensitive customer data be encrypted at rest and in motion. Data can move in many ways and for a variety of reasons, so this is a broad requirement.

3. Access Controls – Does Your Organization Have Them?

Periodic reevaluation over who in the organization has access to what information, and for how long is a requirement under the new guidelines. One way to reduce the likelihood of data breaches is to restrict access to information on a need-to-know basis. By not permitting all employees to view all data at all times, you make it more difficult for hackers to access sensitive information.

4. Review Applications and Partners

Organizations should take a close look at their in-house applications and third-party partners to make sure they are meeting all of the requirements laid out in FTC’s Safeguards Rule. Despite best intentions, data breaches happen. And when they do, the consequences can be severe – especially when customer data is involved

How Can CyberMaxx Help?

How can CyberMaxx help you with these updated guidelines under the Safeguards Rule?

The real question is what can’t we help you with?

CyberMaxx offers all the services that are required under the Safeguards Rule:

• Penetration Testing
• Vulnerability Services
• Network IDS/IPS Services
• Risk Assessments
• Incident Response Plans and Playbooks

More and more organizations just like yours have been making the switch to our managed security services.

99%, 72, and 1,000+ are the magic numbers security professionals like yourself are seeing to make the change to CyberMaxx.

CyberMaxx has:

• A 99% customer retention rate
• An NPS of 72
• and that’s all while protecting over a thousand locations

Matched with our mature SOC that has over 20+ years of experience, our free trials are showing these organizations the difference we bring while keeping their current protection in place.”

Let’s talk. Time is running out and we want to make sure you aren’t caught by the FTC or a bad actor.

The post FTC Releases Guidance on New Safeguards Rules…Why You Should Care. Ready? appeared first on CyberMaxx.

The vulnerability risk management (VRM) market is growing fast.

The global security and vulnerability management industry is booming, with experts predicting it will be worth $18.7B by 2026. That’s a 26% increase from the 2021 market size of $13.8B (Source).

The main drivers behind this growth are:

• An increasing number of vulnerabilities around the world
• High financial losses caused by the lack of security and vulnerability management solutions
• Strict regulatory requirements and data privacy compliance
• A surge in adoption of IoT and cloud technologies
• The integration of advanced technologies such as AI and ML with security and vulnerability management solutions

According to the 2022 Cost of a Data Breach Report by IBM and Ponemon Institute, Vulnerability in third-party software was the fourth-most common initial attack vector, with the third-highest average cost of a breach. These same attacks had the fourth-highest mean time to identify and contain at 284 days, and history has proven that the longer it takes to identify and contain, the more damaging the breach becomes.

The Case for Managed VRM

As the threat of cybercrime increases, it is more important than ever for businesses to have a strong cybersecurity team in place. However, the reality is that there simply aren’t enough qualified cybersecurity professionals to meet the demand. According to a recent study, more than 57% of organizations have been impacted by the cybersecurity skills shortage, with application security being one of the areas most affected.

Security breaches are a major concern for businesses of all sizes. New vulnerabilities are discovered on a monthly basis, making it difficult for enterprises to keep track of which ones could pose the biggest threat to their business-critical applications. Without a prioritization tool to help automate and streamline the process, teams can spend countless hours managing it manually.

This is where an MDR provider like CyberMaxx can come in to help not only help implement, scan and prioritize vulnerability management, but maintain in order to make sure that vulnerabilities are recognized and remedied on a regular basis.

What to Look for in a VRM Solution

There are many providers both VRM solutions that can be self-implemented and companies like CyberMaxx that provide managed VRM, but not all are created the same and one size does not fit all.

When evaluating managed VRM solutions, organizations should look for several key features:

• State-of-the-art, Reliable Scanning Technology: With CyberMaxx’s managed MAXX VRM service, a partnership with the industry-leading VRM technology, Tenable.io, is used to perform periodic scanning in the SOC. Tenable.io provides the most accurate information about your assets and vulnerabilities, available as a cloud-delivered solution.
• A Personalized Scanning Strategy: Because the vulnerabilities in a network can stem from a wide range of areas, such as rogue devices and web applications, the scanning strategy should be highly personalized. Remember: one size does not fit all and should be aligned with the organization’s needs/infrastructure setup.
• Prioritized Remediation: While many scanning solutions will provide guidance regarding which vulnerabilities to tackle first, the safest way to prioritize remediation is with a team of experts who provide insight based on vulnerability severity, asset criticality, compliance requirements, and threat intelligence through a personalized report crafted specifically for your organization.

Organizations can protect themselves from potential threats by collaborating with an MDR like CyberMaxx that fits their budget and needs. By working together, they can create a risk-based vulnerability management program that is tailored to their specific situation.

The post What to Look for in a Vulnerability Risk Management Solution appeared first on CyberMaxx.

Risks that affect an entire system and accumulation scenarios both require a well-defined risk appetite in order for sustainable and innovative protection to be offered to those who are insured. Cybersecurity that is at an adequate level strengthens the resilience of those who are insured and, at the same time, is something that is required in order to have access to the insurance market.

But, with the recent increase in ransomware attacks, many executives are concerned that insurance carriers will no longer provide coverage for cyber-related incidents.

While coverage isn’t going to stop, insurers are starting to make it harder to be insured against cyber attacks, and in some industries, it’s almost next to impossible to get cyber insurance.

The global cyber insurance market is expected to reach $20 billion by 2025, according to research firm GlobalData. This represents a 74% increase from the $4.8 billion market size in 2021. Fitch Ratings, which assigns insurer credit ratings, says that the demand for cyber insurance is growing as businesses become more aware of the risks posed by cyberattacks.

Despite the booming cyber insurance industry, many carriers are struggling to keep up with the ever-changing landscape of risk. In order to stay afloat, these companies are forced to revise their underwriting models and increase premiums. As a result, the market may not be as healthy as it appears.

As cyberattacks become more prevalent, insurance companies are becoming increasingly selective about the industries they are willing to cover. It is becoming very difficult to insure sectors that have been disproportionately targeted in the past, such as government, education, healthcare, and utilities.

But wait, there is good news: Organizations can still get cyber insurance, but they will have to pay more and meet additional requirements for less protection.

“83% of all C-Level respondents in a recent global study reported that their company is not adequately protected against cyber threats.” – Munich Re, 2022

What does cyber insurance cover?

Cyber insurance is a type of insurance that helps protect businesses from the financial damages caused by cyberattacks.

Just like with any other type of insurance, companies apply for coverage from brokers or carriers, and underwriters evaluate the applicant’s security posture to determine if they are taking basic precautions against attacks.

If an attack does occur, cyber insurance can help cover the costs of things like downtime and lost income.

As the insurance industry continues to grow, underwriters are increasingly relying on models to determine the amount of coverage they are willing to offer and at what rate. If the models indicate that a policy is likely to be profitable, the policy is issued and the carrier will usually transfer some of the associated risks to a reinsurance company.

The reinsurance market allows insurers to write more policies and continue expanding their operations.

After a Ransomware Attack, Nothing is the Same.

Ransomware has turned the insurance industry upside down, leaving organizations scrambling to protect themselves.

Here are some facts to consider:

• Last year saw a sharp increase in ransomware attacks, with a reported 51% surge compared to 2020.
• Adjusted losses for 2021 totaled more than $49 million, a nearly 69% increase in 2020 that accounted for $29.2 million in losses.
• Ransomware payments have reached new heights in 2021, with the average payment hitting $821k. That’s a 79% increase from 2020 payment amounts which were $170k.
• Ransomware was involved in 75% of all cyber insurance claims during the first half of 2021.

Rising Rates and Less Coverage

The insurance industry took a leap in 2021 by increasing direct-written premium rates by 74%.

For many industries, coverage limits have been reduced from $10 million to $5 million, while deductibles (also known as “retentions”) have increased. In some cases, deductibles have jumped from around $25,000 to as much as $250,000 in the past year or two.

Prove Your Security is Tight

Cyber insurance companies are increasingly requiring their clients to meet higher standards of cyber hygiene in order to qualify for premium rates. Much like someone applying for life insurance might have to take a physical and share their medical history, organizations must now take measures to ensure they are up to par in terms of cybersecurity.

This includes things like multifactor authentication (MFA), endpoint protection, and up-to-date backups. Cyber risk scores are something that insurers are paying close attention to as well. If an organization doesn’t have all its ducks in a row in terms of security, it can expect to pay higher rates, have reduced coverage, or be rejected outright.

The rising number of cyber-hygiene prerequisites can be frustrating for executives, which is where a good VRM solution can come in to identify vulnerabilities in networks and devices.

Cyber Insurance: Worth It?

As cyber insurance coverage becomes increasingly restricted, some organizations are wondering if they need the coverage at all or if they could just pay out-of-pocket in the event of an incident.

Not everyone is on board with the self-insurance approach when it comes to potentially massive losses from a serious cyberattack. Some feel that the stakes are simply too high to gamble on being able to cover all costs on one’s own.

This is where MDRs like CyberMaxx can come in and provide the protection organisations need at a lower cost of insurance premiums and a fraction of the cost that a ransomware attack would cost.

The post Cyber Insurance is Under Attack from Ransomware appeared first on CyberMaxx.

At CyberMaxx, we understand that vulnerability risk management (VRM) is vital to the success of any organization. That’s why we offer our comprehensive MAXX VRM service, which provides both the latest technology and experienced human expertise to help you periodically scan all systems for vulnerabilities and potential misconfigurations.

CyberMaxx provides expert-managed security services that help you protect your data. Our team of analysts and engineers is constantly on the lookout for ways to improve your security posture and keep your data safe. We provide daily reports and recommendations on what needs to be done to keep your systems secure.

See why our VRM MDR services are compared with the best.

Video Transcript

Do you know if your networks and devices are vulnerable?

Do you have the time and resources to actively manage the risk of these networks and devices?

Yes, No, Maybe…

Well, CyberMaxx has a solution and it’s MAXX VRM!

With MAXX VRM, state-of-the-art technology meets prioritized remediation.

Wait a second…what does that even mean?

Our MAXX VRM service provides the technology and human expertise needed to successfully perform periodic scanning of all systems.

This helps to ensure that technical vulnerabilities and misconfigurations are identified and quickly remedied.

Our team of cybersecurity experts handle the setup, configuration, vulnerability scanning, and reporting.

That’s right, you don’t have to do anything. Just sit back and pat yourself on the back.

CyberMaxx vulnerability management services prioritize remediation for you and provide actionable insights.

This is based on vulnerability severity, asset criticality, compliance requirements, and our unmatched threat intelligence. Yes, we’re that good.

You can also identify, organize, and dynamically select assets for managed vulnerability scanning or reporting, and discover rogue devices and web applications automatically.

In addition to our technology, experts, and processes, we’ve partnered with the best to make sure your data is secure.

CyberMaxx, Vulnerability detection with white-glove security coverage. It’s a Win-Win.

The post MAXX VRM – Managed Vulnerability Risk Management from CyberMaxx [VIDEO] appeared first on CyberMaxx.

Businesses need to be proactive in protecting themselves.

One way to do this is by conducting internal vulnerability assessments. By identifying and correcting vulnerabilities, businesses can avoid costly data breaches and improve their overall security posture.

But…What are Internal Vulnerability Assessments?

Organizations can reduce their cyber security risks by conducting regular assessments of their assets, vulnerabilities and overall exposure. By doing so, they can identify potential weaknesses and take steps to mitigate them before criminals have a chance to exploit them. This proactive approach helps organizations stay one step ahead of the bad guys, protecting their businesses and keeping their networks safe.

When we talk about “vulnerability assessments,” we generally mean the possibility to scan the network, looking for existing vulnerabilities that could lead to attacks. Internal network vulnerability scans are just that: a security scan performed on your own network with full access to it.

The Benefits of Internal Vulnerability Assessments

A vulnerability assessment provides an important service:

• Validates the effectiveness of current security safeguards and system updates
• Provides a quantifiable value for the risk that internal systems and sensitive data face in the event of a breach

This information is critical in order to make informed decisions about how to best protect your company.

Vulnerability testing is essential to protecting your company from data breaches and financial losses. By identifying and addressing potential security risks, you can avoid the costly consequences of a breach, such as lawsuits and settlements. Don’t wait until it’s too late – ensure your company’s safety with regular vulnerability testing.

What’s the difference between Internal and External Assessments?

What are the key differences between internal and external assessments?

• Internal Assessments: A process that helps organizations identify vulnerabilities within their networks, internal servers, workstations, applications, etc and fix them before they become an issue. This can be done through many different methods, but one of the most common methods is through vulnerability assessment software or systems.
• External Assessments: The method of inspecting your network from the outside. This can encompass public-facing assets, open ports, services, public applications, etc. By doing this, you can identify any weaknesses in your network that may lead to a potential incident.

By looking at your network from this view, you can easily identify what the most pressing issue is within your network. You can also identify any services or new servers that have been set up since the last scan and identify if they present any new risks to your organization.

The best way to ensure full coverage is by performing both external and internal scans simultaneously; it allows for a better picture of all the different avenues a bad actor can infiltrate networks and devices.

Conclusion

Internal vulnerability scans can help protect your business against potential threats. By regularly conducting scans, you can help ensure that your business is prepared for whatever might come your way.

If vulnerabilities are detected, measures must be taken to rectify these issues before they can be used against an organization. By creating a data-protection infrastructure that accounts for all potential threats, security managers have an easier time isolating internal vulnerabilities and addressing them before they pose a real threat.

Assessments can be used to safeguard a business from threats, by giving the company a list of vulnerabilities to work against and remediate.

CyberMaxx partners with Tenable to provide a fully managed, white-glove MAXX VRM solution for companies looking to bolster their networks.

The post What is an Internal Vulnerability Assessment? appeared first on CyberMaxx.