Tag Archives: cyber attack

How Co-Managed IT and Cybersecurity Insurance Protect Your Business

Cybersecurity, Security, , , ,

Cybersecurity Insurance

Cyberattacks pose a real threat to businesses, potentially inflicting irreversible damage and leading to bleeding losses. Gaps in your IT protection can cause a loss of data, downtime, irate customers, and stain your reputation. Ultimately, it could make your finances crumble if you are unprepared. Based on your current setup, how would you rate your company’s cybersecurity insurance?

Following the loss of clients and decline in sales, the terrifying thought of applying for bankruptcy is more real than ever. Can you bounce back from these financial mishaps? More importantly, does your company have business security solutions to make sure these nightmares never happen?

Effects of a Cyberattack on Business Finances

If you experience a cyberattack, your company’s finances will suffer without cybersecurity insurance. How do you go from having it all to scrambling to protect your business? It’s not like the hacker will walk into your bank account and directly take your money.

Ransomware is one of the most common vehicles that cybercriminals use to extort money. By unleashing this horror, they can gain control over your data and hold on to it until you pay a ransom. They don’t ask for loose change, either. The biggest pay-out recorded so far is $40 million back in 2021.

Financial loss can also occur during the recovery period following an attack. You would have to pay for the investigation, legal services, damage control, customer refunds, and other expenses during this period. Do you have cyber liability (cybersecurity) insurance to cover this incident?

Benefits of Having Cybersecurity Insurance

Cybersecurity insurance serves as protection for your business in case it becomes the target of a cyberattack. Depending on your policy, the provider can shoulder the costs directly or indirectly resulting from the attack.

This coverage may include system repair, data recovery, data breaches, ransom demands, and legal fees. A cybersecurity insurance policy also typically includes the cost of contacting clients and recovering stolen personal identities.

Even with a modest attack, the financial impact could cost more than what a small business can afford. Imagine if you have no active cybersecurity insurance—can you still hope to get back on your feet?

How Co-Managed IT Solutions Can Help

When handling the IT infrastructure of a business, many owners now opt for a co-managed IT. This strategy combines the convenience and familiarity of an in-house team with the expertise and resources of an MSP.

Co-managed IT is strongly recommended because it provides cutting-edge business security solutions across different areas, including cybersecurity insurance. The vast pool of resources available to an MSP can dramatically enhance cybersecurity for your business.

Our Final Thoughts on Co-Managed IT and Cybersecurity Insurance

Partnering with an MSP reduces your risk of becoming the next cyberattack victim. Furthermore, these providers have valuable tie-ups with the best cybersecurity insurance providers so they can easily get you a policy that meets your needs and fits your budget.

This is just the tip of the iceberg. Do you want to learn a lot more about cybersecurity insurance and the entire cyber risk landscape? Start by downloading the Cyber Risk Infographic. This free resource will open your eyes to the risks you are facing. It also underscores the value of co-managed IT services for your business and why you should contact us about it today.

Give it a quick read and if you are ready to take the next step, please let us know. We can schedule you for a call so we can discuss your business cybersecurity needs in more detail.

The Steps to Take to Prevent AI from Being Used Against You

Steps to Take to Prevent AI
Cybersecurity, Data Backup, Security, , , ,

Artificial intelligence has dramatically changed how we run our businesses, mostly for the better. Unfortunately, AI has also brought us bigger and far more alarming security risks, since hackers are now using this technology for their nefarious purposes. In fact, there has been a significant jump in the number of data breaches recently. Today we will show you some steps to take to prevent AI from using your business.

From a steady average of 1,105 data breaches annually from 2014 to 2020, the number suddenly escalated to more than 1,800 a year starting in 2021. Analysts attribute this to the now prevalent use of AI tools in cyberattacks.

The numbers are alarming, but the good news is that we can do something about it. Business owners can follow these steps to protect their businesses and employees from AI-powered attacks.

Know What You Are Up Against

One of the steps to take to prevent AI from attacking you is through awareness. Awareness is your first line of defense in cybersecurity. You don’t need to master the techniques that hackers use, but you should at least be aware of the ways they are using AI so that you can understand the risks involved.

Cybercriminals are now using AI algorithms and tools to create malware, automate attacks, generate phishing emails, and avoid detection, among other applications. Many hackers are also taking advantage of the vulnerabilities of AI-based security systems, using them to gain unlawful access and create a security breach.

Keep Your Systems Updated

Hackers are always quick to get their hands on the latest technology, like AI, used for illegal activities. By regularly updating your systems and making sure you have the most advanced security solutions, you can fight off the biggest AI threats that might come your way. You can’t be complacent just because you had a reliable security system installed years ago. Stay at the forefront of security by taking this step and updating your hardware and firmware regularly to prevent AI attacks.

Conduct Employee Training as a Step to take to prevent AI Attacks

The primary target of AI-based cyberattacks is your employees because they are the easiest barrier to get through. This is why it is paramount that you train your staff thoroughly, especially on how to identify the signs of online attacks. They must be prudent when opening messages and watch for unusual social media activity. It is also important to instill the importance of cybersecurity in your workforce, as these attacks can directly affect them and not just the organization.

Fortify Your Security Controls

Cybercriminals have created new threats to security using AI tools, but cybersecurity experts have also developed new security controls that can help businesses like yours keep these threats under control. If you want to prevent AI from being used against you, it is mandatory to implement these superior security controls, which include multifactor authentication (MFA), role-based access control (RBAC), biometrics, data encryption, and many more. Of course, you can’t forget about using anti-malware software, which remains a viable tool for keeping systems free from malicious programs.

Use AI to Your Advantage

Hackers can use AI against you, but you can also use AI to boost your security against hackers. There is a good side and a bad side to AI, and you can leverage the technology for your own benefit. Take advantage of AI features to enhance the different aspects of your security system, such as threat detection, incident response, automated compliance auditing, and many more.

Collaborate with Other Entities

There is strength in numbers, and this particularly rings true in the fight against AI-based attacks. First, you must partner with a trusted security expert, like an MSP specializing in cybersecurity solutions. They can make sure your business is protected against AI and ML threats from all fronts. Also, you can collaborate with other businesses like yours so you can share ideas and create viable solutions to mitigate the risks created by AI.

Conclusion on The Steps to Take to Prevent AI From Using You

There are already so many changes in society, both positive and negative, brought about by developments in artificial intelligence and machine learning. But the fact is that these technologies are still in their infancy. As AI continues to present new benefits for society at large, it will also bring with it a new range of risks, and businesses must prepare, starting by following the steps we have listed above.

It can be overwhelming, but that is what we are here for. If you need to learn more about AI and its role in cybersecurity, our on-demand webinar can help. You can also discover plenty of information in our Cybersecurity E-book by downloading it HERE. If you are ready to discuss making upgrades to your current security system, we can arrange a consultation. Whatever you need, we have your back, and we will make sure that AI technology works for you and not against you.

Real-Life Examples of How AI Was Used to Breach Businesses

AI to Breach Businesses
Anti-virus, Cybersecurity, Data Backup, Malware, Security, , , , ,

There has been a lot of talk recently, about how hackers are leveraging AI to breach businesses. Hackers can sneak their way in more easily with these new algorithms used in social engineering.

Unfortunately, these are no longer just theoretical discussions. We have reached a point where AI-powered data breaches are actually a reality. In fact, they are among the most rapidly growing threats to businesses everywhere. Today, we will talk about some real-life examples of recent data breaches made possible through AI.

TaskRabbit Data Breach

IKEA’s well-known online marketplace TaskRabbit was one of the targets of hackers using AI to breach businesses in April 2018. TaskRabbit’s primary goal is to match freelancers (Taskers) in housekeeping, moving, delivery, and similar industries with local demand (Clients). It operates on a large scale, and when the breach happened, the site had millions of registered users.

The company has found out that over 3.75 million records of Taskers and Clients were affected in the breach. Personal information and financial details were stolen. The website and the mobile app had to be shut down and taken offline for a while as the company dealt with the damage. According to investigations, the distributed denial-of-service, or DDoS, attack used an AI-enabled botnet.

Yum! Brands Data Breach

Yum! Brands, was the victim of hackers using AI to breach businesses in January 2023. Initially, management thought that corporate data was the sole target of the attack, but it turned out that employee information was also compromised. An unidentified malicious actor launched a ransomware attack that led to the breach.

Many ransomware attacks that took place after the creation of AI tools leveraged AI technology to automate decisions on which data to take, as some brought more damage potential to the target business. It proved to be a good tactic, as Yum! was forced to close nearly 300 of their UK branches for several weeks.

AI used to Breach Businesses like T-Mobile

This wireless network operator is no stranger to data breaches, having survived nine separate attacks in the last five years. Early this year, T-Mobile revealed that 37 million of its customer’s records were stolen in a breach that began in November 2022.

According to the company’s AI analysts, the threat actor used an application programming interface or API equipped with AI capabilities and could secure unauthorized access. This ultimately led to the theft and exposure of sensitive client information, including full names, contact numbers, and PINs.

AI used to Breach Businesses like Activision

In December 2023, hackers launched a targeted phishing campaign against Activision, the company that created the Call of Duty games. Hackers used AI to breach businesses like Activision and created the SMS messages used for the phishing attacks, which ultimately proved successful as one HR staff member succumbed to the bait.

But we all know that one click is all it takes because, immediately, the hacker gains access to the complete employee database. This included email addresses, phone numbers, work locations, salaries, and more. However, they were able to find a solution since Activision could find the breach early.

Don’t Be the Next Victim of Hackers using AI to Breach Businesses!

Because of AI tools, data breaches have become much more far-reaching today in terms of business damage as compared to years past. The total cost is also much higher, with an average expense of $4.45 million for each breach. Although hiring an AI cybersecurity expert and upgrading your system would cost money, it wouldn’t come close to the expense of the harm a cyberattack would cause.

The examples above are all real, and as you can see, they have happened to large companies. All these companies thought they had reliable security systems, or so they thought. The point is that any of us, including you, could experience a data breach, especially one that uses AI. To learn more about how hackers use AI technology, download our FREE eBook, “The Growing Role of AI in Security – The Good, the Bad and the Ugly.”

Would you take the risk and just cross your fingers that you don’t become the next victim, or would you take proactive measures right now to boost your defenses and maximize your company’s protection? If you choose the latter, we are here to provide all the services you need. Just contact us so we can make sure your system is safe from AI attacks.

7 Ways AI Can Be Used by Hackers to Steal Personal Information

Steal Personal Information
Anti-virus, Data Backup, Malware, Security, , , ,

Data breaches are now more rampant than ever to steal personal information. Each month sees at least 150 incidents that affect businesses, and these only account for the reported cases. One reason hackers can execute data breaches so easily is because of modern technology, like artificial intelligence. While AI can help society at large, it has also been instrumental in illicit activities like stealing personal information. Here are 7 ways by which hackers are using AI to infiltrate businesses.

Personalized Phishing To Steal Personal Information

Phishing is one of the most prevalent methods of hacking used today. This is because phishing relies on the human element, which is the weakest link of security in any organization, making for a high success rate. But with AI, phishing has become a huge threat to businesses and individuals. Messages are now personalized, so employees are more likely to believe they are real. Once the victim takes the phishing bait, the hackers can steal all kinds of information from the system.

Spreading Deepfakes to Steal Personal Information

Deepfakes are AI-generated videos or sound clips that look very real. There are so many ways that hackers can use these kinds of videos to steal information. They can directly target employees by sending a deepfake video, supposedly from a supervisor. The “supervisor” might ask for some information, and the employee obliges because it’s from their boss. Hackers can also use deepfake material to spread negative propaganda about a company. In the impending chaos, they can take advantage of compromised security by diving in and successfully executing a data breach.

Cracking CAPTCHA

Until recently, CAPTCHA was a reliable means of differentiating a real person from a bot. But AI has now improved so much that it can accurately emulate human images and behavior. In a typical CAPTCHA image, someone could ask you to click on all the boxes with a bridge. The old system presumes that only a human will do this correctly. But AI algorithms can now quickly analyze the image and respond just like a human would. Once the hacker gets past the CAPTCHA security gates using this strategy, they can steal whatever sensitive personal information they want.

Using Brute Force

Traditionally, the most common way to crack passwords was by trying all combinations until you got the right one. This hack is known as brute-forcing. Hackers still use the same method today. However, with the help of AI tools, specifically those that analyze a user’s online behavior, the process requires considerably less time and computing power.

Listening to Keystrokes

Several AI tools can “listen” to keystrokes. Instead of trying all the different combinations like in the brute force method, AI can listen to the keystrokes and identify a user’s password with up to 95% accuracy. There will be considerable training involved, as with most AI algorithms, but once the machine learning process is complete, hackers can effectively use this tool to easily crack passwords.

Audio Fingerprinting to Steal Personal Information

Voice biometrics is one of the most common security measures used today. It is highly secure since voiceprints are unique, just like fingerprints. But thanks to AI, duplicating voice prints is now easy. Many call the process audio fingerprinting. All that’s required is a few minutes of a sample of the target’s voice, and AI will quickly be able to generate audio clips in that exact voice.

AI-Aided Social Engineering

Social engineering refers to the deception or manipulation of people to entice them into revealing confidential information or granting access to restricted areas. It is not a hacking method per se but more of a practice of misleading people by taking advantage of trust or other vulnerabilities. Cybercriminals have been practicing social engineering for a long time, but with AI tools and algorithms, the technique has become much more efficient and has led to successful hacking.

Final Thoughts on AI Being Used to Steal Personal Information

This list is just the tip of the iceberg for AI to steal personal information. There are many other ways that hackers can use AI to steal information. For sure, they will also discover dozens of newer and more dangerous methods shortly. But businesses don’t have to sit back and take it all lightly. There are solutions to combat AI hacking, and many of these solutions involve AI as well.

Our company is dedicated to using technology for the improvement of businesses, and this includes the area of security. If you want to fortify your defenses against AI-powered attempts to steal your information, we can hook you up with the right service provider that can take care of your needs. You can also learn a lot from our on-demand webinar and cybersecurity e-book, so download them today. Let us know your interest so we can send you more information.