Passwords: boring but they matter

Passwords: boring but they matter

Passwords are something that you and every employee can use to protect your data and maintaining this important protective wall against criminals is relatively easy. Take the time to follow basic good practices, most of which are relatively easy to do. Here are four easy best practices for good password hygiene which don’t require hand sanitizer or staying six feet apart.

Watch out for re-use and multiple use.

Rotating passwords isn’t a good idea. You may notice some sites that you use may not even permit you to use the passwords you have used previously. On a similar note, avoid using the same password across multiple sites. If one site is hacked, the password from that site can be used across all of your other secure sites.

Avoid writing down passwords

This one can be a little outdated. It belies common sense that a burglar will break into your home to steal your written password collection. That said, leaving a list of passwords sitting around in your office, wallet or handbag isn’t an especially good idea.

Don’t share password

One of the biggest temptations for password sharing may be in a work setting for the sake of speed and convenience – you may allow a co-worker who needs quick access to use your password. Don’t. Even if your co-worker has approved access, ask them to use their own credentials to login. Also, password sharing is likely a work rule violation in your organization. If discovered, it could be grounds for disciplinary action.

Phishing tricks

Last but absolutely not least, be aware of scams to get your password by convincing you to hand it over. We’ve mentioned this is other e-guides but it bears repeating because it seems to work against even the most savvy digital users.

Phishing scams involve sending an email or text message that appears to be from a legitimate source, such as a bank or social media site. The message typically asks you to click on a link and enter your password, giving the hacker access to your account. Before you click on any link, it is essential to verify if the links are genuine. Here are a few things to look for when doing that:

  • Spelling – Check for the misspellings in the URL. For example, if your bank’s web address is www.bankofamerica.com, a phishing link could misspell it as www.bankofamarica.com or www.bankofamerica-verification.com
  • Disguised URLs – Sometimes, URLs can be disguised–meaning, while they look genuine, they ultimately redirect you to some fraudulent site. You can recognize the actual URL by using a mouseover, or by right clicking on the URL, and selecting the ‘copy hyperlink’ option and pasting the hyperlink on a notepad file. But, NEVER ever, paste the hyperlink directly into your web browser.
  • URLs with ‘@’ signs – If you find a URL that has an ‘@’ sign, steer clear of it even if it seems genuine. Browsers ignore URL information that precedes @ sign. That means, the URL www.bankofamerica.com@mysite.net will take you to mysite.net and not to the actual Bank of America website.

In the end, the humble password is an excellent first line of defense against hackers and thieves. All it takes to keep this barrier strong is staying vigilant about password best practices. While it does take ongoing training on the part of management to ensure vigilance is maintained for the long haul, these best practices are simple to observe and take little time

Four easy ways to thwart cyber criminals

Four easy ways to thwart cyber criminals

With all the talk about cybercrime and the recent spate of headlines about ransomware, concerns for your data security and the safety of your business keep growing. Avoiding a data breach is critical to your business, so it is vital that you focus resources and time on cybersecurity. Your MSP can be your best support for handling the variety of solutions to the problem of cybercrime. However, don’t forget what you can do on your own. Amidst all the sophisticated tools to protect your data, don’t forget the role of the lowly password. Passwords are there all the time, so we tend to take them for granted.

Here are four easy best practices for good password hygiene which don’t require hand sanitizer or staying six feet apart.

Strong Passwords

Many advisors suggest that a strong password includes letters, numbers and symbols. Basic vocabulary words, from any language, can often be hacked through brute force–just bombarding with a stream of words until you hit the correct one. Numbers and symbols can make that less successful.

Update Passwords

The longer a password is hanging around, the more likely it may be compromised. Frequently changing passwords, just like changing the batteries in your smoke detector, should be done on a regular basis. Try the first day of every third month.

Cancel Passwords when access is no longer needed

In a workplace setting, access should be eliminated immediately upon the termination or transfer of an employee. Not tomorrow, not later today–Immediately. This is particularly true in the case of an involuntary termination, when a now former employee may have a motivation to act nefariously. Also, when an employee’s job duties change, some access from their previous position may not be relevant with their new role.

Multi-factor Authentication

Multi-factor authentication (MFA) is the access process that requires a second step to access data. You probably come across it frequently. Many retail sites now use MFA for returning customers who want access to their account or order history. MFA asks for your password and then authenticates you by sending a one-time code to another platform. Most frequently, this means sending you a text. The intent is to diminish the possibility that the password is being used by someone not authorized to have it. Anytime you use an ATM machine, you are using a version of MFA (The debit card is step one, the PIN is step two)

Password Hygiene Best Practices

Password Hygiene Best Practices

According to a report by Verizon, 80% of data breaches are caused by weak or stolen passwords. In addition, the report found that 60% of users reuse the same password across multiple accounts, making it easier for hackers to access multiple accounts with a single stolen password.

Maintaining good password hygiene is essential to protect against these threats and keep your accounts secure.

Weak or compromised passwords can be easily cracked, allowing cybercriminals to gain access to our data and steal our information. Here are a few password hygiene best practices to consider,

Use Strong Passwords

Using strong passwords is one of the most crucial steps in maintaining good password hygiene. A strong password is one that is long and complex, using a combination of letters, numbers, and symbols. Avoid using easily guessable passwords, such as “password” or “123456,” and avoid using personal information, such as birth dates or names.

Update passwords or revoke access when employees leave the organization

Changing passwords regularly is another essential step in maintaining good password hygiene. It is recommended to change passwords every 90 days or sooner, depending on the level of security required. Passwords need to be updated regularly and access to data has to be revoked when employees are no longer authorized to access it. However, this important step is often overlooked. This is especially an issue in SMBs where the staff is pretty busy and turnover is high. They are too busy to remember to change the passwords once a staff member quits, leaving their data vulnerable. So, next time the new intern finishes their stint with you, make sure you change the password and revoke their access.

Enable Two-Factor Authentication

Two-factor authentication adds an extra layer of security to your accounts. It requires you to provide a second form of identification, such as a code sent to your phone, in addition to your password. Two-factor authentication makes it harder for hackers to gain access to your accounts, even if they have your password.

Don’t Reuse Passwords

Sometimes people find it difficult to remember multiple passwords for various files and applications, so they use a single good, strong password everywhere. Using the same password for multiple accounts is a common mistake that can compromise the security of all your accounts. If one account is compromised, all accounts using the same password are also at risk. Using a unique password for each account decreases the amount of damage that can be inflicted in the event that one password is compromised.

Avoid Writing Down Passwords

Writing down passwords is a risky practice. It is easy to misplace or lose the paper where you wrote down your passwords. Avoid writing down passwords, and if you must write them down, keep them in a secure place, such as a locked cabinet. This applies primarily to an office environment, where desks, files and notepads are in open view and available to all.

Don’t share your passwords

Never share your password. If you need to give data access to multiple people, make sure each one of them has their own access credentials. This creates an audit trail and helps trace the data breach back to its origin if it occurs.

Be Wary of Phishing Scams

Phishing scams are a common way for hackers to gain access to passwords. Phishing scams involve sending an email or text message that appears to be from a legitimate source, such as a bank or social media site. The message typically asks you to click on a link and enter your password, giving the hacker access to your account. Before you click on any link, it is essential to verify if the links are genuine

Password Management Tools: An overview

Password Management Tools: An overview

Effective password management is an essential aspect of cybersecurity. With the increasing number of online accounts and services, remembering all those passwords can be a daunting task. Password management tools provide an effective solution to this problem. This blog discusses the benefits of using password management tools and some password management best practices to be followed.

Some of the key benefits of deploying password management tools are:

Enhanced Security

The primary benefit of password management tools is enhanced security. Password managers store passwords in an encrypted format, making them less susceptible to hacking and phishing attacks. These tools also allow businesses to generate and store complex passwords for their employees. As a result, businesses can ensure that their employees use strong and unique passwords for every account, reducing the risk of a breach.

Easy Password Access and Management

Password management tools offer an easy way to access and manage passwords. Rather than manually entering passwords every time an employee logs into an account, password managers automatically fill in the necessary information. This feature not only saves time but also eliminates the risk of human error.

However, there are a few things to consider before you invest in a password management tool.

One of the things to consider is a security breach. Password managers are third party platforms. If your password management experiences a security breach, it can put all of the stored passwords at risk. Additionally, if the tool goes down, you may not be able to access your accounts.

Secondly, while password management tools reduce the risk of human error, they are not foolproof. Employees may still make mistakes, such as sharing their passwords or writing them down, which can compromise security. Additionally, if an employee forgets the password to their password manager account, it can cause problems. Hence it is important to ensure that you have good password hygiene in place.

Password hygiene refers to the practice of creating and maintaining strong passwords and protecting them from being compromised. It involves using unique and complex passwords for each account, changing passwords regularly, and storing the passwords securely so it isn’t accessible to unauthorized entities.

Cyber Insurance: 3rd party liability coverage is key

Cyber Insurance: 3rd party liability coverage is key

So, we talked in the last blog about cyber insurance coverage for first-party losses. All well and good, but that crime will likely have impact on outsiders, such as your customers.

Third-party losses refer to your liability for the consequences of the data breach to others.For simplicity’s sake, this most often will be those customers whose data was “hacked.” Without question, the biggest issue here is the damage to someone’s data. It may be released to the public, used for criminal purposes such as identity theft, financial fraud, or even to create public scandal. ( remember the dating website for married people looking to have affairs?) There is no end to the mischief and the damage cyber criminals can cause. We can identify at least three main areas where you would want coverage.

  • Network Security – Lawsuits may occur alleging that you failed in some way to provide adequate security for the data. If the data was compromised, or the data could not be accessed as required because of the event, the claim would be you were in some way negligent regarding network security and failed to protect PII.
  • Network Privacy – This refers to lawsuits alleging damage from the exposure of PII. Examples would be identity theft, damage to credit ratings, invasion of privacy, etc.
  • Errors and Omissions – Suits could also claim that mistakes in your software design or a coding error was what led to the vulnerability.

What does your cyber insurance cover? 6 possible coverages.

What does your cyber insurance cover? 6 possible coverages.

If you are looking to buy cyber insurance you are going to encounter discussions of first- and third-party coverage for a cyber crime. As mentioned in our last blog, first-party coverage is all about purchasing coverage to handle the direct and indirect losses that create economic loss for your business as a result of the criminal cyber event.

Following the loss or damage to your data faster from a cyber event, first-party losses may include the expenses that cascade down from that first event. Here a six significant expenses that you may want to have covered.

  • Forensic expenses – You will find it necessary to use resources to find out what happened. The ‘when, where, why, how,’ the breach or event occurred and most importantly, who is affected. You can’t begin to fix anything until you find out what is broken.
  • Recovery costs – These are all the extra resources you may expend working to recover lost or damaged data. Depending on the complexity and the resources of your in-house staff, recovery and forensic efforts may require outside consulting support.
  • Loss of income – This would be akin to the business interruption insurance you may have under your commercial property insurance policy. It refers to the income lost as a consequence of the data event
  • Extortion – Did you have to pay a ransom to get your data back? Ransomware is a popular form of cyber attack and while governmental authorities strongly recommend against giving in to ransom demands, many entities end up finding that is the only path to data recovery.
  • Notification – Keep in mind that under various piecemeal state and federal regulations, you may have specific notification requirements to alert anyone whose data was compromised. This may require media ads, mailings, etc.
  • Public relations – Because data breaches often require public notification, a cyberattack can be a branding nightmare. For small businesses, it can be fatal. You will certainly need to expend considerable resources to recover the confidence of your clients or customers.

What does your cyber insurance cover? 6 possible coverages.

What does your cyber insurance cover? 6 possible coverages.

If you are looking to buy cyber insurance you are going to encounter discussions of first- and third-party coverage for a cyber crime. As mentioned in our last blog, first-party coverage is all about purchasing coverage to handle the direct and indirect losses that create economic loss for your business as a result of the criminal cyber event.

Following the loss or damage to your data faster from a cyber event, first-party losses may include the expenses that cascade down from that first event. Here a six significant expenses that you may want to have covered.

  • Forensic expenses – You will find it necessary to use resources to find out what happened. The ‘when, where, why, how,’ the breach or event occurred and most importantly, who is affected. You can’t begin to fix anything until you find out what is broken.
  • Recovery costs – These are all the extra resources you may expend working to recover lost or damaged data. Depending on the complexity and the resources of your in-house staff, recovery and forensic efforts may require outside consulting support.
  • Loss of income – This would be akin to the business interruption insurance you may have under your commercial property insurance policy. It refers to the income lost as a consequence of the data event
  • Extortion – Did you have to pay a ransom to get your data back? Ransomware is a popular form of cyber attack and while governmental authorities strongly recommend against giving in to ransom demands, many entities end up finding that is the only path to data recovery.
  • Notification – Keep in mind that under various piecemeal state and federal regulations, you may have specific notification requirements to alert anyone whose data was compromised. This may require media ads, mailings, etc.
  • Public relations – Because data breaches often require public notification, a cyberattack can be a branding nightmare. For small businesses, it can be fatal. You will certainly need to expend considerable resources to recover the confidence of your clients or customers.

Cyber insurance: What is first-party and third-party coverage

Cyber insurance: What is first-party and third-party coverage

When you start looking at cyber insurance, you are likely going to encounter discussions of first- and third-party coverage. This is referring to the protection against losses incurred by first- and third-parties as a result of a cyberattack. First-party is all about you. The term refers to all of the losses you suffer directly because of the event. Third-party refers to all of the losses suffered by others as a result of the cyber event which hit your business. Generally, this is going to refer to your clients and others whose data you handled and that was compromised in some fashion as a result of the cyber event.

So, let’s take a high-level look at the risks that fall under first-party losses.

First Party losses – all about you

First-party is all about covering the direct and indirect losses that create economic loss for your business as a result of the criminal cyber event. Let’s start with the immediate consequence to your business from a cyber attack: that is the loss or damage to the electronic data you hold. That can be any electronic data that you possess, including the data of your clients. The compromising of customer data is of special concern when it includes Personally Identifiable Information (PII). PII can identify a specific individual. Examples include full name, address, social security number, birth date, etc. Cyber insurance would generally help you cover the expenses from a data breach only from a specified covered peril such as a DoS, hackers, virus, etc.

However, breaking out all of the first-party losses reveals quite a complex list of expenses. In our next blog, we will give you a breakout of the major expenses that can result from that initial criminal event.

Cyber insurance: What is first-party and third-party coverage

Cyber insurance: What is first-party and third-party coverage

When you start looking at cyber insurance, you are likely going to encounter discussions of first- and third-party coverage. This is referring to the protection against losses incurred by first- and third-parties as a result of a cyberattack. First-party is all about you. The term refers to all of the losses you suffer directly because of the event. Third-party refers to all of the losses suffered by others as a result of the cyber event which hit your business. Generally, this is going to refer to your clients and others whose data you handled and that was compromised in some fashion as a result of the cyber event.

So, let’s take a high-level look at the risks that fall under first-party losses.

First Party losses – all about you

First-party is all about covering the direct and indirect losses that create economic loss for your business as a result of the criminal cyber event. Let’s start with the immediate consequence to your business from a cyber attack: that is the loss or damage to the electronic data you hold. That can be any electronic data that you possess, including the data of your clients. The compromising of customer data is of special concern when it includes Personally Identifiable Information (PII). PII can identify a specific individual. Examples include full name, address, social security number, birth date, etc. Cyber insurance would generally help you cover the expenses from a data breach only from a specified covered peril such as a DoS, hackers, virus, etc.

However, breaking out all of the first-party losses reveals quite a complex list of expenses. In our next blog, we will give you a breakout of the major expenses that can result from that initial criminal event.

Should I look into cyber insurance?

Should I look into cyber insurance?

Among those firms who take risk management seriously, there is a growing awareness of the need to consider some manner of insurance to protect against the costs of cybercrime. Standard commercial property insurance policies do not generally include provisions for the damages from cybercrime. Cybercrime can be thought to include any digital or internet-based attack that compromises you and/or your customers’ data and/or causes disruption to business operations. A non-inclusive list might include Denial of Service (DoS) attacks, phishing scams, adware, ransomware attacks, system/website cloning, viruses, and other malware, and viruses. So what is it that so worries business leaders? In a growing number of commercial policies, cyber events are specifically excluded. The consequences can be serious. Fines and penalties, loss of customer confidence, and liability lawsuits can shut a business down for good, especially smaller businesses that lack the deep pockets to hold out until the worst of the storm passes. Cybercrime creates a large range of potential first- and third-party losses that few businesses can hope to absorb on their own. As a result, executives who recognize the catastrophic damage that a cyberattack can inflict on their business are looking at cyber insurance to transfer the financial losses to a third party.

Because of the severe consequences of cybercrime, businesses are now exploring cyber insurance policies in hopes of protecting themselves against financial ruin. However, these policies represent a bit of a minefield as this is a relatively new and unsettled area of insurance. Insurance firms trying to write policies face a lot of unknowns at this point, which means coverage may differ dramatically between insurers and there may be many areas where you remain exposed to considerable risk. Just two examples to get you thinking. Some policies may create requirements and security standards you must meet before an event will be considered a covered loss.

  • How would you handle those requirements internally to keep your company in compliance? And what about ransomware?
  • If you had to pay the ransom, would the policy cover that payout?

There are a lot of weeds to get into when looking for a cyber insurance policy and it is important you recognize the complexity of the issues. Cyber insurance has a lot of moving parts. In the meantime, cyber insurance doesn’t absolve you of the ongoing need to be vigilant about network and data security. Contact a managed service provider to learn more about what you can do to keep your business safe.