Best Practices for Dealing With Phishing and Ransomware

We have just published a white paper on phishing and ransomware that we welcome you to download and review. Here are some of the key takeaways from the paper:

  • Both phishing and crypto  ransomware are increasing at the rate of several hundred percent per quarter, a trend that Osterman Research believes will continue for at least the next 18 to 24 months.
  • The vast majority of organizations have been victimized by phishing, ransomware and a variety of security-related attacks during the past 12 months. In fact, phishing and ransomware are among the four leading concerns expressed by security-focused decision makers as discovered by Osterman Research in the survey conducted for this white paper.
  • Security spending will increase significantly in 2017 as organizations realize they need to protect against phishing, ransomware and the growing variety of other threats they face.
  • Most organizations are not seeing improvements in the security solutions they have deployed and in the security practices they follow. While many of these solutions are effective, most are not improving over time, in many cases because internal staff may not have the expertise to improve the performance of these solutions over time. On balance, only two in five of these solutions and practices are considered “excellent”.
  • Security awareness training is a key area for improvement in protecting organizations against phishing and ransomware, since our research found that organizations with well-trained employees are less likely to be infected.
  • There are a variety of best practices that organizations should follow in order to minimize their potential for becoming victims of phishing and ransomware. Among these best practices are implementing security awareness training, deploying systems that can detect and eliminate phishing and ransomware attempts, searching for and remediating security vulnerabilities in corporate systems, maintaining good backups, and using good threat intelligence.

You can download the paper here.

As an aside, I will be attending the Virus Bulletin International Conference next week in Denver and encourage you to do likewise if you’re at all focused on security. I have been to this event before and can vouch for its tremendous value as a place to learn about trends in cyber security and to advance your education about all things security.

Phishing and Ransomware are the Logical Evolution of Cybercrime

Phishing, which can be considered the delivery mechanism for various types of malware and cybercrime attempts; and ransomware, which is a specialized form of malware that is designed for the sole purpose of extorting money from victims, are critical problems that every organization must address and through a variety of means: user education, security solutions, vulnerability analysis, threat intelligence, good backup processes, and even common sense. The good news is that there is much that organizations can do to protect themselves, their data, their employees and their customers.

Phishing, particularly highly targeted forms of phishing like spearphishing and CEO Fraud/Business Email Compromise (BEC), as well as ransomware, are the logical evolution of cybercrime. Because there have been so many data breaches over the past few years that have resulted in the theft of hundreds of millions of records, there is a glut of this information on the market. The result, as there would be in any other business driven by the economics of supply and demand, is that prices for stolen records are dropping precipitously: a leading security firm estimates that the price of a stolen payment-card record has decreased from $25 in 2011 to just $6 in 2016.

Consequently, cybercriminals are turning increasingly to more direct means of theft. For example, ransomware will extort money directly from victims without requiring stolen data to be sold on the open market where it is subject to economic forces that can reduce its value. CEO Fraud/BEC can net hundreds of thousands or millions of dollars in a short period of time by getting victims to wire funds directly.

We are in the process of writing a white paper on phishing and ransomware, and will be publishing the results of an in-depth survey on these problems. Let us know if you have any questions or would like copy of the white paper when it is published next week.