Business

Netflix-style ransomware makes your organisation’s data the prize in a dark subscription economy

Published

10 months ago

November 30, 2022

admin

By John Davis, UK & Ireland Director, SANS Institute.

Today’s subscription economy makes accessing nearly any service as easy as hitting enter. The same model has now entered the dark web. The same Netflix-style instant-access menu is now part and parcel of the online criminal’s lifestyle. Ransomware-as-a-Service (Raas) is opening up the hacking talent pool, giving amateurs access to sophisticated ransomware toolkits – a plug and play option that has seen hackers run rampant.

Once ad hoc acts were committed by hackers using simple phishing attacks to gain entry. They have now become complex and targeted, using the latest purchasable ‘toolkits’ allowing any dark actor to get a slice of the ransomware pie by simply subscribing to a ransomware toolkit.

A growing proportion of ransomware attacks are being carried out using the RaaS model and it is clear that the toolkit creators and their customers are cashing in. So, what can organisations do to ensure they aren’t victims of these cookie-cutter attacks?

Sophisticated criminal service providers

RaaS providers sell their services using sophisticated business and marketing strategies to appeal to hackers wanting maximum return for minimal effort. These providers operate in the grey zone between legal and illegal, marketing themselves on the dark web; they appeal to criminal clients interested in purchasing a single attack or even maintaining a retainer-style relationship for ongoing attacks. The client can pay a monthly fee for advice and assistance, usually in cryptocurrency. Like the best subscription providers, this can even include around-the-clock support that covers technical aspects of an attack and matters such as negotiations with a victim. The client also may share a portion of any payment extracted from a victim with the RaaS provider.

John Davis

The RaaS model makes attribution of attack difficult but not impossible. In some cases, there are elements, such as snippets of malicious code, that can help authorities trace an attack back to a perpetrator known to be running a RaaS operation, and attackers, when caught, may give up relevant details.

RaaS providers sell expertise and prefer keeping the client at arm’s length to avoid detection and prosecution. Indeed, it can be harder to prosecute RaaS than conventional ransomware attacks because there are more moving parts, and they may move in several jurisdictions governed by competing laws and authorities. The advent of RaaS and ransomware, generally, have increased the impetus to harmonise laws and foster law enforcement cooperation in this area.

Cloud gives and takes

RaaS providers are taking advantage of IaaS (Infrastructre-as-a-Service) and the economics of cloud-based computing and storage the same way legitimate businesses do. The participation of most IaaS companies is usually unintentional. The desire to maintain their clients’ data security and their own reputations makes legitimate IaaS providers a formidable ally in the war against ransomware and RaaS providers.

Just as in legal, and commercial undertakings, ransomware skills are continually honed, and standards are elevated through competition. As RaaS providers raise their game, the stakes for potential targets are also raised. The threats they face will be more acute, at least until cybersecurity professionals and law enforcement raise their game and improve their methods for combating threats. Similarly, organisations that find themselves on the wrong end of an attack are not helpless.

Resisting the rise of RaaS

As the risk of RaaS attacks increases The Centre for Internet Security has shared a series of Critical Security Controls that should go a long way to fending off RaaS and other types of ransomware attacks and to mitigating damage should one occur. These include:

Taking inventory of all electronic assets. Take stock of all fixed, portable, or mobile devices that can connect to your technology platforms. This will allow you to spot any unauthorised or unmonitored devices and remove them or make them secure. Do the same with software assets, including operating systems, programs, and apps. Review credentials and permissions for each employee, and limit access to files, folders, apps, programs, and external websites to those that are appropriate for their duties.
Monitoring access points. Your infrastructure is most at risk of a breach at the points where it meets the outside world. Enhance malware detection and defence techniques, focusing particularly on these points and the means through which a breach is most likely to occur, such as web links and emails. This, plus a rigorous permissions regime, could prevent a considerable expenditure of time and money if Dave from accounting decides to click on the wrong Pornhub banner ad when he is supposed to be processing invoices.
Anticipating vulnerabilities and responding to threats. Use industry resources to stay aware of the latest threats and ensure that your operating system and other software are updated, and patches applied when available. The most significant vulnerability is reusable passwords. Most financial services now require Multi-factor Authentication for login. Using this simple form of MFA stymies over 99% of all phishing attacks.
Making the most of your human assets. If properly trained your employees can be an additional factor to aid in thwarting attackers. Their understanding of and reaction to ransomware attacks and other threats should be evaluated and sharpened through the development of security awareness programs that work to change user behaviour when presented with a bogus email or web page. There should be simulations of threat scenarios to put these procedures and preparations to the test.
Investing in your security team’s skills and tools. There is a lot of concern about a “cybersecurity staffing shortfall,” but successful security organisations have found that there is more of a skills gap than a headcount shortfall. By upskilling security analysts in critical areas such as cloud security, purple teaming, and machine learning, you get a double benefit: the need for additional staff is reduced, and surveys show that security staff that get regular training are less likely to jump to another company for a salary increase.

Continual proactive protection

The RaaS model only increases the likelihood of an attack, making it a feasible option to a broader population of bad actors. There is now no choice but to take proactive steps to protect against this genuine threat, continually evaluating the threat backdrop and monitoring systems and people. When it comes to a potentially business-breaking attack, it’s increasingly not a question of if but when.

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Business

How can law firms embrace automation and revolutionise their payments?

Published

22 hours ago

September 28, 2023

editorial

Attributed to: Ed Boal, Head of Legal at Shieldpay

Once again, AI is dominating international headlines. This time, it’s due to a closed-door meeting this month between tech leaders and US senators to discuss the technology’s regulation.

AI and automation isn’t just for the likes of Big Tech. We’re seeing predictive and automated technologies transform almost every sector and the legal industry is no exception. In fact, recent research from HBR Consulting found that 60% of law departments had implemented a legal data analytics tool last year and more than 1 in 4 indicated they were using AI for at least a single use case.

However, adoption isn’t without its challenges. Reticence remains among some and there’s also the danger of ‘transformation fatigue’ slowing real progress. If law firms want to reap the many benefits of automation – including revolutionising their payment processes – these challenges need to be carefully considered and thoughtfully addressed.

An area of great opportunity

Often seen as conservative, the legal industry has been gradually warming up to the idea of automation and technology.

While some pioneering firms have been quick to embrace automation tools, others remain cautious about disrupting their established workflows. As we navigate this landscape, it’s clear that certain areas of legal services are ripe for innovation.

One area is contract management. The process of drafting, reviewing, and managing contracts has traditionally been time-consuming and prone to human errors. Automation can alleviate these pain points by streamlining the entire lifecycle of contracts, from creation to renewal, thereby enhancing efficiency and reducing risks.

Another promising domain is legal research. Thanks to advancements in natural language processing and machine learning, legal professionals can now leverage AI-powered research tools that analyse vast volumes of legal data to provide accurate insights and case precedents swiftly.

But, while progress is undoubtedly being made, the legal sector still lags other sectors when it comes to innovation.

What’s getting in the way of progress?

This isn’t always down to a resistance to change. Often, it’s a result of firms spreading their resources too thinly across numerous technology initiatives.

Ed Boal

Attempting to tackle everything at once can result in ‘transformation fatigue’, where the benefits of individual innovations get diluted – leading to frustration and slower progress.

Before legal firms embark on digital transformation projects, a critical first step is introspection. Recognising and acknowledging areas where legacy processes and manual tasks still hold sway is paramount to optimising the impact of automation.

For many firms, archaic practices continue to consume valuable time and resources, diverting attention from higher value, billable tasks. One often-overlooked area is payments.

Legal firms play a critical role in complex transactions, from M&A and real estate deals to litigation and arbitration payments. The associated admin and processes represent a drain of firms’ time and resources. Spanning everything from collating stakeholder payment details and verifying payee identity to ensuring compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) regulation, this adds unnecessary stress for lawyers – who would rather dedicate their time and expertise to their clients’ legal needs.

The repercussions of such time-consuming financial processes reverberate throughout the entire organisation. Administrative burden weighs heavily on the team, affecting productivity and ultimately, the bottom line: recent research from Shieldpay, surveying the UK’s Top 100 law firms, found that almost 1 in 3 (32%) say KYC collection and verification checks take 4-9 working days.

At the same time, firms are exposed to significant financial risk which can make handling client funds a costly endeavour. Not only are they penalised with fines if found to be in breach of stringent client account rules but firms are also subject to hefty premiums for Professional Indemnity (PI) insurance. No wonder 73% of all legal professionals and 90% of junior law professionals are concerned about the risks and time costs associated with holding client funds.

Revolutionising payment transactions

In short, manual payment processes are more than just an inconvenience for modern law firms. They can damage relationships with clients – who have come to expect a fast, painless and automated payout experience in a digital world – and impede revenue generation by tying up top talent in an endless cycle of paperwork and (unbillable) admin.

So how can firms take the pain out of legal payments?

Fortunately, new payment technologies have emerged as a formidable ally. Third-party payment providers offering solutions for law firms, such as escrow and paying agent services for specific transactional deals, or more embedded payment solutions such as managed accounts (TPMAs) – i.e. outsourced client account functions – offer secure and instant transactions, while prioritising transparency and automation.

TPMAs operate as an escrow payment service in which the third-party – a licensed external payments partner – receives and disburses funds on behalf of a firm and their client(s).

With advanced encryption ensuring data security, working with a regulated payment partner means legal professionals and their clients can engage in financial transactions with peace of mind – while law firms benefit from improved operational efficiency.

And the advantages don’t stop there. Enhanced transparency builds a sense of confidence and trust, while the elimination of manual data entry and repetitive tasks allows legal professionals to devote more time to legal services and fostering stronger relationships with their clients.

AI and automation has much to offer the legal sector. But its adoption must be carefully planned in order to avoid transformation fatigue that risks stalling progress altogether. With typically shallower pockets than Big Tech giants, it’s important for law firms to focus their efforts on specific areas that could benefit from automation, rather than rush to overhaul their entire way of working, all at once. This controlled phase-out is the key to avoiding adoption frustration, seeing a real impact on profits and productivity and setting firms up for real, lasting change.

Business

In-platform solutions are only a short-term enhancement, but bespoke AI is the future

Published

2 days ago

September 27, 2023

editorial

By Damien Bennett, Global Director, Principal Consultant, Incubeta

If you haven’t heard anyone talking about artificial intelligence (AI) yet, then where have you been? Conversations about AI and its advantages to society have been a key talking point over recent months, with advances being made in the generative AI race and ChatGPT opening a whole plethora of possibilities. Many have highlighted the advantages of AI, but notably it’s ability to create human-like content.

But these discussions have only scratched the surface of what AI is capable of doing. It is for far more than just essay writing, adding Eminem to your rave and photoshopping dogs into pictures.

In marketing, we have been using AI for years, for everything from analyzing customer behaviors to predicting market changes. It’s enabled us to segment customers, forecast sales and provide personalized recommendations, having a huge impact on how our industry works.

It is even, for the more savvy marketers of the world, becoming a key tool in maximizing budget efficiency – which is apt, considering over 70% of CMOs believe they lack sufficient budget to fully execute their 2023 strategy.

Now, as AI becomes more intelligent, the number of efficiencies it can unlock continues to rise. Not only can it help brands get the most out of their available resources and identify any areas of waste, but it can also help highlight new opportunities for growth and maximize the impact of your budget allocation.

The trick, however, is to veer away from the norm of using in-platform solutions with a one-size-fits-all approach and create your own, bespoke solutions that are tailored to your business needs.

Pitfalls of in-platform solutions

In-platform solutions aren’t by any means a bad thing. In fact, built-in AI tools have become increasingly popular, owing to their ease of integration, user-friendly interfaces and minimal set up requirements. They come pre-packaged with the platform, offering the user the ability to leverage AI technologies without the need for in-depth technical expertise or the upfront cost of building a solution from scratch.

However, the streamlined and accessible nature of in-platform AI solutions comes at the expense of complexity and customization. They are designed to serve a broad user base, but for the most part are built using narrow AI solutions with predefined features and workflows.

This makes them great for assisting with common AI tasks, but they lack the flexibility to tailor functionality towards unique business requirements or innovative use cases, limiting the potential efficiencies and cost savings that can be unlocked. Additionally, if a business’ competitors are using the same platform, they are probably using the same AI solution, meaning any strategic advantage gained from these will be reduced.

Bespoke AI solutions, on the other hand, may carry a higher initial investment – but can offer a significantly more attractive ROI over a short amount of time.

Why customized and adapted AI is the key

The difference between bespoke AI and in-platform solutions is similar to that between home cooked food and a microwave meal. Yes, it is more time consuming to prepare, and yes it likely carries more of an upfront cost, but the end result is going to be far more appealing and will carry more long-term value (financially… not nutritionally).

That’s because bespoke solutions, by nature, will have been tailored to address your brands specific needs and challenges. These custom-built tools allow for much greater efficiencies by streamlining workflows across different channels, automating more complex tasks, and providing deeper, more relevant insights.

The increased level of optimization can significantly improve productivity and reduce operational costs over time, offering a higher ROI. The increased flexibility of bespoke AI also allows brands to implement innovative use cases that can significantly differentiate them from their competitors.

The data analyzed can be specifically chosen to match business requirements, as can the outputs of the AI tool, providing a significant advantage when understanding and acting on the insights provided.

Additionally, these tools are, by nature, more scalable. They can be updated, upgraded and expanded as needs change, ensuring they continue delivering value as the business grows. They can also be designed to integrate with any existing IT infrastructure, from CRM systems and databases to marketing platforms and sales tools – leading to more efficient and effective decision-making.

Managing finances with AI

It’s no secret that AI in marketing automation has, and will continue to, revolutionize the way marketing is done. It has a bright, if slightly terrifying, future and can help CMOs to unlock new efficiencies, maximize the impact of their budgets and increase their ROI. And as this technology becomes more advanced, its impact will only increase.

But we already know that…and so does everyone else.

So, in order for businesses to make themselves stand out from the crowd , they must look to fully adopt the power of AI. Creating a customized and unique AI solution could be the way to set yourself apart from your competitors. A bespoke AI tool can provide brands and businesses with features unique to them and their business needs. As a result, companies will benefit from more useful data and better results to make more data-driven decisions for their business. Ultimately, this will help brands to maintain a competitive edge over their competitors, deliver ROI and most importantly optimize their budgets.