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Now you can measure your appetite for cyber risk

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RSA, the security division of EMC has announced a new framework designed for companies to inventory and prioritize cyber risks.

The framework, issued in a report RSA prepared with support from Deloitte Advisory Cyber Risk Services, gives organizations a new way not only to factor cyber risk into their overall risk appetite but to define the level of cyber risk they are willing to accept in the context of their overall business strategy.

As businesses strive to improve performance, many of the fundamental moves they undertake expose them to new cyber risks. Since organizations can’t turn the clock back on globalization, outsourcing, extending their third-party networks and moving to the cloud, they will need to realign their thinking about risk. The report, entitled “Cyber Risk Appetite: Defining and Understanding Risk in the Modern Enterprise,” concludes that organizations need a systematic process for defining and comprehensively categorizing sources of cyber risk, a new accounting of key stakeholders and risk owners, and a new way to calculate cyber risk appetite.

First, organizations need to redefine the term “cyber risk.” The term extends beyond hacks – planned attacks on information systems. While hacks are an important part of the equation, cyber risk encompasses a wider range of events that lead to potential of loss or harm related to technical infrastructure of the use of technology within an organization.

The paper provides a practical framework for inventorying and categorizing cyber risks across two dimensions of intent.  Cyber risk events could be the result of deliberately malicious attacks, such as a hacker carrying out an attack with the aim of compromising sensitive information. They could also be unintentional, such as user error that makes a system temporarily unavailable. Risk events may come from sources outside the organization, such as cybercriminals or supply chain partners, or sources inside the organization such as employees or contractors.

To effectively assess their cyber risk appetite, the report recommends that organizations take a comprehensive inventory of these cyber risks, quantify their potential impact and prioritize them. Organizations need to ask the right questions, such as what losses would be catastrophic, and what information absolutely cannot fall into the wrong hands or be made public. They need to prioritize the risk according to impact, ranking mission- and business-critical systems ahead of facets like core infrastructure and extended ecosystem (supply chain management applications and partner portals) and external public facing points of interaction. Prioritization needs to be an ongoing process involving constant evaluation and re-evaluation.

The report concludes that an organization’s ability to quantify cyber risk and make informed decisions about their cyber risk appetite will put them in a position to succeed. Some costs can be easily quantified: costs that include fines, legal fees, lost productivity and mitigation remediation and incident response. Other costs can be more difficult to determine – like diminished brand equity, reduced goodwill and the loss of intellectual property. Organizations need to develop the ability to demonstrate that the investments they are making align with the risks they face.

EXECUTIVE QUOTES:

Emily Mossburg, partner, Deloitte & Touche LLP and Deloitte Advisory Cyber Risk Services Resilient Practice Leader

“The very fundamental things that organizations undertake in order to drive performance and execute on their business strategies happen to also be the things that actually create cyber risk. Cyber risk is an issue that exists at the intersection of business risk, regulation, and technology. Executive decision-makers should understand the nature and magnitude of those risks, consider them against the benefits a strategic shift would deliver, and then make more informed decisions.”

David Walter, RSA GM, Global GRC

“Cyber risk is a critical issue in today’s organizations, touching aspects of business risk, regulation and technology. To effectively deal with these risks, executive decision-makers need to understand their organizations’ cyber risk appetites’ – balancing the nature and magnitude of those risks against the benefits a strategic shift would deliver. Then they can make more informed decisions.”

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Lenovo unveils world’s smallest desktop PC

ThinkCentre M90n-1 Nano is powered by 8th generation Intel processors and SSD storage, catering to flexible working

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Lenovo has introduced the world’s smallest desktop PC, the ThinkCentre M90n-1 Nano, to the South African Market. It says it is designed to support diverse workplaces with the power of a full-size desktop and the space-saving convenience of a laptop.

“The ThinkCentre M90n-1 Nano is further proof of Lenovo’s commitment to helping small businesses drive efficiency in their operations,” says Thibault Dousson, General Manager at Lenovo South Africa. “In South Africa, SMEs make up a third of the country’s GDP and play an integral part in boosting the economy and creating jobs. Lack of capital, investment, resources or support are among the major challenges faced by our country’s entrepreneurs. 

“Lenovo wants to help entrepreneurs grow their businesses through giving them better access to critical tools and services, such as our financial services offering and leasing option. The ThinkCentre M90n-1 Nano is ideal for small business owners as it is reliable and powerful yet compact and easily transportable.”

Delivering powerful performance in an ultra-portable size, the ThinkCentre M90n-1 Nano is the most compact commercial desktop series in the world. Compact models are one-third the size of the ground-breaking ThinkCentre Tiny, at just 0.35L in volume.

With fully functional USB Type-C Gen2 and USB 3.1 Gen2 ports located on the front and back of the device, multiple displays, docks and other hardware options can further boost productivity. The ability to be powered using just one cable to a USB Type-C monitor makes the M90n-1 Nano ideal for a clutter-free workspace, whether it be placed behind a screen or under a desk.

The ThinkCentre M90n-1 Nano is MIL-810G SPEC tested – built to withstand extreme conditions including shocks, drops, dust and humidity. The desktop’s HW TPM 2.0 chip encrypts data to keep sensitive data secure, while its Kensington lock slot enables users to physically secure the device to an immovable object, protecting it from theft.

With its Modern Standby feature, users can receive emails, VoIP calls and instant messages while remaining in standby mode. When ready to commence work, the M90n-1 Nano resumes full functionality in under one second.

These features make the ThinkCentre M90n-1 Nano an easy fit across all office environments, or wherever space is limited, and staff are mobile. The ThinkCentre M90n-1 Nano also reduces energy consumption by as much as 30 percent annually over the ThinkCentre Tiny. 

Powered by the 8th generation Intel processors and backed by SSD (solid state drive) storage, the ThinkCentre M90n-1 Nano offers diverse connectivity and multi-user options to keep users connected.

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Hackers target hotels

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Kaspersky’s research of the RevengeHotels campaign aimed at the hospitality sector, has confirmed over 20 hotels in Latin America, Europe and Asia have fallen victim to targeted malware attacks. Even more hotels are potentially affected across the globe. Travelers’ credit card data, which is stored in a hotel administration system, including those received from online travel agencies (OTAs), is at risk of being stolen and sold to criminals worldwide.

RevengeHotels is a campaign that includes different groups using traditional Remote Access Trojans (RATs) to infect businesses in the hospitality sector. The campaign has been active since 2015 but has gone on to increase its presence in 2019. At least two groups, RevengeHotels and ProCC, were identified to be part of the campaign, however more cybercriminal groups are potentially involved.

The main attack vector in this campaign is emails with crafted malicious Word, Excel or PDF documents attached. Some of them exploit CVE-2017-0199, loading it using VBS and PowerShell scripts and then installing customised versions of various RATs and other custom malware, such as ProCC, on the victim’s machine that could later execute commands and set up remote access to the infected systems.

Each spear-phishing email was crafted with special attention to detail and usually impersonating real people from legitimate organisations making a fake booking request for a large group of people. It is worth noting that even careful users could be tricked to open and download attachments from such emails as they include an abundance of details (for instance, copies of legal documents and reasons for booking at the hotel) and looked convincing. The only detail that would reveal the attacker would be a typosquatting domain of the organisation.

phishing email sent to a hotel impersonating a booking request from an attorney’s office

Once infected, the computer could be accessed remotely not just by the cybercriminal group itself — evidence collected by Kaspersky researchers shows that remote access to hospitality desks and the data they contain is sold on criminal forums on a subscription basis. Malware collected data from hospitality desk clipboards, printer spoolers and captured screenshots (this function was triggered using specific words in English or Portuguese). Because hotel personnel often copied clients’ credit card data from OTA’s in order to charge them, that data could also be compromised.

Kaspersky telemetry confirmed targets in Argentina, Bolivia, Brazil, Chile, Costa Rica, France, Italy, Mexico, Portugal, Spain, Thailand and Turkey. However, based on data extracted from Bit.ly, a popular link shortening service used by the attackers to spread malicious links, Kaspersky researchers assume that users from many other countries have at least accessed the malicious link – suggesting that the number of countries with potential victims could be higher.

“As users grow wary of how protected their data truly is, cybercriminals turn to small businesses, which are often not very well protected from cyberattacks and possess a concentration of personal data. Hoteliers and other small businesses dealing with customer data need to be more cautious and apply professional security solutions to avoid data leaks that could potentially not only affect customers, but also damage hotel reputations as well,” comments Dmitry Bestuzhev, Head of Global Research and Analysis Team, LatAm.

To stay safe, travelers are recommended to:

  • Use a virtual payment card for reservations made via OTAs, as these cards normally expire after a single charge
  • When paying for a reservation or checking out at hotel desks, use a virtual wallet, such as Apple Pay or Google Pay, or a secondary credit card with a limited amount of debit available

Hotel owners and management are also advised to follow these steps to secure customer data:

  • Conduct risk assessments of the existing network and implement regulations regarding how customers data is handled
  • Use a reliable security solution with web protection and application control functionality, such as Kaspersky Endpoint Security for Business. Web protection helps to block access to phishing and malicious websites while application control (in white list mode) allows to make sure that no application except the white listed ones can run on hospitality desk computers.
  • Introduce staff security awareness training to teach employees how to spot spear-phishing attempts and show the importance of remaining vigilant when working with incoming emails.

Read the full report, RevengeHotels: cybercrime targeting hotel desks worldwide, on Securelist.

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