Tag Archives: cyberbreach

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Lessons from MBIA: When Breaches Go Viral

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data breach

We can add another breached company to the ever-growing list: the Municipal Bond Insurance Association (MBIA). While not necessarily unique from other breaches we’ve seen lately, the MBIA incident brought another aspect of breach fallout into the public eye, and that’s the potential for data exposures to go viral. These viral breaches generate tendrils of compromised information that reach far and wide, creating a nightmare for containment—and public relations.

Known as the largest bond insurer in the country, MBIA services accounts for many government investment pools. In late September, the company was alerted by an ethical hacker that hundreds of pages of customer data were showing up online for all to see. We’ve since learned that one of the company’s database servers had been improperly configured, resulting in the exposure of highly sensitive data. Account numbers were compromised along with customers’ names, account balances and other confidential information. But the damage didn’t stop there. Not only was MBIA’s customer data floating around the Internet for all to see, it also had been indexed by several search engines. Information that should have been heavily protected was now on the Web in multiple locations, far outside the control of MBIA.

The release of customer data wasn’t the only problem. High-level security keys were also exposed and indexed, including administrative credentials and instructions for creating new deposit accounts. Not only were cybercriminals given a nearly perfect tutorial to dig into additional data held by MBIA that hadn’t been compromised in the first go-round, the instructions also provided a way for thieves to quietly pull funds out of the compromised accounts. The integrity of MBIA’s systems had been damaged far beyond a simple data breach.

Piling on to the organization’s woes were two failures of their own making. One is that their Oracle server is commonly known to need careful configuration to avoid a potential security gap.

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Oracle has even provided documentation to help administrators configure it correctly and ensure the servers are secure. The other was that MBIA was actually notified of the exposure more than a week before the company finally cut off access to the compromised server.

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Not only was the company behind the curve in configuring its critical infrastructure correctly, it then delayed in fixing a problem that was brought to its attention.

In many respects, MBIA’s breach wasn’t all that different from other breaches. Network vulnerabilities are common avenues for hackers, and security warnings have been known to be overlooked. Target’s massive 2013 breach and similar recent exposures back this up.

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Unfortunately for MBIA, these factors all came together in a perfect storm that resulted in a truly viral breach. Sensitive customer data was compromised and unspeakably valuable credentials and account creation instructions were also exposed. The indexing of that information on more than one major search engine spread the leaked data far and wide. Containment and mitigation became exponentially more difficult.

There is some reasonably good news in all of this. At this time, it doesn’t appear any of MBIA’s clients were defrauded as a result of the breach—yet. There are also important lessons we can learn from MBIA’s mistakes. Network assets must be carefully administered, as their security is one of the first lines of defense against criminals. In addition, security warnings—whether they’re provided by ethical hackers, concerned customers or automated intrusion detection systems—must be immediately checked out.

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DDoS Attacks Cost Businesses $40,000 an Hour

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One of the most common weapons in the cybercriminal’s arsenal is the DDoS attack.

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According to the network security experts at Digital Attack Map, “A Distributed Denial of Service (DDoS) attack is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources. They target a wide variety of important resources, from banks to news websites, and present a major challenge to making sure people can publish and access important information.

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While many have heard of these attacks or suffered from the outages they cause, most people do not understand the true business risks these incidents pose. To get a better picture of the threat, Internet security firm Incapsula surveyed 270 firms across the U.S. and Canada about their experiences with DDoS attacks. On average, they found, 49% of DDoS attacks last between 6 and 24 hours.

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“This means that, with an estimated cost of $40,000 per hour, the average DDoS cost can be assessed at about $500,000—with some running significantly higher,” the company reported. “Costs are not limited to the IT group; they also have a large impact on units such as security and risk management, customer service, and sales.”

Check out the infographic below for more of Incapsula’s findings on the actual costs of DDoS attacks:

Cybercrime Costs Global Economy Up to $575 Billion

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Cybersecurity

Cybercrime costs the global economy about $445 billion every year, though the damage may be up to $575 billion, according to a new report from the Center for Strategic and International Studies and software company McAfee. Further, the damage to businesses exceeds the $160 billion loss to individuals.

“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” said Jim Lewis of CSIS. “For developed countries, cyber crime has serious implications for employment.”

Indeed, the biggest economies have suffered the most – the losses in the United States, China, Japan and Germany totaled at least $200 billion.

Businesses are sitting up and taking notice. A recent survey from Munich Re found that 77% of mid-size to large companies have or will have cyberinsurance in the next year. Yet, of the 23% that do not plan to buy insurance, nine out of 10 said this was because current coverage available does not meet their needs or would not be relevant for their business.

What are companies doing to manage cyber risk? Munich Re found:

Munich Re graph

Reputational damage has emerged as one of the biggest sources of loss from cyberbreach. Respondents said the biggest risk an incident would have pose to their business’s reputation is:

Munich Re reputational risk of cyberbreach

 

New Studies Highlight Sources, Patterns of Data Breach—And How to Do Better

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Three recent studies provide a great reminder of the threats of data breach—and the role workers and IT departments play in either maintaining a company’s defense or letting malware storm the gates.

In its 2014 Data Breach Investigations Report, Verizon identified nine patterns that were responsible for 92% of the confirmed data breaches in 2013. These include: point of sale intrusions, web application attacks, insider misuse, physical theft/loss, miscellaneous errors, crimeware, card skimmers, denial of service attacks, and cyber-espionage. They have also identified the breakdown of these patterns in various industries, highlighting some of the greatest sources of cyber risk for your business:

Verizon Data Breach Investigations Report

Verizon’s report also offers specific information about the patterns and advice on how to respond to them.

Many sources of vulnerability come from within, and there is less variation than you might expect in terms of who the riskiest workers may be.

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A survey by the Pew Research Center found that 18% of adults have had important personal information stolen online, including Social Security number, credit card, or bank account information—an 8% increase from just six months ago. Further, 21% of adults who use the internet have had an email or social networking account compromised. Two groups that make up a large part of the workforce were hit particularly hard during this period: young adults and baby boomers. The percentage of individuals in these groups who had personal information stolen online doubled between July 2013 and January 2014.

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stolen personal data by age

But as this chart shows, all age ranges have experienced a significant amount of data theft as of the beginning of the year.

Indeed, according to meetings-software company TeamViewer, 92% of IT administrators have seen troublesome habits among office workers using company computers. These risky behaviors are frequently known to open the work system to viruses or other malware, including:

  • Browsing social media websites (reported by 82% of IT admins)
  • Opening inappropriate email attachments (57%)
  • Downloading games (52%)
  • Plugging in unauthorized USB devices (51%)
  • Plugging in unauthorized personal devices (50%)
  • Illegal downloads, such as pirated movies, music or software (45%)
  • Looking for other jobs (39%)

Further, nine out of 10 IT administrators reported witnessing problems to company equipment because of these actions, including viruses (77%), slow computers (74%), crashed computers (55%), mass popups (48%) and inability to open email (33%). Not only do these behaviors leave corporate infrastructure at risk, but they may endanger the overall HR program, as a vast proportion of IT workers report feeling frustrated, angry and discouraged.

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Up to 12% even said that they were considering quitting over these bad behaviors and increased strain on the IT department.

So what can you do? Administrators agreed that better security software, using remote access to fix problems, installing disk cleanup software, integrating automatic backup solutions, and offering the ability to telecommute would all help mitigate these issues and make their jobs easier.