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By Shannon Williams

New research has revealed 42% of organisations across the world have experienced downtime as a result of a data loss event.

According to Acronis’ 2020 World Cyber Protection Week Survey, the high number of incidents is likely caused by the fact that while nearly 90% are backing up the IT components they’re responsible for protecting, only 41% back up daily – leaving many businesses with gaps in the valuable data available for recovery.

Acronis says the figures illustrate the new reality that traditional strategies and solutions to data protection are no longer able to keep up with the modern IT needs of individuals and organisations.

In response to this, Acronis has expanded World Backup Day – the annual holiday celebrated on March 31 as a reminder to back up data – to World Cyber Protection Week.

The annual survey, completed this year by nearly 3,000 people, gauges the protection habits of users around the globe. The findings revealed that while 91% of individuals back up data and devices, 68% still lose data as a result of accidental deletion, hardware or software failure, or an out-of-date backup.

Meanwhile, 85% of organisations aren’t backing up multiple times per day, only 15% report they are. 26% back up daily, 28% back up weekly, 20% back up monthly, and 10% aren’t backing up at all, which can mean days, weeks, or months of data lost with no possibility of complete recovery.

Of those professional users who don’t back up, nearly 50% believe backups aren’t necessary. A belief the survey contradicts: 42% of organisations reported data loss resulting in downtime this year and 41% report losing productivity or money due to data inaccessibility. Furthermore, only 17% of personal users and 20% of IT professionals follow best practices, employing hybrid backups on local media and in the cloud.

Acronis says these findings stress the importance of implementing a cyber protection strategy that includes backing up data multiple times a day and practicing the 3-2-1 backup rule: create three copies of your data (one primary copy and two backups), store copies in at least two types of storage media, and store one of these copies remotely or in the cloud.

“Individuals and organisations keep suffering from data loss and cyberattacks. Everything around us is rapidly becoming dependent on digital, and it is time for everyone to take cyber protection seriously,” explains Acronis chief cyber officer, Gaidar Magdanurov.

“Cyber protection in the digital world becomes the fifth basic human need, especially during this unprecedented time when many people must work remotely and use less secure home networks,” he says.

“It is critical to proactively implement a cyber protection strategy that ensures the safety, accessibility, privacy, authenticity, and security of all data, applications, and systems – whether you’re a home user, an IT professional, or an IT service provider.”

Cyber Protection Changes the Game

Acronis says that with increasing cyberattacks, traditional backup is no longer sufficient to protect data, applications, and systems, relying on backup alone for true business continuity is too dangerous. Cybercriminals target backup software with ransomware and try to modify backup files, which magnifies the need for authenticity verification when restoring workloads.

“It makes sense, then, that the survey indicated a universally high level of concern about cyberthreats like ransomware,” the organisations says.

The research found 88% of IT professionals reported concern over ransomware, 86% are concerned about cryptojacking, 87% are concerned about social engineering attacks like phishing, and 91% are concerned about data breaches. Among personal users, awareness and concern regarding all four of these threat types were nearly as high. In fact, compared to Acronis’ 2019 survey their concern about cyberthreats rose by 33%.

The survey also revealed a lack of insight into data management, exposing a great need for cyber protection solutions with greater visibility and analytics. The findings indicate that 30% of personal users and 12% of IT professionals wouldn’t know if their data was modified unexpectedly. 30% of personal users and 13% of IT professionals aren’t sure if their anti-malware solution stops zero-day threats. Additionally, 9% of organisations reported that they didn’t know if they experienced downtime as a result of data loss this year.

“To ensure complete protection, secure backups must be part of an organisation’s comprehensive cyber protection approach, which includes ransomware protection, disaster recovery, cybersecurity, and management tools. This deeply integrated approach also addresses the Five Vectors of Cyber Protection, delivering safety, accessibility, privacy, authenticity, and security (SAPAS) for all data, applications, and systems,” says Acronis.

World Cyber Protection Week Recommendations

“Whether you are concerned about personal files or your company’s business continuity, Acronis has five simple recommendations to ensure fast, efficient, and secure protection of your workloads.”

These include:

  • Always create backups of important data. Keep multiple copies of the backup both locally (so it’s available for fast, frequent recoveries) and in the cloud (to guarantee you have everything if a fire, flood, or disaster hits your facilities).
  • Ensure your operating systems and applications are current. Relying on outdated OSes or apps means they lack the bug fixes and security patches that help block cybercriminals from gaining access to your systems.
  • Beware suspicious email, links, and attachments. Most virus and ransomware infections are the result of social engineering techniques that trick unsuspecting individuals into opening infected email attachments or clicking on links to websites that host malware.
  • Install anti-virus, anti-malware, and anti-ransomware software while enabling automatic updates so your system is protected against malware, with the best software also able to protect against zero-day threats.
  • Consider deploying an integrated cyber protection solution that combines backup, anti-ransomware, anti-virus, vulnerability assessment and patch management in a single solution. An integrated solution increases ease of use, efficiency and reliability of protection.

By Shannon Williams

Sourced from IT Brief

By Nick Hourigan.

Financial crime is growing ever more sophisticated, but so are the techniques used to fight and detect it. What are the developments in the crimefighting industry?

Financial crime isn’t isolating. Criminals — money launderers, terrorists, fraudsters — evolve apace or ahead of the institutions and individuals they exploit. Global headlines, encompassing Panama to Moscow and due South, beg the question: “Why can’t we keep up?”

How data experts can help combat financial crime

Nick Hourigan, Senior Managing Director and Head of Data and Analytics at FTI Consulting, is one of the people tasked with fighting this growing problem.

He says that, at the point a regulator is asking really probing questions of a financial institution, “harm has probably already occurred, most likely over the course of years.”

“If there is crime, it’s usually in layers and the extent is often broader than even the regulator’s influence.” While Hourigan always advises his clients to seek objective legal and strategic advice, he emphasises time and attention from senior leadership, compliance and systems owners is vital, but challenging to synchronise.

“These are hard problems that can have major reputational and financial impacts for organisations — but that isn’t always obvious at the outset.” Grappling with vast data is essential to get to the truth. “I tell my teams,” he says, “you make the computer work for you; because you can bet the criminal did.”

The benefits of ubiquitous data

So, what challenges can be met using advanced analytics and process automation? “The response must draw upon a complete picture of events and parties,” says Hourigan. “One of the key benefits of advanced analytics and process automation is the ability to combine, analyse and review information sourced from very different business systems and processes. Historically, you may not have been able to identify that someone’s activity didn’t match up with how they present themselves, because the inconsistencies are scattered across different systems.”

FTI itself aims to combine advanced analytics, e-discovery services and financial crime expertise to fight the growing problem.

“FTI does not have many people who try to be all things,” explains Hourigan. “We have technical and topical experts engaged on a project and we are able to put together teams in which the decision-making process is led by some of the most experienced global experts in the fields of financial services, regulatory investigations and data and analytics.”

Tailored financial crime solutions for large and small businesses

The critical areas of development of advanced analytics and process automation to combat financial crime depend on the size and profile of the institution, says Hourigan.

“Larger institutions will likely need to leverage data from across a greater range of geographies and services, each supported by many-layered operations. Smaller and ‘challenger’ institutions may have a simpler data and systems landscape but less established operational and compliance support. Across the spectrum, there are powerful techniques such as network analytics that can be tailored to compliment traditional investigation techniques and provide a comprehensive, sophisticated and robust response to financial crime.”

In essence, to continue to meet and prevent the threat of financial crime, financial institutions need to rapidly combine, evaluate and make decisions on any data that may indicate criminal activity. Across all those incumbent, advanced analytics and process automation are essential tools to get the right data to the right person at the right time.

By Nick Hourigan

Senior Managing Director, Head of Data and Analytics, FTI Consulting

Sourced from CITY A.M.

By Ephrat Livni

It’s easy enough to forge a signature for fraudulent purposes. However, until recently, some things—like our voices—have been distinctive and difficult to mimic. Not so in our brave new world.

A new kind of cybercrime that uses artificial intelligence and voice technology is one of the unfortunate developments of postmodernity. You can’t trust what you see, as deep fake videos have shown, or what you hear, it seems. A $243,000 voice fraud case, reported by the Wall Street Journal, proves it.

In March, fraudsters used AI-based software to impersonate a chief executive from the German parent company of an unnamed UK-based energy firm, tricking his underling, the energy CEO, into making an allegedly urgent large monetary transfer by calling him on the phone. The CEO made the requested transfer to a Hungarian supplier and was contacted again with assurances that the transfer was being reimbursed immediately. That too seemed believable.

However, when the reimbursement funds had yet to appear in accounts and a third call came from Austria, with the caller again alleging to be the parent company’s chief executive requesting another urgent transfer, the CEO became suspicious. Despite recognizing what seemed to be his boss’s voice, the CEO declined to make the transfer, realizing something was amiss.

Although the CEO recognized the familiar accent and intonations of the chief executive, it turns out that the boss wasn’t making the call. The funds he transferred to Hungary were subsequently moved to Mexico and other locations and authorities have yet to pinpoint any suspects.

Rüdiger Kirsch, a fraud expert at insurer Euler Hermes, which covered the victim company’s claim, tells the Journal that the insurance company has never previously dealt with claims stemming from losses due to AI-related crimes. He says the police investigation into the affair is over and indicates that hackers used commercial voice-generating software to carry out the attack, noting that he tested one such product and found the reproduced version of his voice sounded real to him.

Certainly, law enforcement authorities and AI experts are aware of voice technology’s burgeoning capabilities, and the high likelihood that AI is poised to be the new frontier for fraud. Last year, Pindrop, a company that creates security software and protocols for call centers, reported a 350% rise in voice fraud between 2013 and 2017, primarily to credit unions, banks, insurers, brokerages, and card issuers.

By pretending to be someone else on the phone, a voice fraudster can access private information that wouldn’t otherwise be available and can be used for nefarious purposes. The ability to feign another’s identity with voice is easier than ever with new audio tools and increased reliance on call centers that offer services (as opposed to going to the bank and talking to a teller face-to-face, say). As the tools to create fakes improve, the chances of criminals using AI-based voice tech to mimic our voices and use them against us are heightened.

By Ephrat Livni

Sourced from QUARTZ