How Today’s Attackers Are Using Phishing Differently

Cyber Security Companies Singapore, Blockchain Solution Vendor

It isn’t uncommon for cybersecurity companies in Singapore to discover new attempts at phishing almost daily.

Years ago, most attackers relied only on one or two tactics over and over. However, these days, attacks are different. They are smart enough to keep up with the more informed modern user, and because of this, phishing remains a viable threat.

According to a 2019 Data Breach Investigations Report by Verizon, phishing makes up at least one-third of all cyberattacks.

It doesn’t matter which industry your business is in, or which industry you find yourself working in. The fact is, phishing is an ever-present threat, and it only takes one moment of you believing that the email you received from your very own email server was legitimate to leave yourself open to attacks.

Most cybersecurity companies recommend that businesses equip themselves with strong cyber defences to help minimize these attacks. Some businesses do this, and they have since seen a vast drop in cyber-attacks in their business.

The only problem is, the businesses that do this are the ones who can afford it, leaving small businesses open to such attacks.

What Your Business Can Do About Phishing

Industry leaders and huge companies spend millions of dollars annually in an attempt to help fend off these never-ending attacks.

This includes security emails and network systems, as well as beefing up endpoint security. Some companies also make it a point to train employees to know how to identify phishing attempts. Either way, what’s clear is that the amount of money organizations has to spent to avoid losing money to cyber-attacks is huge.

Now, you may wonder, can a business do nothing except spend more for safety?

Not exactly.

The most obvious answer to curbing cyber-attacks is to stop relying on the internet entirely. Of course, that’s near-impossible to do. The world today depends so much on the internet.

Another possible solution is internet isolation.

This cybersecurity model mostly does is that it separates the entire browsing activity of the user into the cloud. At the same time, internet isolation promises that employees can still enjoy the same privileges and access to the internet.

Of course, IT security companies will tell you that no cybersecurity method is perfect, and internet isolation is no exception. However, it is a more affordable solution compared to what other businesses are spending money on. Not to mention, it’s proven to be far more effective.

Other practices that your business should consider is to find a security provider that intercepts all of the enterprise network’s traffic for any potential requests to a phishing page. You can also look for a service that examines web pages in real-time. Ideally, the service should warn if not block users from accessing potentially phishing-related emails and links. Some of such measures to data protection include seeking the assistance of a blockchain solution vendor, as well as engaging in identity and access management.

Remember, phishing is no longer what it used to be, and the more prepared your organization is for this fact, the better.

As phishing attacks become more sophisticated and advanced, it pays to work with the best cybersecurity companies in Singapore to keep your organization safe from malware, phishing, and other cyber threats.

Just How Costly Are Cyberattacks To Businesses?

IT Security Companies Singapore

If you don’t think that your business needs a secure blockchain platform to be successful– think again.

Secure blockchain systems and other cybersecurity measures should be an integral part of every business. Despite the upfront costs – beefing up your business’ security against cyber threats can’t be compared to how much a single security breach is going to negatively impact your business.

This is true for all businesses. In fact, larger corporations are often more at risk of a dreadful cyberattack. As hackers become increasingly sophisticated in their methods – so does the security measures that need to be put in place in order to prevent them.

Why cyberattacks are costly and expensive

Any business who’s ever had the unfortunate luck of having been targeted by a cyberattack will be the first to tell you that they are not cheap.

Cyberattacks aim to take your entire online website down. That kind of security breach will not only cost your business in terms of profits – but also cause user to lose trust in your brand.

Oftentimes, cyberattacks also ruin your reputation by stealing private and confidential information from your most important customers. Having to spend money to try and fix everything is something that can easily be prevented with proper security and identity management.

Basically, what makes cyberattacks expensive is the sheer amount of time and money it costs to deal with it.

What can you do about cyberattacks?

When it comes to cyberattacks, preventing them is always better than fixing the problem after it has already occurred.

If your company owns a website, and it involves executing transactions and the exchange of personal details should invest in a trustworthy and capable blockchain security system to discourage, if not entirely prevent cyberattacks.

Working with experienced IT security companies can help make sure that your business receives the necessary protection needed for maximum cyber security. This includes implementing proactive security measures that enables your business to constantly fend off security problems as they happen, and more importantly – before they cause your business to incur any huge financial losses.

A cyberattack can cause your business to lose credibility, trust, and hard-earned profits. Recovering from a cyberattack is not easy – and often may even be more expensive to recover and get your business back to normal operations.

It doesn’t matter how small or big your business is, cyberattacks are a real threat.

So, ask yourself, can your business afford a cyberattack? Even if it can, is it smart to risk it? And, in the likely case that it can’t – you might want to start investing in some form of cyber security to prevent a security breach from ever happening.

Overcoming Blockchain’s Challenges In The Finance Sector

Secure Blockchain Platform, Singapore Secure Blockchain Platform

Blockchain technology has been heralded as a disruptor for countless industries, bringing about much change and opportunity for any sector from finance to journalism to insurance among others. Unlike anything that preceded it, blockchain technology is an enabler of trusted digital relationships—even without a centralized administration.

As an emerging technology that’s still in its developing stages, countless organisations have struggled to understand and utilise the applications of blockchain in solving real-world problems. In particular, several factors hinder broad consumer adoption and blockchain enablement when it comes to the world of banking and transactions.

Due to the fact that blockchain systems are unable to interact with off-chain applications, users find that leveraging blockchain the way they usually do in moving and sharing money now poses a challenge. This disconnect between the off-chain and on-chain processes is also a cause for concern security-wise. In the hands of fraudsters, a user’s private key could be used to approve transactions under the assumed identity of the owner—or to steal away cryptocurrency from a digital wallet.

Further issues crop up when users look to give authorization to a trustworthy third party to carry out a transfer of funds via power of attorney or put more security measures in place. In order to solve these challenges, Singapore IT security companies must find a solution that integrates blockchain systems together with off-chain applications, all while maintaining solid security and the range of features users are accustomed to. A way this can be done is by making use of smart contracts to gain access to existing solutions grounded in reality.

Recent endeavors to integrate two-factor authentication smart contracts with a blockchain-based banking system have been successful. The identity management process works this way:

Much like Singapore’s Singpass 2FA setup, the smart contract accesses a third-party authentication service provider through the internet. Once the user sends out a request to validate a one-time passcode, the smart contract issues the hash—which contains the OTP transmitted via the application program interface for the off-chain 2FA. The smart contract validates the one-time passcode, confirming the user’s identity and thereby allowing the transaction to carry through.

The introduction of multi-factor authentication in blockchain technology brings the security and functionality of blockchain transactions to the next level. How so? Simply with its ability to prevent malicious identity thieves from utilising stolen private keys while simultaneously permitting users to provide verification for transactions even in a situation where their keys may be compromised.

In order for any secure blockchain platform to work in the mainstream, security systems require mechanisms that provide alternative methods in the verification process. As blockchain solutions evolve, the possibilities of what can be done with it are endless. Businesses in complex supply chains can track the flow of goods and carry through with payments once conditions are met. Insurance companies could integrate underwriting systems with block-chain to track the ownership records of highly valued property.

Most importantly, at the end of the day, crypto bank customers can rest assured that their digital funds will always be usable and accessible—even if their private key were to be leaked—a promise that no other IAM technology is able to make.

A Guide To Avoiding Third-Party Security Vulnerabilities

IT Security Companies Singapore, Identity Management

With the advent of the digital age, cyberattacks have been on the rise—seemingly with no individual or business being entirely safe from this looming threat. To avoid falling prey to a cyberattack, companies have been investing huge sums in thoroughly securing their own on-premises infrastructure and data.

Unfortunately, there are a wide array of methods a malicious hacker could utilise in launching a cyberattack—some of which only the best IT security companies in Singapore may be able to identify. Third-party security vulnerabilities, in particular, can be easily exploited due to security lapses from vendors and service providers.

Regardless of how much effort businesses put into performing security checks and planning out a security strategy, these measures often fail to extend to third-party associates. Cybercriminals target this weak link in the chain to victimize companies, thereby making it a necessity to account for third-party security vulnerabilities in all cybersecurity strategies.

The following are measures to implement to help businesses better identify, tackle and resolve potential third-party security vulnerabilities:

Be aware of where your data is stored

Companies tend to give service providers and third-party vendors access to sensitive and confidential data when working with them. Even if data confidentiality and privacy are agreed upon in the service agreements, more often than not, organizations cannot attest to whether or not their data is truly safe with these third-party associates. Businesses need to be fully aware of where the data resides and exactly what data these service providers and vendors have access to. In doing so, it will be easier to put in place proper measures to safeguard the shared data.

Stick to one security strategy

It’s a common practice for companies to make use of different security strategies for internal and external resources. As important as it may be to secure the organization’s data, resources and infrastructure within its perimeter, all of this could easily go down the drain simply by making the mistake of overlooking third-party associates. Though these external vendors and service providers may reside outside of a business’s perimeter, they still need to be accounted for as a crucial aspect of the organization’s security infrastructure and cybersecurity strategy. Sticking to a single plan allows for a common monitoring platform, in addition to ease of management and maintenance.

Single sign-on solutions

Incorporating identity access management products such as single sign-on solutions into a corporation’s IAM process can be incredibly beneficial. Tap onto blockchain security to empower the existing protocols of SAML SSO and ensure uniformity in the user log-in process and access control via a decentralised distributed ledger. This makes for timely updates in security aspects like passwords and multifactor authentication, firmly securing al users and processes. SSO solutions can mitigate the tendency of losing credentials due to human error, streamlining the user experience and strengthening security.

Prepare a backup and recovery plan

With the frequency of cyberattacks and data breaches these days, it’s no longer a matter of if it will happen—but rather when. So is data loss as a result of hardware or software problems or outages. Have a contingency plan prepared in case things go downhill—even if it’s caused by a third-party associate. In the meantime, get all your organization’s confidential and critical data backed up in case of any eventualities.

SAML: The Key To Effective Single Sign-On

Singapore SAML SSO, IT Security Solutions Singapore

The Security Assertion Markup Language, known in short as the SAML, is a framework that allows for the exchange of authorization and authentication data between two entities: a Service Provider and an Identity Provider. In a nutshell, what SAML does is it allows users to be authenticated and authorized without the need to input any additional credentials.

Utilising digitally signed, secured tokens and encrypted messages, SAML establishes a trust relationship between one site, domain, network and another. In other words, authentication credentials are retained by the identity provider for the service provider to authenticate against. This standards-based nature of the protocol delivers seamless authentication across identity providers and between organizations based on trusted information.

There are a total of three different types of SAML assertions that ensure security; namely, authentication, attribute, and authorization decision. Respectively, the first validates a user’s identity, the second passes the SAML attributes to the service provider, while the third identifies what the user can be authorized to do.

While SAML alone may not come with all the security advantages that modern enterprises are looking for, integration into technology like Single Sign-On in the form of SAML SSO can easily transform it into one of the most powerful IT security solutions out on the market. The fact that SAML is key to effective SSO is a fairly undisputed fact. After all, it’s what enables SSO to provide a sole point of access with just a single set of login credentials to the end-user who navigates through various networks and apps.

Since both credentials and passwords are kept by the identity provider rather than the service provider, password authentication stays within an organization’s infrastructure—making for greater control over security and curbing the likelihood of password theft.

As such, by facilitating a simpler Single Sign-On process, SAML further strengthens security, thereby cutting down on the dangers associated with remembering multiple passwords—be it making weak password choices, repeatedly using the same passwords or even writing them down. This improves the user experience and eliminates common password issues that call for reset and recovery.

Currently, the technology is deployed in thousands of large corporations, government agencies and providers as the standard protocol for communicating identities via the net. More often than not, it’s utilised to aid a service provider’s client in accessing hosted applications—without the hassle of repeated authentication. As an example, in the healthcare sector, SAML is able to unite healthcare providers in delivering critical applications to patients through a single authentication source.

In spite of these benefits, SAML is not without its naysayers—likely due to its complexity in implementation—even for experienced IT techs and administrators. Moreover, it has yet to be fully optimized for mobile apps, being limited to web-based authentication in an increasingly mobile world.

Still, regardless of what people have to say, there’s no denying that the protocol remains vital in providing the security features associated with SSO technology. Any cybersecurity expert worth their salt will tell you today that adopting identity access management products using SAML and SSO is crucial to every enterprise cybersecurity strategy.