Methods To Utilize To Recover From A Ransomware Attack

IT Security Companies Singapore, Blockchain Solution Vendor Singapore

The effects of a cybersecurity breach are both immediate and long-term, making the prevention of cyber threats one of the most underrated and overlooked expenses by a modern company.

It is only after suffering from a cyber-attack, like, for example, a ransomware attack, that a business realizes just how important prevention is. But, if you’re already there, and your company has suffered from a ransomware attack, what are your options?

What is a Ransomware Attack?

Ransomware attacks are real, and they have happened to multiple companies in the past, both big and small.

Businesses cannot afford to deny their existence.

Any organization that turns a blind eye to the reality of cyber threats will eventually see just how big of a problem they can be. However, the thing is, cyber threats like ransomware aren’t going to stop anytime soon.

So, what can a business do, especially if they have already been a victim of a ransomware attack?

For starters, contacting IT security companies and blockchain solution vendors can be a great idea. These businesses specialize in offering data security services to companies of all sizes. They know the necessary measures to take to minimize the threat of security breaches in your company, as well as what to do to in case your business finds itself in an unfortunate situation.

But, first things first, what is a ransomware attack?

Ransomware is a type of malicious software that uses a variety of methods to lock the victim’s data and demands monetary compensation in exchange for returning access to the said data. However, anyone who have watched at least one modern action movie knows that most governments don’t negotiate with terrorists because it sets a precedent. There is also no guarantee that the terrorists are going to free the hostages.

The same thing applies when it comes to ransomware attacks.

What Can You Do About Ransomware Attacks?

The first order of business should be to try and find out what you lost while identifying ways to resume regular operation if possible.

Once you have done that, you need to outline a plan on how to recover your lost systems. But, perhaps, more importantly, your business should prepare for a possible second attack, even if you decide to pay the ransom.

The truth is, besides trying to recover your data from a secure back-up source, there’s not much your business can do about ransomware attacks once they have happened.

Prevention is Always Better than Cure

A ransomware attack is only as devastating as the amount of time you prepared for it.

For example, if you prepared your business for the eventuality of a ransomware attack, then losses incurred will be minimal.

This is why it’s essential to consult IT security companies on what kind of measures your business can take to minimize the potential losses from cyber-attacks. However, you should also consider talking to other companies who have gone through the same thing. Another essential way to prevent a ransomware attack is through the use of identity management products.

By working with experts and learning from the experience of others, your business will be better prepared for a ransomware attack in the future.

Is Blockchain Technology Truly Secure? How Secure Is It?

Information Security Companies Singapore, Blockchain Solution Vendor Singapore

Over the internet, it’s only natural for people to not want to trust each other. This is because, the phrase, “the world isn’t a nice place”, applies even more online, where people have every reason to be skeptical of one another.

For that very reason, using a secure blockchain platform is becoming more and more popular.

Using highly sophisticated and innovative software, blockchains make it difficult for even the most ingenious of attackers to manipulate and extract data for their own malicious purposes.

How and Why is Blockchain Secure?

Information security companies in Singapore and Singapore blockchain solution vendors recommend blockchain technology because it uses a combination of both public and private keys made up of a random combination of numbers and letters in place of traditionally weak passwords to keep online assets secure and difficult to steal.

The reason why blockchain technology is more secure is because of decentralization.

The typical security practice is to use a centralized system. This works, to some extent, in making things convenient, because data is much more easily shared between multiple users when a system is centralized. But, the problem with this is that, it only takes a single instance of vulnerability, whether it be failure to keep systems updated, patched, or secured, or negligence in the part of the IT security company, to put the entire network at tremendous risk of penetration.

That’s where blockchain technology comes in.

Blockchain technology uses the exact opposite principle used in centralization. Instead of having a single point of failure, blockchain acts as an information ledger that is then distributed across an entire network.

What this means is that, there’s no single point of vulnerability — hackers will need to attack the entire network at once, otherwise, they’ll only be able to collect a minuscule amount of data, if any at all.

Decentralization also comes with other benefits.

For example, even if there is a point of failure, blockchain technology keeps sensitive data secure somewhere else.

This concept is essentially what makes using a secure blockchain platform such a good idea.

Is Blockchain Technology Impossible to Hack?

Yes, and no.

The concept of blockchain technology means that it should be impossible to hack. However, it still has areas of vulnerability that can be exploited. Like, for starters, despite being built on the premise of decentralization, certain aspects of blockchain technology are still centralized.

Cryptocurrency exchanges, for example, pose as a significant area of vulnerability, with hackers already having used this single point of entry to gain access to an entire network.

This is also why there have been calls to decentralize exchanges to help make the distribution of assets and information more secure and less prone to hacks.

With that said, there’s no doubt about how effective blockchain technology is as a secure and hard-to-break technology that’s only going to keep on improving as the need for increased security against cyber threat goes.

To know more about blockchain technology and how it can help your business, make sure to contact your local IT security companies.

Your business’ assets are more prone than you might think.

Investing in an added layer of cyber security not only protects your business from the immediate effects of a cyber threat, but also from the long-term effects of a security breach on your brand and your company’s relationship with its customers.

Users should also make use of identity management products to keep their blockchain keys safe. For Singaporean users, you can choose to utilize singpass 2fa setup Singapore, to further protect your personal data.

 

3 Ways Your Business Can Secure Your Website With Blockchain

Blockchain Solution Vendor, Blockchain Solution Vendor Singapore

Initially branded as “impossible to penetrate”, we have come to learn over the past few years that blockchain technology is not immune to vulnerabilities.

Still, compared to traditional security measures, blockchain technology is, by far, more secure.

Using blockchain to help keep your business’ assets secure is a good idea. However, there are ways to beef up its already impressive security even more.

Below, we have outlined ways that your business can secure your blockchain platform.

1. Use well-designed smart contracts

In light of the recent attacks to the seemingly impenetrable blockchain technology, organizations such as the Financial Stability Oversight Council (FSOC) are expressing concerns about the security of the platform.

In particular, they fear that the very nature of the blockchain itself makes it susceptible to fraud.

This is a valid concern and one that has yet to be fully solved. However, it’s important for everyone who is part of the blockchain ecosystem, not to fear to make mistakes. Instead, it is better to continue contributing to the development of the technology, albeit proceeding as cautiously and wisely as possible.

Using well-designed smart contracts is an excellent way to keep the general participants free from corruption, including but not limited to instances of collusion.

2. Independent penetration testing

Because blockchain technology originated in bitcoin, blockchains not solely dedicated to cryptocurrencies are still new and vastly experimental. This significantly increases the risk of the deployment on live blockchains code that has yet to receive sufficient testing.

There have been instances of such blockchains being the subject of attacks and threats.

For this very reason, independent penetration testing is essential.

By working closely with independent Singapore IT security companies and identifying vulnerabilities in your blockchain platform, you can prevent your business from being at the receiving end of a malicious hacker.

3. Keep blockchain keys safe

Sometimes, it’s not the actual blockchain platform that’s targeted, but the users who unknowingly enter, display, or store blockchain keys on vulnerable devices.

Thankfully, users can take steps to prevent this from happening, such as:

  • Keeping your operating system updated at all times, especially when it is a security patch or update.
  • Using a trusted and regularly updated antivirus software.
  • Only keep your blockchain keys store in an encrypted application, or if you must include it in an email, use your blockchain wallet’s email feature instead.
  • Using identity access management products
  • For Singaporean users, you can choose to utilize singpass 2fa setup Singapore to further protect your personal data

Keeping your blockchain keys safe is similar to keeping your data safe.

Make sure that your blockchain keys are safe from prying eyes by taking the necessary steps, so they don’t end up leaving your device.

Blockchain technology is secure and difficult to penetrate. But, it is not invulnerable as once thought.

Understanding the complexities involved in implementing blockchain technology is not easy. This is why it’s important to work with cyber security companies and blockchain solution vendors in Singapore, that possess the necessary experiences and training in this field.

By working with a technology partner who takes the time to inform you of the issues solved by blockchain technology, as well as the potential vulnerabilities, you can save your business a lot of money, both short-term and long-term.

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.

How SAML And Blockchain Can Work Together To Enable SSO

SAML SSO Singapore

Security Assertion Mark-up Language (SAML) is an open standard protocol which allows security credentials to be shared by multiple devices participating in the same network. It is a framework that facilitates the exchange of authorisation and authentication of data between secure domains.

In SAML, authentication is provided by an identity provider. An identity provider is an entity that determines if a user is really who they claim to be. They might also regulate what degree of access the user is equipped and authorised with. Identity providers interact with service providers, which receive and accept information through SAML services.

The most common use of SAML is in Single Sign-On (SSO). SAML removes the need for passwords, through the use of digital signatures and standard cryptography. A secure token is exchanged from an identity provider to a service provider. The common problem faced by countless IT security companies is how users have to remember many different sets of login credentials. Organisations that have adopted identity and access management products which make use of SAML protocols can free themselves from the burden of managing and monitoring large amounts of username and password combinations.  Users need only to log in once and they can thus access the resources they are allowed to.

However, SAML authentication is reliant on a centralised system. Through such sharing of user data between various service and identity providers, the risk for data to be consumed by a malicious party opened up. Many SSO solutions relied on centralised databases that were supported by external vendors and companies. There was the possibility for cyber attackers to slip into the network through the third-party solution provider, giving rise to a breach in security and potential identity theft.

As a result, the evolution of digital identity started looking towards the concept of self-sovereign identity. That is where blockchain security comes into the picture. By approaching identity management with a model of decentralisation, each user in the network can control who has access to their own data. The user holds total control of their own data, as opposed to one central authority managing tons of individual user data.

How blockchain solution vendors can be tapped on to empower the existing protocols of SAML is to create a decentralised distributed ledger that prevents data from being altered or deleted. First used in the cryptocurrency world, such as Bitcoin, blockchain technology can now be harnessed to secure applications in numerous industries. The immutable nature of a blockchain network can be used to make SSO the next big thing in security.

Unsolicited circulation of data can be put to a stop, with the total transparency afforded by blockchain. It is impossible for anyone to tamper with the data stored on the blockchain, preventing hackers from forging authentication data to access the network.

Organisations and vendors in Singapore are beginning to consider how blockchain can be incorporated on top of existing SAML-based services and leveraged for its functionality. By fully harnessing blockchain technology, seamless authentication and authorisation can be pushed to greater developments.

Will Blockchain Change The Landscape Of Digital Identities?

Singapore Cyber Security Companies, Identity Access Management Products

When it was first established, Bitcoin was seen as a niche cryptocurrency. It was only discussed within the most computing and technical-oriented circles. Within the past decade, the world has witnessed bitcoin grow and transform into a marketplace that has gotten the mainstream media and press buzzing everyday about it. The rise of bitcoin inevitably resulted in a certain technology being brought to light.

By that we mean, blockchain. By eliminating the need of any middleman, blockchain solution has led to the empowerment of a direct exchange of information between A and B. What blockchain offers is a distributable ledger that is immutable in nature, with complete transparency of time-stamped records.

It is such credibility and efficiency that has drawn multiple corporations and businesses to tap on blockchain for their operations. From the cryptocurrency world, blockchain is gradually seeping into other industries and sectors, from insurance to supply chain manufacturing to finance.

The world of identity and access management (IAM) has been shaken up with the popularity of blockchain technology. Since then, there has been a plethora of attempts to harness blockchain into cyber security solutions. With blockchain-based IAM platforms and services surfacing, IT teams are starting to find that they can put an end to fraudulent activity and identity theft. Users have full autonomy over what information they wish to share and being able to verify the data which is subsequently stored and encrypted inside the ledger.

Each block along the shared blockchain network contains information that cannot be altered or deleted. With links of cryptography, one block is connected to another and exists in a decentralised database. For a criminal or hacker to cause genuine damage, they would have to delete or modify every single copy that is owned by every user participating in the shared blockchain network.

In addition, the time-stamped records will show all users who accessed and retrieved the data from a block. Every block has its own complete history which can be viewed by anyone participating in the blockchain, meaning that all transactions are made available.

Blockchains can come with a set of permissions. This means that participating parties can determine who can write new blocks into the blockchain as well as set who can record transactions. Through this mix-and-match approach, security companies can experiment with the levels of security. Some users may not be allowed to be a node. Some users may have stricter permissions and verification processes.

However, data protection regulations such as the GPDR states that personal data should not be stored on public networks. In order to work around these regulatory issues, only the users’ unique cryptographic identifiers can be referenced and stored on the blockchain.

Following this thread of thought, many companies are leveraging on a hybrid blockchain to be incorporated in the context of enterprises. Governmental bodies and commercial enterprises find great value in the implementation of a hybrid blockchain.

As blockchain security continues to evolve, the world of digital identity can possibly be revolutionised. In IAM, blockchain has much potential.