Industries | AXIOTROP

Trade & Transportation

Challenges facing trade and transportation companies include a boom in e-commerce, supply chain integration, and import-export challenges. Add to this list cybersecurity, which has historically been a lower priority. With burgeoning digital record keeping and data tracking comes greater cyber breach threats.

CBP’s CTPAT minimum security criteria is helpful, but companies should strive to exceed that criteria to lower risks of a breach. Indeed, companies should also develop plans to detect, respond and recover from a breach given financial and reputational impacts.

It’s time for companies to assess and strengthen their cybersecurity programs, which can be done over time and with a business-first focus.

News & Updates

CONECT Ransomware Webinar Summary

with Linn Freedman & Joe Devine

1/30/2024

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Article

Top Methods of Attack & Response to Ransomware Incidents

Threat actors employ various methods to attack organizations' networks and systems. Understanding these risks and having a robust response plan are crucial to plan for and respond to these attacks.

Methods of Attack

Malicious Code

Threat actors embed malicious code in technology to steal credentials through phishing, SMS texts with links, QR codes, email, desktop sharing software, web applications, direct installs, and backdoors.

Social Engineering

Criminal organizations invest significant time in social engineering, exploiting employees' connections on social media to gain familiarity and trick them into clicking on malicious links or attachments.

Human Element

Approximately 74% of breaches involve a human element, underscoring the importance of training employees to think differently about technology.

Response to Ransomware Incidents

Preparedness

Ransomware attacks can be devastating, with threat actors typically infiltrating systems for 200-270 days before deploying ransomware. Having an incident response plan in place is essential to prepare and recover from an attack.

Communication and Decision-making

Establish clear lines of communication, both onsite and remotely, and designate key decision-makers, including C-suite executives and legal counsel.

Tabletop Exercises

Conduct regular tabletop exercises to simulate ransomware scenarios, ensuring that all team members understand their roles and responsibilities.

Incident Response Team

Assemble and clarify who constitutes your incident response team and how to contact them, considering that access to systems may be restricted during an attack.

Technical Assistance

Engage IT and forensic specialists to facilitate the restoration of systems from clean backups and identify the ransomware attacker and their demands.

Data Backups

Maintain secure backups disconnected from the main network, prioritizing critical systems' restoration to minimize downtime.

Cyber Insurance Considerations

Policy Coverage - Work with a knowledgeable broker to assess cyber insurance options, ensuring coverage for social engineering, HIPAA compliance, website protection, and ransom payments.

Application Accuracy - Provide accurate information on cybersecurity practices in insurance applications to avoid coverage denial based on misrepresented data.

In conclusion

Proactive measures, comprehensive response plans, and adequate insurance coverage are vital in mitigating the impact of ransomware attacks on organizations. Collaboration between stakeholders and continuous readiness efforts are key to effectively combating evolving cyber threats.