Chester Wizniewski – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Wed, 17 Jul 2024 21:18:06 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Chester Wizniewski – Tech | Business | Economy https://techeconomy.ng 32 32 Energy and Water Sectors Ransomware Recovery Costs Jump to $3m in 1 Year – Sophos Survey https://techeconomy.ng/energy-and-water-sectors-ransomware-recovery-costs-jump-to-3m-in-1-year-sophos-survey/ https://techeconomy.ng/energy-and-water-sectors-ransomware-recovery-costs-jump-to-3m-in-1-year-sophos-survey/#respond Wed, 17 Jul 2024 21:18:06 +0000 https://techeconomy.ng/?p=137205 Sophos, a global leader of innovative security solutions for defeating cyberattacks, today released a sector survey report, “, “The State of Ransomware in Critical Infrastructure 2024” which revealed that the median recovery costs for two critical infrastructure sectors, Energy and Water, quadrupled to $3 million over the past year.

This is four times higher than the global cross-sector median. In addition, 49% of ransomware attacks against these two critical infrastructure sectors started with an exploited vulnerability.

The State of Ransomware in Energy Sector 2024
Source: The State of Ransomware in Energy Sector 2024

Data for the State of Ransomware in Critical Infrastructure 2024 report comes from 275 respondents at energy, oil and gas, and utilities organizations, which fall under the Energy and Water sectors of CISA’s 16 defined critical infrastructure sectors.

The results for this sector survey report are part of a broader, vendor-agnostic survey of 5,000 cybersecurity/IT leaders conducted between January and February 2024 across 14 countries and 15 industry sectors.

Protecting network
Chester Wizniewski, Field CTO Applied Researchat at Sophos

“Criminals focus where they can cause the most pain and disruption so the public will demand quick resolutions, and they hope, ransom payments to restore services more quickly. This makes utilities prime targets for ransomware attacks. Because of the essential functions they provide, modern society demands they recover quickly and with minimal disruption,” said Chester Wisniewski, Sophos’ global Field CTO.

“Unfortunately, public utilities are not only attractive targets but vulnerable to attacks on many fronts, including the requirement for high availability and safety, as well as an engineering mindset focused on physical security. There’s a preponderance of older technologies configured to enable remote management without modern security controls like encryption and multifactor authentication. Like hospitals and schools these utilities are frequently operating with minimal staffing and without the IT staffing required to stay on top of patching, the latest security vulnerabilities and the monitoring required for early detection and response.”

The State of Ransomware in Energy Sector 2024
Source: The State of Ransomware in Energy Sector 2024

On top of growing recovery costs, the median ransom payment for organizations in these two sectors jumped to more than $2.5 million in 2024—$500,0000 higher than the global cross-sector median.

The Energy and Water sectors also reported the second highest rate of ransomware attacks. Overall, 67% of the organizations in these sectors reported being hit by ransomware in 2024, in comparison to the global, cross-sector average of 59%.

Other findings from the report include:

  • The energy and water sectors reported increasingly longer recovery times. Only 20% of organizations hit by ransomware were able to recover within a week or less in 2024, compared to 41% in 2023 and 50% in 2022. Fifty-five percent took more than a month to recover, up from 36% in 2023. In comparison, across all sectors, only 35% of companies took more than a month to recover
  • These two critical infrastructure sectors reported the highest rate of backup compromise (79%) and the third highest rate of successful encryption (80%) when compared to the other industries surveyed
The State of Ransomware in Energy Sector 2024
Source: The State of Ransomware in Energy Sector 2024

“This once again shows that paying ransom payments almost always works against our best interests. An increasing number (61%) paid the ransom as part of their recovery, yet the amount time it took to recover was extended. Not only do these high rates and amounts of ransoms encourage more attacks on the sector, but they are not achieving the claimed goal of shorter recovery times,” said Wisniewski.

 

“These utilities must recognize they are being targeted and take proactive action to monitor their exposure of remote access and network devices for vulnerabilities and ensure they have 24/7 monitoring and response capabilities to minimize outages and shorten recovery times. Incident response plans should be planned in advance, the same as for fires, floods, hurricanes and earthquakes, and be rehearsed on a regular schedule.”

Read the full State of Ransomware in Critical Infrastructure on Sophos.com.

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Protecting Assets in a Remote-first (and Potentially Hostile) World https://techeconomy.ng/protecting-assets-in-a-remote-first-and-potentially-hostile-world/ https://techeconomy.ng/protecting-assets-in-a-remote-first-and-potentially-hostile-world/#respond Fri, 19 May 2023 13:10:31 +0000 https://techeconomy.ng/?p=102426 With both persistent attacks and post-pandemic remote work here to stay, modern security solutions must assume the endpoint device or phone operates in a dangerous environment at all times, writes Chester Wizniewski, Field CTO Applied Research at Sophos:

I live in a city center and the lunch hour certainly isn’t like it once was. While some people have returned to working in an office, it seems that the majority have not.

Looking back, the pandemic will have been a turning point for many things around the world, and the rhythms of office-centered worklife will be something that will never return to the old ways.

How to Build and Manage a Formidable Remote Workforce
Remote worker (Source: Unsplash)

With this increased flexibility employees are not just working from home behind consumer-grade Wi-Fi routers; they are also spending part of the day at the park or coffee shop, or perhaps even having a “working holiday.” Those in charge of protecting enterprise assets have to assume these endpoints are always in hostile territory.

Even before the pandemic, organizations working toward improving their security maturity were often trying to “push left.” 

What is pushing left?

At its most basic level it means moving things closer to the start. It originates from software development where the stages of the development process are conceptualized from left to right, left being the beginning.

In applied security we also use the term “pushing left,” but rather than referring to the software development process we are referring to the attack chain, which moves from reconnaissance on the left through action (exfiltration or other attacker goal) on the right.

For many years, the most comprehensive security strategies have involved defense in depth. The idea is that not all technologies are suitable for detecting a given threat type, so it is best to deploy them in layers.

These layers often directly correspond to how far “left” something is in the attack chain. If you can detect something at the network border through your firewall, email, or web filters, you have contained the threat before it has any negative impact on operations.

Ideally you want to detect and block an attacker as far left as possible, i.e., as early as possible. Pushing detections left also alerts security analysts that an intrusion may be underway, initiating more focused threat hunting to anticipate gaps in defenses your attacker may be attempting to exploit.

For employees at the office, you can centralize control of these defenses and provide optimum protection. The question is, are you able to provide the same protection for remote workers regardless of their location? Can you monitor and respond to threats being detected on those assets when they are out of the office? As many have observed, this did not work as well as we would have liked when we all went into lockdown, many of us without a plan.

While there are still many benefits to monitoring the network when you have control of it, including reduced endpoint overhead and the ability to keep threats at a distance from sensitive assets, we need to ensure we can take as much of this protection as possible with us when we are out and about.

We must ensure not only that protection is optimized, but also that we don’t lose our ability to monitor, detect, and respond to attacks targeting these remote assets.

Most organizations have moved to utilizing EDR/XDR solutions (or plan to in the very near future) , which is a great start, but not all solutions are comprehensive.

In the remote-work era, insufficiently protected remote users can encounter plenty of issues – malicious URLs and downloads, and networks attacks, to name only the most mundane – that in the Before Times would have been handled by machines guarding the corporate “fort.” The biggest missing components when users are “outside the fort” are HTTPS filtering and web content inspection of the sort that is typically implemented within next-generation firewalls. When you add these technologies to pre-execution protection, behavioral detection, machine learning models, client firewalls, DLP, application control, and XDR, you are starting to look at a comprehensive stack of defenses for attackers to overcome – even if the endpoints themselves are now free-range.

For initiatives like zero trust network access (ZTNA) to be effective, we must not only wrap the applications we interact with, but we must also wrap the endpoints that connect to them. Simple checks like whether the OS up-to-date and whether it has security software installed may be a good start, but not all protection is created equal.

With most devices being connected to the internet whenever they’re in use, we can leverage the power of the cloud to help provide ubiquitous protection and monitoring.

Modern security solutions must assume the endpoint device or phone is in a hostile environment at all times. The old idea of inside and outside is not only outdated, it’s downright dangerous.

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