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The Cybersecurity Risks of Mergers and Acquisitions

Thursday, February 2nd, 2023

In tough economic times, many businesses go through mergers and acquisitions to improve their financial prospects. However, this process can put organizations’ sensitive data at risk. In this article, we discuss the cybersecurity risks of mergers and acquisitions. According to a report by Forescout, 62 percent of participants agreed that their company faces significant cybersecurity risks by acquiring new companies and expressed that cyber risk is their biggest concern post-acquisition.

cybersecurity risks of mergers and acquisitions

Before M&A: Assess Cybersecurity Risk

Even before mergers and acquisitions are announced, it can be a vulnerable time for a company’s data. Leakage of sensitive company data, like confidential financial information, can be catastrophic to negotiations. As a result, this makes companies considering a merger or acquisition highly susceptible to hacking.

Internal threats are also likely to increase. Employees not involved in negotiations may learn about merger talks and have some incentive to leak data to the press or to criminals to stop the process. It is essential to protect all communications relating to merger discussions.

The most significant risk of a merger is not doing cyber due diligence on the company being acquired. Risk analysis needs to be a part of negotiation talks. Most organizations being merged or acquired are smaller, with low levels of sophistication, and may lack mature cybersecurity programs. You need to understand the potential risks your company may be inheriting to prepare to address them properly. Security personnel need to be included in M&A talks to ask the right questions, audit systems, and prepare for integration.

Addressing Risk During Integration

Once a company merges with another, the risks to sensitive data increase. Highly sophisticated threat actors target M&A activities because, with operations in transition, high-value data is often vulnerable. 

The Technology Risks of Mergers and Acquisitions

In 2019, the IBM Institute for Business Value surveyed 720 executives responsible for the merger and acquisition functions at acquirer organizations. More than one in three said they experienced data breaches that can be attributed to M&A activity during integration.

IT changes may be extensive and cannot all take place at once. It’s essential to take time to fully understand inherited policies, equipment, and procedures before making rapid changes. Enterprise IT projects take time to plan and complete without disrupting day-to-day operations.

IT teams will deal with a new mix of assets, technologies, processes, and organizational culture during integration. Risks continue to evolve during the initial period of change as they learn more about inherited systems and processes. They may also be overwhelmed by integration tasks integral to day-to-day operations, so that security tasks may be a lower priority. It’s incredibly important to prioritize security and have a well-organized transition to ensure that sensitive data is not exposed.

The Personnel Risks of Mergers and Acquisitions

Changing personnel can also create gaps in your security program. Employees with institutional knowledge may leave the company, meaning crucial processes and procedures must be re-documented and updated. If teams are understaffed in essential areas, they may take shortcuts that leave sensitive data exposed.

Staff burnout and uncertainty from the transition can also lead employees to make mistakes. Phishing and business email compromise threats are prevalent in the early days of a merger or acquisition. People may report to new managers and fall prey to social engineering-style attacks because of their unfamiliarity with new reporting lines and company hierarchy.

It’s important to prioritize security training and update all employees on policies after a merger occurs. Clearing up ambiguity helps to reduce risk and builds trust in the organization.

How to Reduce Cybersecurity Risk During a Merger or Acquisition

Utilizing basic email security features like filtering and message encryption can go a long way to protect sensitive data and limit risks. Whenever confidential information is shared, it should occur through secure or encrypted channels. Leaked information can lead to negative consequences and volatility.

The best way to reduce risk is to plan for it. It’s critical to thoroughly understand the risks you will inherit by merging with or acquiring another company. This should include thoroughly reviewing risk assessments and IT systems and even bringing in a third-party to assess their cybersecurity. The time to find out about these liabilities is before the merger occurs, not on day one. 

Tags: business email compromise, cybercrime, cybersecurity risk, email encryption, email filtering, email security, hacking, phishing, risk reduction
Posted in Business Solutions, LuxSci Library: Security and Privacy
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4 Security Tips for Cybersecurity Awareness Month

Wednesday, October 26th, 2022

October is Cybersecurity Awareness Month, and it’s worth taking a minute to reflect on your security stance and what you can do better to protect sensitive data and accounts.

cybersecurity awareness month tips

The Current State of Cybersecurity in 2022

Cybersecurity incidents and data breaches continue to increase across all industries. A 2022 report noted a 42% increase in cyberattacks for the first half of 2022 compared to the same period in 2021.

The healthcare sector also continues to be a target. The same report noted a 69% increase in cyberattacks targeting the healthcare sector. The Office of Civil Rights also noted that breaches affecting 500 or more individuals increased from 663 in 2020 to 714 in 2021.

Even more concerning, 74% of the breaches reported to OCR in 2021 involved hacking or IT incidents. In the healthcare sector, hacking represents the greatest threat to the privacy and security of PHI. Organizations must take the threat seriously and take concrete steps to protect their systems.

4 Essential Steps for Better Cybersecurity

So what can you do to avoid falling victim to a cyberattack? The Cybersecurity & Infrastructure Security Agency (CISA) recommends these four essential steps that all employees can take to protect their accounts.

Watch Out for Phishing Scams

Think before you click! Educate employees on common phishing tactics, create policies to help reduce risk, and invest in tools that flag suspicious emails. Phishing tactics are successful because they prey on common human impulses to manipulate individuals into taking quick actions.

Teaching employees what to look out for and putting in place email filtering systems to flag suspicious senders and links can drastically reduce your risk and the probability of your organization falling victim to a hacking incident.

Update Software

Many people find software updates annoying and snooze them for as long as possible. However, many software updates include security patches for recently identified vulnerabilities. By not updating to the latest version, it leaves your organization vulnerable to attacks.   

Use Strong Passwords

It’s an obvious tip to many security professionals, but many people still use weak passwords that are easy to guess. Today it is easier than ever to crack simple passwords using dictionary attacks or finding credentials on the dark web.

Employees should use unique passwords for each account. In addition, passwords should be:

  • Randomly generated
  • Use a combination of letters, numbers, and characters
  • At least ten characters
  • Stored securely in a password manager
  • Not shared with other employees

Enable Multifactor Authentication

As we mentioned above, cracking passwords is getting easier, especially if employees are not using strong, complex credentials. Enabling multifactor authentication adds another layer of security to account logins. Multifactor authentication requires users to present two or more credentials to log in to their accounts. The first factor required is a typical username and password. The second factor is usually a code contained within a text, email, or push notification. The user must enter this numerical code to confirm that they are logging into the account. Even if your username or password is compromised, a hacker will not be able to access the account without that second factor. It’s wise to require the use of multifactor authentication, especially for accounts that contain sensitive data. 

Conclusion

Of course, these tips only scratch the surface of a successful security and compliance program. To get started, complete a risk assessment to identify gaps and areas to improve. LuxSci is here to help improve your email security.

Tags: 2fa, access control, cybersecurity, cybersecurityawarenessmonth, email filtering, mfa, multifactor authentication, password manager, password security, phishing, risk assessment, software updates
Posted in LuxSci Library: Security and Privacy
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How Email Filtering Prevents Cyberattacks

Tuesday, September 20th, 2022

Almost every business uses email as a primary communication channel, and as a result, it is a major attack vector for cybercriminals. Every employee’s email account represents a possible risk to your business operations. One way to protect employee accounts is with email filtering tools.

email filtering

The Risks of Email Communications

Email is a necessary business communication tool. However, it also introduces significant risks. A 2019 HIMSS survey found that 70% of breaches originated with a phishing email. It’s unrealistic to stop people from using email, so the next best step is protecting accounts and reducing risk.

Social Engineering Risks

The number one threat to any cybersecurity program is human error. Phishing campaigns are so successful because they prey on human vulnerabilities. Everyone makes mistakes. Even the most cautious people can be caught up in a busy day and accidentally click on a malicious link without adequately vetting the sender.

By stopping these malicious emails from entering the employee’s inbox, there is no chance they will mistakenly click on them. Although phishing training is still essential in case emails get through the system, a good email filtering service will stop most suspicious messages.

What is Email Filtering?

Email filtering tools prevent malicious messages like spam from reaching inboxes. Filtering tools scan the incoming emails for signs of cybercrime- these could include bad links, content used by known spammers, or other indicators. Email filtering stops suspicious emails from being delivered to the intended recipient.

How Email Filtering Works to Stop Spam

There are many ways to filter emails, some of which are more restrictive than others. Every email filtering service is different, so we are speaking in generalities for informative purposes. However, the process works the same way. All incoming emails are scanned to see if they contain any information that violates the filter settings. Traditionally, the filter scans both the email header and the message contents.

The email header contains information about the sender, including their IP address, email domain, sending address, security signatures, and other technical information about how and when the email was sent. Email filters will flag messages sent from suspicious senders and known spammers. Email filters can be so restrictive as to entirely stop incoming emails from external organizations or domains.

Filtering systems also scan email message contents. Phishing schemes rely on unsuspecting users clicking on links to install malware on a user’s computer. Email filtering systems can scan and remove links to known suspicious websites. Organizations can go further and configure their filtering systems to remove all links in emails. This may be too restrictive for some, but it is an option for some filtering tools. In addition,  scanners can flag emails for spammy content. Some commonly flagged messages include overly promotional marketing emails, messages with adult themes, and those that mention illegal activities.

Once the suspicious emails are flagged, then what happens? The settings are often configurable. Some email filtering systems add a banner to the top of scanned messages that alerts the user to any risky-seeming content. However, once users are accustomed to seeing it, they may ignore or not notice the warnings.

The most common solution is to divert flagged emails to quarantine. There, users can review the messages to determine if they are spam or not. Sometimes unsuspecting messages get caught up in filters, and this gives the intended recipient a chance to retrieve wanted messages. For extremely conservative organizations, the system can automatically delete flagged messages and never deliver them to the inbox out of an abundance of caution.

Conclusion

Everyone should be concerned about the rise of cyberattacks and the potential risks to their businesses. Use an email provider that offers sophisticated email filtering services. LuxSci’s Premium Email Filtering is an available add-on to our Secure Email Hosting and Secure Connector solutions.

Tags: email filtering, email spam, phishing, social engineering, spam
Posted in Email, LuxSci Library: Email Programs and Devices
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How to Avoid Business Email Compromise Attacks

Tuesday, July 5th, 2022

Business email compromise (BEC) attacks are on the rise and are poised to eclipse ransomware as the biggest threat to cybersecurity. Since 2016, $43 billion has been stolen through BEC. Even more concerning, there has been a 65% increase in BEC from 2019 to 2021. This article explores what business email compromise scams are and what steps organizations can take to avoid them.

business email compromise

What are Business Email Compromise Attacks?

In business email compromise scams, attackers infiltrate or impersonate a legitimate corporate email account. They then send phony invoices or initiate contract payments that trick unsuspecting businesses into wiring money to criminals.

These scams rely on humans making the wrong choices. Some examples of business email compromise scams include:

  • A criminal impersonates a vendor and sends a fake invoice to the accounting department.
  • Someone who appears to be the company CEO asks an assistant to make a wire transfer to an unknown account.

Some of the tactics used include:

  • Domain name spoofing: Domain name spoofing involves changing the sender’s “From” address to match the recipient’s domain in the message envelope. Criminals can also use a legitimate domain as the “From” address and a spoofed “Reply-To” domain in the message header.
  • Display name spoofing: The attacker registers a free email account to impersonate a vendor or employee. The attacker would configure the display name to match the employee’s name and then send phishing messages from this account. This technique is effective because recipients often only look at the display name, not the email address. In fact, many email clients will only show the display name when viewing the message, making it easier to hide the sender’s real identity.
  • Lookalike domain spoofing: The attacker may register fake domain names that contain characters that look similar to those in the actual domain name. For example, replacing the lowercase “l” in luxsci.com with an uppercase “I.” The criminal will send phishing emails from this domain to trick the recipient into thinking the message is legitimate.
  • Email Account Compromise: Another common tactic is taking over legitimate email accounts that have been compromised through malware or social engineering to steal data or funds.

How to Prevent Business Email Compromise Attacks

One of the reasons that business email compromise attacks are increasing is because they are often successful. Email filters and content scanning can do little to stop sophisticated social engineering attacks. Nevertheless, there are steps that organizations can take to stop BEC scams.

SPF, DKIM, and DMARC

Implementing technical controls can help prevent BEC scams from succeeding. As discussed above, many attacks use display or domain name spoofing to impersonate company accounts or individuals.

Sender Policy Framework (SPF), DomainKeys Identified Mail (DKIM), and Domain-based Message Authentication, Reporting & Conformance (DMARC) are anti-spoofing email authentication techniques that use DNS records to validate the sender of an email. Ensure the organization’s domain has valid SPF, DKIM, and DMARC records. Make sure the email provider analyzes all inbound email traffic using these tools.

Viewing the headers of a suspicious message is also an excellent way to detect fraudulent domains. See Gmail, Outlook, Apple Mail, and More: How to View Headers in Email to learn how to see these in the most popular email clients. This can help reveal the actual sender of someone using a spoofed domain or display name.

In addition, implementing email filtering and scanning tools can help flag suspicious links and protect against phishing attacks.

Employee Training

Helping employees recognize business email compromise scams is essential to avoiding them. All employees, not just those with access to sensitive data or financial information, should understand the tactics used by cybercriminals in BEC scams.

Employees should be aware that attackers can use the information they share online via social media against them. Birthdates, pets’ names, nicknames, and information about time off can be used to impersonate others and trick individuals.

Ensure employees are implementing strong passwords and using multifactor authentication to prevent account compromise and stop them from changing account credentials.

Policy and Procedures

Creating clear policies and procedures can help alleviate confusion and prevent individuals from taking action without thinking. For example, organizations should have clearly defined procedures for how and when vendors will send invoices and be paid. That way, when an unexpected email comes in from a “vendor,” employees will know what to do. It’s also essential to keep up-to-date contact information for vendors and employees. Many BEC schemes ask recipients to call a phone number with account credentials or payment information. If the number differs from the contact information on file, it’s wise to pause and call the contact through established channels to confirm the message’s accuracy before proceeding.

By creating clearly defined and enforced policies and procedures, it will be very obvious when deviations occur. Empowering employees with the tools they need to identify business email compromise scams will help protect your company and keep financial information secure.

Tags: bec, business email compromise, cyberattack, cybercrime, cybersecurity, dkim, DMARC, email fraud, email headers, email scams, phishing, spear phishing, spf
Posted in Email, LuxSci Library: Security and Privacy
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5 New Year’s Resolutions to Improve Your Cybersecurity

Tuesday, January 4th, 2022

Happy New Year! Start the year off by making a New Year’s resolution to improve your cybersecurity. Here is LuxSci’s list of what your organization needs to do to prepare for the new year.

cybersecurity new year’s resolution

Read the rest of this post »

Tags: cybersecurity, mfa, multifactor authentication, passwords, phishing, privacy, risk assessment, security, training, zero trust
Posted in LuxSci Library: Security and Privacy
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