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Poor marketing endangers society

n the past few weeks, as various security companies have published multiple studies about the state of cybersecurity, a common theme has arisen: Executives running the companies that purchase security tools and services are not sure their purchases have made them any safer. This widespread position in the market confirms results of a months’ long investigation by Cyber Protection Magazine that marketing practices in the industry are failing to do the job and, in the process, making society less safe.

While every report skews data to convincing customers to add their company’s tools and services to their budgets. However, every report also reports that between 60 and 90 percent of managers have significant concerns and doubts that the tools they have, and the tools they are considering, will not do the job that needs doing. The reasons for that lack of confidence are three-fold.

Three reasons for lack of trust

First, stuff is moving fast. Governments are legislating controls and protections faster than normal. Sometimes this rules don’t make sense and many in the industry think they are holding back innovation and adoption. Criminals and nation states are stepping up attacks that bypass established protections, and lawsuits for negligence are growing. Second, while understanding the need for security best practices is at an all-time high, that’s mainly because weaknesses due to work-from-home, generative AI and news about data breaches is also high. That means while understanding of the need is high, inexperience and ignorance is creating new opportunities for attacks.

“Many executives may not exactly understand how (the tools) work,” said Cache Merrill, founder of software outsourcing company, Zibtek. “. When there is a concern on the functionality of the tools or when attention is on what the tech teams understand without listening to them, anxiety is experienced. To put it simply, if they cannot see it, they will not put faith in it.”

Carl DePrado, an SMB IT consultant based in New York, aid, “The sheer number of cybersecurity products and services can be overwhelming. This contributes to a sense of vulnerability, as they may not feel confident that they have covered all their bases.”

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Pig butchering: Proving the Luddites right

Pig-butchering may be proving the Luddites were right. The social-engineering scam bypassed ransomware as the most profitable cybercrime approximately two years ago. After government regulations and law enforcement took a big bite out of returns for ransomware this past year, public-private partnerships are taking aim at the new champ.

TL;DR
* Pig butchering eclipses losses from ransomware
* Top targets are tech savvy people under 50
* Human error trumps cyber awareness
* Public/private partnerships making inroads at dismantling scam operations
* Tips to avoid scams
* Podcast with Arkose CEO
Between 2020 and 20023, scammers reaped more than $75 billion from victims around the world. Approximately 90 percent of the losses came from of purchasing fraudulent cryptocurrency, according to the US Treasury Department’s, Financial Crimes Enforcement Center. In comparison, ransomware attacks in that same period harvested $20 billion worldwide in ransoms and cost approximately another $20 billion in recovery costs.

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Sextortion is criminal, but may not be a crime

“Sextortion” is a popular theme in media and the news, but it may or may not be a big deal. It might not even be a crime depending on where you live. No one can really come up with a consensus about what it is and how widespread it is. It’s even difficult to pin down what constitutes the typical perpetrator of this crime.

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