BW Cyber Services continues to see a dramatic rise in successful attacks directed at Microsoft 365 and other cloud-based e-mail services.
As supported by the OCIE’s Risk Alert on Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features, and further instantiated by the FBI’s Internet Crime Complaint Center (IC3) reports, BW Cyber Services continues to see a dramatic rise in the rate of business email compromise (BEC). The vast majority of these compromises are due to misconfigured security settings associated with Microsoft 365 and other cloud-based email. And unfortunately, these BEC compromises almost always result in at least one of the following outcomes:
- Attempted and successful wire frauds
- Exposure of Personally Identifiable Information (PII) – most notably in the form of compromised Subscription Documentation
- Ransomware attacks
- Credential Compromise attacks directed at the firm’s investor base
- Extremely negative reputational event affecting the firm
While these attacks have been ongoing for years, the pace at which these events are being successfully directed at asset managers continues to increase.
The FBI recommends increased vigilance to prevent BEC scams, including adjustment of cloud-based email settings, use of multi-factor authentication, and user education to prevent phishing and other social engineering efforts.
BW Cyber Services Guidance
The continued dramatic rise in BEC is directly related a lack of understanding and/or oversight of cloud-based services – most notably Microsoft 365. This platform (and other similar cloud platforms) is configured by IT providers, consultants, and other third-party technology partners who often misconfigure or overlook key security features that are critical to the security of e-mail and related cloud data. Specifically, areas like Azure AD, Exchange, OneDrive, SharePoint, Teams, and others supporting cloud technologies are often configured with default settings, leaving staff and data exploitable.
How BW Cyber Services Can Help
BW Cyber Services provides a detailed Cloud Hygiene Assessment service to evaluate and mitigate cloud settings that may put your organization at risk. Moreover, our experienced cybersecurity cloud technicians will ensure this process also addresses the key issues identified by the OCIE per cloud configuration settings. We can perform a full security hygiene health check of your Microsoft 365, Google, or AWS settings, with no little or active participation required from the firm. Relatedly, we provide a detailed report that we can either provide to your IT staff (in-house or outsource) or we can implement on your behalf.
If you have any questions, please contact BW Cyber Services at firstname.lastname@example.org.