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RBI Compliance Audit: Save Your Firm & Patrons from Fraud

RBI compliance audit will play a vital role in the water-tightening of the industry. Lately, in Jan 2023, RBI released an order to conduct a compliance audit on about 9500 odd-registered NBFCs to improve the related sector's security. 

However, the RBI compliance audit may invoke a shakeout, which may not be as precipitating as the proliferation of non-banking finance companies exposes both the financial system and the retail borrowers to risks.  

Let’s understand the importance of RBI compliance audits, how non-compliance affects the organizations and associated patrons, and the benefits of carrying out RBI compliance audits. So, without further ado, let’s dig in. 

Introduction

The RBI is the central bank of India, which regulates the country's monetary policy, issues Indian currency, and supervises the entire Indian banking sector. RBI Compliance refers to the set of regulations, guidelines, and directives that banks and financial institutions in India must adhere to make sure their operations are in line with RBI's policies. RBI Compliance encloses a broad range of areas, including anti-money laundering measures, customer protection, risk management, information technology security, and financial reporting. Compliance with RBI regulations is necessary for banks to maintain their operating license and avoid regulatory sanctions. RBI Compliance is an important aspect of India's financial ecosystem, ensuring the integrity and stability of the banking system and safeguarding consumers' interests.

What is RBI Compliance Audit?

An RBI Compliance Audit is an assessment of a bank or other financial institution's compliance with the set of regulations and guidelines set forth by the Reserve Bank of India (RBI). The audit is carried out by RBI-approved auditors or assessors, to evaluate and review the bank's procedures, policies, and operations to determine if they are compliant with the RBI's standards. The compliance audit often covers a full scale of areas, including anti-money laundering measures, customer safety, information technology security, risk management, and financial reporting. The aim of an RBI Compliance Audit is to ensure that the bank and NBFCs are complying with the RBI's regulations, reducing the risks associated with RBI non-compliance, and securing the interests of stakeholders and patrons. Non-compliance with RBI regulations can result in regulatory sanctions, penalties, or even the revocation of a bank's license to operate. Hence, an RBI Compliance Audit is a vital process that aids to maintain the integrity and stability of India's banking sector.

How Does Non-compliance Affect the Firm?

Not adhering to RBI compliance can have critical consequences for businesses, individuals, and financial institutions. Here are a few of the potential consequences:

Penalties and fines: RBI can impose penalties and fines on banks and other financial institutions that do not comply with its regulations. The penalties and fines can be hefty and can impact the financial health of the organization.

Suspension of business operations: RBI may suspend the business operations of non-compliant financial bodies. This can lead to a significant disruption to the business operations of the body and result in substantial financial losses.

Loss of license: RBI can rescind the entities’ business licenses that persistently fail to abide by its regulations. This can cause the permanent closure of the business and financial losses.

The vandalization of reputation: Non-compliance can cause great damage to the market reputation of the institution, causing the loss of partners, patrons, and investors.

Legal action: Not following RBI compliance can also result in legal action, including civil suits, criminal charges, and regulatory investigations. This can cause financial penalties and vandalization of the entity's reputation.

Restricted access to credit and financial services: Non-compliant bodies may find it tough to access credit and financial services from banks and other financial institutions. This can affect their potential growth and business expansion.

Why Do Banks & Other Financial Institutions Need An RBI Compliance Audit?

It is an evaluation of an entity’s compliance with laws, regulations, guidelines, and other standards that are mandatory for its business activities and operations. RBI compliance audit is conducted by an authorized auditor to assess an entity’s compliance with RBI regulations and guidelines. Following are a few reasons why financial organizations need to conduct this audit:

Ensure Regulatory Compliance: An RBI compliance audit aids entities ensure that they are abiding by RBI regulations and guidelines. Non-compliance can cause penalties, fines, legal disputes, and harm to an organization's market reputation.

Address Gaps and Risks: The audit can detect gaps and potential risks in a financial institution’s compliance program as well as identify improvement areas and minimize risks that could cause non-compliance.

Enhance Business Processes: Such audits can assist organizations to improve their business processes by addressing inefficient aspects and opportunities for improvement. It will also help organizations to reduce costs, elevate productivity, and improve customer satisfaction.

Maintain Reputation: Conducting an RBI compliance audit within an organization helps maintain its reputation by demonstrating its commitment to compliance. Plus, it can help to develop trust with stakeholders, customers, investors, and regulators.

Enhance Governance: RBI compliance audit improves the organization’s governance by giving an independent evaluation of its compliance program, which eventually enhances its decision-making processes and mitigates the likelihood of non-compliance.

Bottom Line

An RBI compliance audit is essential for entities operating in India to ensure compliance with RBI regulations and guidelines, address gaps and risks, enhance business processes, maintain reputation, and enhance governance.

Look for a reputed auditor organization that provides the RBI compliance audit service but make sure it fits your different requirements as well.

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A Guide to SOC 2 Attestation, Compliance, Audits, and Reports

With the proliferation of cyber attacks and breaches, nowadays, the requirement for information security is high in demand. SOC 2 attestation and reports are for general use that assures client organization and stakeholders the specific services are being provided in a secure environment. Also, SOC 2 attestation includes related to Privacy, Confidentiality, Availability, and Processing Integrity.

This blog will clear your basic doubts related to SOC 2 compliance, reports, and certifications. The process of adhering to SOC 2 compliance, however, should not be daunting, with some methodologies, it may prove to be bizarre. 

Let’s learn what is SOC 2 attestation and audit. 

What is SOC 2 Compliance and Reports

SOC 2 is an acronym for System and Organization Control 2 is a compliance report that ensures user businesses whatever services they are taking are being provided securely. Auditor businesses are advised to be SOC compliant in order to audit others and provide attestation to the user organizations. There are three types of SOC reports that are SOC 1, SOC 2, and SOC 3. Depending upon the requirements, these reports are provided to the user business. 

What is SOC 2 Attestation?

The SOC 2 attestation is a document that certifies an organization follows every standard guideline and that its systems and processes are adequately protected against data breaches. The report is technically an attestation, but people often call it a certification, which includes an audit of the service organization's procedures, policies, and controls concerning the following five Trust Services Criteria (TSC):

Security: The service organization's devices and systems are protected against logical and physical unauthorized access.

Availability: The service organization's devices are available for business operation and use as concurred upon.

Processing Integrity: The processing of service organization is complete, timely, accurate, and authorized.

Confidentiality: The sensitive information is secured as agreed upon.

Privacy: The service organization's personal information is collected, used, retained, disclosed, and disposed of in accordance with the entity's privacy notice and criteria.

It also aids auditor companies to demonstrate their commitment to information security and compliance with regulatory requirements.

Who Can Perform SOC 2 Audits? 

SOC 2 audits can only be carried out by certified public accountants (CPAs) or certified information systems auditors (CISAs). These information system auditors must be licensed or certified by any recognized organization, such as the American Institute of Certified Public Accountants (AICPA) or the Information Systems Audit and Control Association (ISACA).

Professional auditors are needed to follow specific standards and guidelines set forth by the AICPA in the AICPA and the SOC 2 Trust Services Criteria (TSC) Guide: Reporting on controls at a service organization concerning availability, security, processing integrity, confidentiality, or privacy (SOC 2 Guide).

To conduct a SOC 2 audit, the auditor should have a comprehensive understanding of the service organization's operations, systems, and controls related to the TSC. The auditors must also perform testing procedures to assess the effectiveness of these safety controls over a period of time.

After completing the audit, the SOC 2 report will include the assessor’s opinion on the effectiveness of controls of the service organization and any findings or recommendations for improvement.

Countries Where SOC 2 Attestation is Valid

It is a broadly recognized audit standard created by the American Institute of Certified Public Accountants (AICPA) for assessing the effectiveness of a company’s controls over its security systems and data. While the compliance report is predominantly used in the US, it is recognized and accepted internationally by several businesses and organizations.

SOC 2 attestation’s validity is not restricted to any particular country. Any company or business that collects, stores, processes, or transmits private and sensitive data can benefit from SOC 2 attestation, irrespective of its region. However, it is necessary to note that the SOC 2 audit must be conducted by a licensed CPA firm or independent CISA that adheres to the AICPA's guidelines and standards.

That being said, a few countries may have their own set of guidelines and standards that businesses must follow in addition to SOC 2. For instance, the European Union's General Data Protection Regulation (GDPR) sets forth strict data privacy and protection rules that businesses need to adhere to when handling the personal data of EU residents. Businesses and companies operating in the EU may have to follow both SOC 2 and GDPR standards.

Conclusion

SOC 2 attestation assures user organizations that the particular services they are receiving from a service organization are absolutely secure. So, an auditor organization must be able to present the attestation in front of the user organization for assurance.

Always rely on a CPA or CISA for carrying out a SOC 2 audit and information security. Finding an independent auditor or CPA is a daunting task, however, reaching out to a certified auditor organization is easier. So, what are you waiting for? Pick any of the organizations that offer SOC 2 audits and attestation.

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Cybersecurity Forecasting for 2023: Mitigate Cyber Risks

In several cases, instant remediation and proactive approaches have mitigated the risk of cybersecurity or information security breaches. However, it is uncertain which cybersecurity technique will become the talk of the town or which attack will disturb the entire security landscape. 

Cybersecurity experts and cybercriminals are both coming up with modernized techniques to strengthen and exploit the information security posture respectively. Albeit, in cybersecurity matters, a proactive approach always pays off. 

In the new year 2023, the entire world has its eyes on new achievements, techniques, and challenges. However, considering the cyber-attacks globally, several are afraid that the information security landscape will wane even further. 

Forecasting the future is not that simple but a streamlined analysis of the attack vectors and the feasibility of the technology can provide us with a clear picture of which direction we’re heading to. In order to develop an effective cybersecurity program, companies need to understand the evolving environment of the overall information security threat. 

Let’s learn about the top 5 cybersecurity predictions for 2023, that businesses can expect to face in the current year and might be in the future as well. 

Ransomware Attacks Are Gonna Bother Businesses Even More 

Ransomware attacks have been gradually increasing, and they are possible to persist in to be one of the biggest threats in 2023. Organizations should invest in robust security measures to prevent these attacks, such as regular backups, multi-factor authentication, and intrusion detection and prevention systems. Additionally, having a plan in place to respond to a ransomware attack can help minimize the impact.

In 2022, there were 236.1 million ransomware attacks worldwide, which was obviously less than the attack figures of 2021 which is 623.3 million. However, it is estimated to increase in 2023 and will bother organizations even more.

Social Media Frauds Will Perpetuate Catastrophe

Social media has become a significant platform in this digital era, even businesses are integrating effective social media tools and plugins to improve their brand visibility and ease business operations. These online tools, undoubtedly, aid businesses to enhance their business process and brand value but at the same time, they are becoming an appealing target to hackers. 

State-sponsored and nemesis hackers are using social engineering tactics as an initial access vector in abundance, targeting to access the system, release malware, or steal sensitive data.  Since the social media marketplace and commerce are rapidly growing, customers depend on the trust indication including account followers, blue tick on the account, active status of the account, etc, which makes them vulnerable to cyber traps.  

IoT Devices Will Need Extra-Protection

The Internet of Things (IoT) devices are becoming widely prevalent within an organization, and with it comes an elevated risk to its information security. IoT devices usually have feeble security controls, making them effortless targets for cybercriminals. Businesses should make certain that IoT devices are adequately protected and that they are merely used for their intended purpose.

Pay Attention To Cloud Security to Avoid Data Loss

Cloud computing is an efficient way for businesses to store and handle data, but it also brings new information security risks. Organizations need to ensure that cloud service providers have robust security controls in place, and must also implement their own safeguards to prevent sensitive data theft. 

According to a cyber security case study, cloud computing is going to steal all the hype for data storage and processing. So, it’s obvious that organizations, as well as attackers, will keep their eyes on cloud security, the above will seek security whereas, the latter will seek to trespass the security. 

Cybersecurity Workforce Shortage

There is a prominent scarcity of cybersecurity experts, and this scarcity is estimated to continue in 2023 as well. Businesses should focus on employee training and education programs to develop a pipeline of skilled information security professionals. Plus, outsourcing to third-party cybersecurity professionals can aid in filling the resource gap.

In A Nutshell

Information security needs to be protected in order to prevent data breaches and reputational as well as financial losses. Cybersecurity prevention can potentially save businesses from losing their hard-earned reputation and capital. 

Cybersecurity forecasting for 2023 will help organizations to understand the prospective security risks and mitigate the associated risks. Additionally, the prediction will help organizations make proactive strategies to strengthen and maintain the IT security posture and secure their customers' sensitive data. 

The best way to secure your business is to put effective security controls and preventive measures in place or take expert help. Periodic security audits avoid the risk of cyber attacks.

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The Emergence of Information Security in the Healthcare Sector.

In the healthcare sector, data collection is becoming increasingly voluminous and complex with continuous adaptation to modern technologies. Medical data is one of the most sought-after data that con attackers target, making this sector one of the most lucrative targets for hackers, for instance, ransomware. According to the Verizon Data Breach Investigations Report 2017, ransomware was proved to be the 5th most common cyber attack in 2017 by keeping healthcare cybersecurity at bay. In 2016, an attacker named Locky locked the systems of Hollywood Presbyterian hospital, based in Los Angeles, and demanded to pay about 40 bitcoins in order to regain access to its devices and systems.

Similarly, in 2017, Petya and WannaCry were launched on Windows-running systems that encrypted the files and demanded payment in Bitcoins in exchange for decrypting those files. These are some of the instances that give an idea of to which extent attackers can exploit vulnerabilities that exist in devices, and systems, and demand hefty ransom payments. Such attacks also indicate that healthcare cybersecurity requires being attack-protected by opting for robust preventive measures for data security.

Comply with HIPAA Guidelines To Protect Medical Devices Cyber Security

In 2022 alone, hospitals and other healthcare organizations paid more than $2 million as penalties for not following the guidelines of HIPAA compliance. However, these hefty settlements are like a few drops in the HIPAA penalties ocean. The Office of Civil Rights imposes amercements on various other small-to-mid-scale HIPAA breaches as well.

And this doesn’t even end here. Once an organization has had a HIPAA violation, it gets listed on the Wall of Shame of the OCR along with the details of the breach, such as the date of the breach, the penalty amount, and the figure of affected members.

In order to ensure healthcare cybersecurity, hospital organizations are mandated to abide by HIPAA, an acronym for Health Insurance Portability and Accountability Act, regulations. The HIPAA legislation offers data privacy and security provisions for safeguarding patients’ sensitive and confidential data from getting hacked. HIPAA plays a vital role in ensuring medical devices cyber security and assists in keeping organizations ahead of cyber threats.

The rapidly increasing cyber risk in the industry that associates people in its database is a prime concern. Information security experts provide complete assistance to health delivery organizations in keeping up with data & network integrity, complying with HIPAA guidelines, and maintaining patient data privacy in a world where people’s sensitive information gets leaked almost every day.

HIPAA Compliance Checklist

Protecting healthcare cybersecurity has become a mandatory requirement since there are hundreds of cyber risks out there waiting for one security flaw to hijack the whole system and network of the target organization and non-compliance penalties that cost a fortune.

That’s so much to manage, right? Following HIPAA compliance can mitigate such risks. And if you are a cloud-hosted firm, you must know about this checklist that is easy to understand and helps a lot in being HIPAA compliant. So, here we have put together a checklist of HIPAA compliance that healthcare organizations must follow to strengthen the information security posture.

Below are the 8 steps HIPAA compliance checklist in 2023:

Determine if the privacy rule affects your organization or not

Safeguard the right kinds of patient information

Comprehend the HIPAA security regulations and the types of safety measures

Learn about the reason that leads to HIPAA breaches

Document each data protection activity

Ensure setting up violation notification, in case any data/information is lost

Impose technical preventive measures to restrict access to ePHI

Deploy physical safeguards in place

Need for Raising Awareness of Data Integrity

Big data evaluation is a challenge in the healthcare sector due to the diversity, size, and rapid growth of data in the industry. However, security experts have come up with standard accepted processes for using big data evaluation tools and resources to research healthcare data. And these standards are imperative for safeguarding the data that lures cyber attackers.

Big data evaluation resources play a vital role in detecting and securing patients’ confidential data and information gathering about cyber threats, for example, identifying known threat patterns that give hints about suspicious activities.

Along with big data evaluation resources, organizations use advanced AI and ML for addressing bizarre or unknown threat strategies. Even though there could be so much reliability in data technology, according to a poll of above 4000 healthcare organizations, 70% of associations didn’t have any alternative healthcare cybersecurity course in place against attacks. They come up with a statement that they have a proper budget to purchase the assets to maintain the security posture of their organization but didn’t find qualified professionals to deploy them.

Such stats indicate that there is a strong requirement for data integrity and trained specialists in the industry to deploy the assets. And the need for cyber awareness among associations is a must.

Conclusion

The demand for data integrity is high in the industry to maintain healthcare cybersecurity and professionals who are associated with the industry should be cyber-aware. Organizations' and patients’ security depends on medical devices security and data integrity.

https://www.tripwire.com/state-of-security/evolution-of-cyber-security-in-healthcarehttps://sprinto.com/blog/hipaa-compliance-checklist/

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Things To Know About PCI DSS Compliance Audit

As per the Nilson Report figures, out of every 100 bucks spent with a payment card, approximately 6 dollars get stolen. And the gross monetary losses due to these fraudulent card transactions are forecasted to hit 40 billion by 2027. This shocks you, right? In this era of rising card payment-related cyber frauds, customers who are turning over sensitive personal and financial information find it difficult to have a leap of faith.

You won’t even believe this but as per a report by Atlas VPN, 47% of American citizens believe that identity theft is worse than being murdered. The report states that they find getting hacked haunts them more than being murdered.

Is such a critical concern for identity theft valid? Well, it has got some valid points, for instance, in 2019, threat actors exposed about 7.9 billion sensitive private data. This figure of data breaches in 2019 increased by 33% compared to 2018. In 2019, someone in the USA was becoming a victim of cyber fraud every 2 seconds.

It is the reason why authorized cybersecurity bodies have mandated every modern business that deals with card-related transactions in any manner to comply with PCI DSS regulations. Payment Card Industry Security Standards Council (PCI SSC) created PCI DSS as a benchmark. Ensuring customers’ sensitive data protection is non-negotiable for modern businesses that are providing card payment facilities.

What Does PCI DSS Compliance Audit Mean and Who Carries Out the Audit?

PCI DSS compliance audit is a routine assessment or audit needed of merchants that store and process credit card transactions to ensure they are compliant with the PCI DSS regulations compiled by several credit card companies. Businesses may undergo routine PCI DSS audits or a reported violation may trigger a specific audit.

PCI DSS compliance audits are done by authorized security assessors. These qualified security assessors verify POS (point-of-sale) systems and other aspects of business IT setups to make certain whether internal operations meet the standard requirements for cardholder data security.

Security assessors give such auditee organizations a risk assessment that clears the picture of where they stand in terms of PCI DSS compliance.

However, there are so many strategies that any auditee company can implement to prepare for PCI DSS compliance audits. For instance, they can use a pre-audit assessment tool, or checklist to ensure they are backed with significant security strategies that satisfy the PCI DSS standards. Businesses should also consider options like data decentralization and better organizational processes on-site. Apart from this, they are required to show full cooperation with the security assessors and other relevant officials.

Failing to comply with PCI DSS guidelines can cause a hefty penalty to the organization. The penalties for failing to comply with the audit are associated with costs and contingencies that may be applied by credit card firms, on which businesses generally rely for revenue.

PCI DSS Compliance Audit Checklist

Nowadays, eCommerce sales are skyrocketing since most people prefer to shop online, which leads them to share their card details and other sensitive info with several brands. Threat actors take time out of the woodwork to steal such information and brands that process card transactions are on the hackers’ hit list. Hence, all businesses storing, processing, and transmitting cardholders’ confidential information must comply with PCI DSS compliance regulations.

Companies dealing with high volumes of transactions or suffering a data breach need to demonstrate compliance by clearing internal and external PCI DSS audits that checks an organization’s potential to protect cardholders’ confidential information and every system is communicating with payment processing depending on 12 operational as well as technical control requirements.

Here are the technical and operational control requirements that any brand that stores, processes, and transmits cardholder data must comply with:

Implement & Maintain Network Security Controls

Use Well-Protected Configuration in Every System Component

Secure Stored Customer Data

Safeguard Cardholders’ Data with Robust Cryptography

Secure Your Systems & Networks from Malware & Other Viruses

Build and Maintain Protected Systems and Software

Grant restricted Access to System Component Data

Implement Users Identification & Access Authentication to System Component Data

Ensure Restrictions on Physical Access to Cardholder Data

Supervise Every Access to Cardholder Data & System Components.

Regularly Keep A Check on the Security of Your Networks & Systems

Strengthen the Information Security with Organizational Programs & Policies

These were the top 12 technical and operational control requirements, or simply the PCI DSS compliance checklist to follow while preparing for the PCI compliance audit. Even businesses must ensure all the above-mentioned implementations.

In A Nutshell

PCI DSS compliance ensures customer reliability and prevents businesses from cyber threats and fraud. All companies that store and process card transaction details must abide by the PCI compliance guidelines. To achieve PCI compliance certification, companies must conduct internal and external audits. These audits should be carried out by qualified assessors to ensure the credibility of the certification.

References

https://hyperproof.io/resource/pci-audit/#:~:text=A%20PCI%20audit%20is%20a,which%20we%20will%20discuss%20later

https://www.shopify.com/in/enterprise/pci-compliance-checklist

https://www.pcidssguide.com/what-are-the-pci-dss-audit-requirements/

https://www.techopedia.com/definition/30554/pci-compliance-audit#:~:text=A%20PCI%20compliance%20audit%20is,by%20various%20credit%20card%20companies

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Learn About the Top vCISO Companies in the USA 2023

With the rise in the number of cyber invaders globally, the demand for highly skilled CISOs with great industry experience has also increased and companies are struggling to find and hire suitably qualified CISOs to protect their businesses. However, a vCISO can cater to all your cyber security needs and there is no scarcity of companies that deliver excellent vCISO services at bottom-rock prices. Currently, 38% of businesses in the USA are utilizing vCISO services and earning great profits while strengthening the security posture of their organizations.

Small and mid-sized businesses in the USA need extraordinary vCISO Services that fit their budget. The need incorporates partner and customer questionnaire support, yearly cyber security training, yearly business progression in external and internal vulnerability assessments, and annual information security program building & management. Also, businesses are requiring compliance support such as - SOC 2, HIPAA, GDPR, and other standard and regulatory compliance to prevent penalties and breaches. vCISO companies in the USA are helping with the aforementioned services with their excellent services elevating hostile cyber security.

vCISO Services That Improves Businesses Resiliency

vCSIO services aid executives, technology & information security teams in defending the information assets from internal as well as external cyber risks along with supporting business operations with augmented cyber deftness in order to strengthen business resilience, alleviate cyber risks, and improve the overall information security posture of the organization.

Not just regulatory scrutiny in your company or industry, there is so much at high risk if you don't have a Chief Information Security Officer or virtual CISO. A virtual CISO holds specialized cyber knowledge and expertise along with a great command over corporate governance to establish a robust security foundation for an organization. A vCISO possesses the agility to inhibit, pinpoint, and mitigate ever-evolving threats and improve the “Security IQ” of the organization.

Budget-friendly Resource: Relying on the best vCISO companies in the USA can actually save businesses a lot of dollars. Generally, vCISO charges for the period of time they worked for any organization.

Compliance Program Establishment: There are so many companies out there that are still facing issues with compliance regulations which may lead them to bear penalties in the future. Contracting services from the best vCISO companies in the USA can deliver businesses competitively skilled vCISO that can establish compliance programs.

Match the Cyber Trends: There is no guarantee that whatever the industry trends a business follows currently will be effective after a couple of months or years. So, a vCISO’s role is to realign the cyber trends and invest the budget wisely.

Top vCISO Companies in the USA

The competition of delivering the best and most cost-effective vCISO services has taken a new form which causes businesses to struggle for picking the right talent. However, we have decided to ease your confusion by presenting you with some renowned names in the industry that offer highly qualified and experienced vCISOs. Dive in to learn more about top vCSIO companies in the USA 2023:

Kratikal

SideChannel

Framework Security

Kroll

FRSecure

Now the question arises, why are these companies ranking at the top? Let’s find out the reasons-

Kratikal

Did you know that ransomware costs about $1.4 million for a single cyber attack throughout 2021? In such a scenario, firms, no matter what size they are, need to ensure that their information assets are protected. Albeit most of the time businesses find themselves unable to ensure security due to not having the proper resources to protect their organization’s internal and external security. 

To release the security burden, Kratikal proves to be a trusted information security partner. The company is a renowned name in the cybersecurity industry and seeks to roll out tailored virtual CISO solutions. Obtain vCISO services at cost-effective prices.

The company has been in the industry since 2013 and has a long series of clients leveraging pentest services and compliance along with excellent Virtual Chief Information Security Officer services. If you have a minimum budget but are looking for an expert vCSIO, Kratikal proves to be the best company in the USA in terms of offering cyber security and vCISO services. 

SideChannel

SideChannel is one of the best vCISO companies in USA for small-scale industries. They develop your security program led by a skilled vCISO and virtual CPO, so your business can mitigate risk to make certain information security and regulatory compliance — all without risking your monetary assets. If your business wants to improve or take control of its security posture, you might consider SideChannel’s vCISO services. 

The company effectively provides cyber security services along with vCISO services at minimum charges. 

Framework Security

Safeguard your business from data leaks with Framework Security. It builds extensive information security plans & offers ongoing management services to keep your firm fully protected and smoothly running. The company delivers excellent vCISO services to its clients. With Framework Security, investigate, remediate, and automate without any hassle. 

Kroll

The company has been in the market for a very long time and seamlessly rolling out the best Virtual CISO services to clients 

Kroll possesses impressive insights, information, and technology to aid clients to stay progressive in critical demands. The expert team of Kroll, more than 6,500 personnel globally, seeks to continue the organization’s around 100-year legacy in mitigating risk, holding governance, and developing security strategies and plans. Kroll proves to be the best vCISO services providing company for mid-scale and large firms that are looking for obtaining vCISO services. The reason behind it is the amount the company quotes for providing the aforementioned services.

FRSecure

The company doesn't believe in the psychology of One-size-fits-all, hence seeks to provide custom-made solutions to clients as per their needs. FRSecure has been in the industry for a pretty good time and continuously serves businesses and secures their IT infra, processes, and information assets without distorting your budget.

These were the top 5 companies that are providing services at reasonable prices as per their reputation and SLAs, Service Roadmap, and other significant business measures. Pick the company that perfectly fits your requirements.

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5 Major IoT Attacks That You Must Know About

The Internet of Things (IoT) refers to the growing network of connected devices that can collect and exchange data using the internet. These devices can range from simple sensors and smart home appliances to more complex systems like automated vehicles and medical devices.

As with any technology, IoT devices can be vulnerable to various types of IoT attacks. Some potential threats to consider include -

Unauthorized access: This sort of attack occurs when an attacker gains access to an IoT device because of a default login credential. This could allow the attacker to control the device, steal sensitive data, or use the device to launch further attacks.

Malware infections: Malware is a type of malicious software that can infect IoT devices and cause them to malfunction or steal sensitive data. IoT devices are particularly susceptible to malware because they often have limited computing power and are not regularly updated with security patches.

Denial of service (DoS) attacks: In a DoS attack, an attacker attempts to make an IoT device or network unavailable to its intended users. This can be accomplished by flooding the device or network with traffic, preventing it from functioning properly.

Man-in-the-middle attacks: In this type of attack, an attacker intercepts communication between two parties and alters or steals the data being exchanged. This can allow the attacker to gain access to sensitive information or control over the device.

Physical attacks: In some cases, an attacker may gain physical access to an IoT device and tamper with it directly. This could involve modifying the device's hardware or software, or simply disconnecting it from the network.

These attack techniques are way common but prove to be destructive for the victim firm. Let’s learn about the 5 major IoT attacks that have cost a fortune victim businesses.

5 Major IoT Attacks

Let us take you through the track of enlightenment about the 6 most significant IoT attacks that caused a dire situation.

The Mirai Botnet (Or Dyn Attack)

It is one of the major IoT attacks. Mirai, a malware, cripples the smart devices that operate on the ARC processors and turns them into zombies or botnets (networks of bots). In 2016, the owners of the Mirai malware (malicious software) initiated a DDoS attack on the website of an acclaimed security expert. 

Later, the authors of that malware released the code online, allegedly to camouflage the initial source of the attack. However, easy access to that code enabled several threat actors to clone it, which later caused a serious attack on Dyn, a domain registration services provider, in October 2016 and brought it down.

This Mirai attack aka Dyn attack proved to be a reason behind the down of various websites like The Guardian, Netflix, etc.

Mirai has been used in a number of high-profile DDoS attacks, and it also targeted the Krebs on Security website, in 2016, causing it to go offline for several days. It has also been used to attack other websites and services, as well as to perform click fraud and distribute spam.

The Owlet Wi-Fi Baby Heart Monitor Vulnerabilities

The Owlet WiFi Baby Heart Monitor is a baby heart monitoring device and was showcased as one of the worst IoT security of the year 2016 by the security researcher and chief security strategist Jonathan Zdziarski and Cesare Garlati respectively.

Zdziarski found a number of destructive vulnerabilities in the device, and the case shows how any device with good intentions can prove to be dangerous if a malicious party gets its hands on it. This faulty device was sufficient to ruin any family’s life.

The TRENDnet Webcam Hack

In the reference to TechNewsWorld report, TRENDnet launched and marketed its SecurView multi-purpose webcam that had the potential to do a range of tasks from baby monitoring to home security. TRENDnet asserted to foolproof the security of those cameras, however, they used poor software that allowed the person with the camera’s IP address to see through it, and at times listen to it.

Later, in 2010, the company allegedly transmitted login credentials of users over the internet which put several users’ privacy at risk.

The Hackable Cardiac Devices from St. Jude

Medical machines, for instance, defibrillators and pacemakers, are utilized in the supervision and control of any patient’s heart functions and prevent heart attacks.

As per the FDA, St. Jude Medical’s implantable cardiac medical device has faults that could enable a con actor to misuse the device for their benefit. It was found that a hacker can drain the battery, generate incorrect pacing, and give shocks to the patient.

The Jeep Hack

As per the IBM security intelligence website, the Jeep hack was reported a couple of years ago, stating “it was just one, but it was enough.” In 2015, a panel of researchers was capable of completely taking control of the Jeep SUV with the help of the vehicle’s CAN bus.

They exploited the vulnerability raised due to the negligence of firmware updates. After hijacking the vehicle over the Sprint cellular network and found that the Jeep hack was able to control the vehicle completely, for instance, speeding up the Jeep, slowing it down, stopping it, or even veering it off the road, which could have led to severe loss.

Final Words

To protect your firm against these types of attacks, it is important to follow best practices for IoT security. This can include keeping strong passwords, frequently updating device firmware and software, and implementing network security measures to prevent unauthorized access. Additionally, it is important to be cautious about the devices and networks that you connect to and to regularly monitor your IoT devices for any unusual behavior. Look for a company that provides IoT devices security testing using highly-advanced tools, technologies, and processes.

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10 Best Cyber Security Companies in India

When it comes to protecting your firm against cyber threats, it is a must to pick on a reliable and effective cyber security company with rigorous solutions to the requirements. There are many different options available, ranging from antivirus software to custom-made security services. Some of the best cyber security solutions include those offered by companies such as Kratikal, AQM Technologies, and C-DAC.

These companies offer a range of solutions and services fashioned to protect against a broad variety of cyber threats, including malware, phishing attacks, and ransomware. Other excellent cyber security solutions include VAPT and compliance, which can help businesses and individuals identify and mitigate potential vulnerabilities in their systems. Ultimately, the best cyber security solution will depend on the specific needs and resources of the individual or organizations.

Here we are going to take you through the list of the 10 best cyber security companies in India that are committed to serving businesses most effectively and efficiently.

Why Are These Cyber Security Companies Reliable?

All the aforementioned cyber security companies in India hold a foremost record of satisfactorily serving a series of reputed brands in cyber security matters and have proven to be the right pick for them.

However, we ranked these cyber security companies based on their experience in the field, service roadmap, clientele, range of security patching services and solutions, and quality of services. These factors play a major role in a cyber security company’s growth individually and aid them to become a trusted source of support for other businesses.

Why Do Firms Require A Cyber Security Company By Their Side?

We all are aware that cybersecurity is an essential aspect of modern life, as the internet and digital technologies play an increasingly important role in our personal and professional lives. Cyber security companies exist to help individuals, businesses, and organizations (regardless of their sizes) protect themselves from cyber threats such as viruses, malware, phishing attacks, and data breaches. These companies offer a range of services, including security assessments, threat intelligence, incident response, and cybersecurity training.

By relying on cybersecurity companies, individuals and organizations can benefit from the expertise and resources of these specialized firms, which can help them keep their data and systems safe from cyber threats and protect against potential attacks. Additionally, cybersecurity companies can help organizations comply with relevant regulations and industry standards, which can help them avoid fines and reputational damage.

5 Most Common Yet Significant Cyber Security Services

There are a variety of cybersecurity services that organizations can utilize to protect themselves against cyber threats and reputational or clientele loss. Some of the most common yet significant cybersecurity services include -

Security assessments: These evaluations help organizations understand their current level of cybersecurity risk and identify vulnerabilities in their systems and processes.

Threat intelligence: This service helps organizations stay informed about the latest cyber threats, enabling them to take proactive measures to protect against potential attacks.

Incident response: In the event of a cyber attack, incident response services help organizations contain the damage and restore their systems to normal operations as quickly as possible.

Cybersecurity training: Providing employees with cybersecurity training can help organizations build a culture of security and prevent accidental data breaches.

Network and device security: Services such as firewalls, antivirus software, and encryption can help organizations protect their networks and devices from cyber threats.

By implementing these and other prominent cybersecurity services, businesses can improve their overall security posture and mitigate the risk of cyber attacks. Not to mention that cyber security companies can cater to all individuals as well as business requirements and patch their security vulnerabilities, preventing threat actors from exploiting those flaws.

5 Best Cyber Security Practices To Follow To Reducing Cyber Risks

Cybersecurity practices are the actions and measures taken to protect against cyber threats and ensure the security and confidentiality of sensitive data. Some common cybersecurity practices include:

Strong password policies: Using complex, unique passwords and regularly updating them can help prevent unauthorized access to systems and data.

Two-factor authentication: This added layer of security requires a second form of verification, such as a code sent to a mobile device, to access certain accounts or systems.

Network security: Implementing measures such as firewalls and secure protocols can help protect against cyber threats and unauthorized access to networks.

Endpoint protection: Installing antivirus software and keeping it up to date can help prevent the spread of malware and other threats to devices.

Data encryption: Encrypting sensitive data can help protect it from being accessed by unauthorized parties, even if it is stolen or lost.

By following these and other cybersecurity practices, individuals and organizations can improve their defenses against cyber threats and keep their data and systems safe.

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Which Companies are CERT-In Empanelled Security Auditors?

CERT-In (Indian Computer Emergency Response Team) is a Nobel organization of the Ministry of Communication and Information Technology of India. It looks after a range of challenges in the field of information and country-level security risks and exploitable incidents when they occur.

But what are CERT-In empanelled companies? Read through the entire blog to learn about them in detail.

What Does CERT-In Empanelled Mean?

CERT-In empanelled is an entitlement that a company receives when it strictly and coherently follows the quintessential security testing procedures and norms. Once a company gets the certification of CERT-In empanelled, it becomes eligible to provide vulnerability reports to the auditee companies and exploit the vulnerabilities to prevent them from cyber attacks. 

Ministry’s Guidelines For CERT-In Empanelled Auditors

The Indian Ministry of Communication and Information Technology has released guidelines that must be followed by the CERT-In empanelled auditors while auditing any organization in order to provide it with a compliant certification. 

Below we are enlisting some of the most significant points that all the CERT-In empanelled companies must adhere to. 

For Employees:

First of all, the CERT-In empanelled companies must hire employees with high morals, great work ethics, rich experience, and enough maturity to proficiently communicate with their seniors and upper management.  

People in CERT-In empanelled organizations are required to understand the outcomes of their actions and be well-versed in avoiding conflicts. 

All the employees must have undergone the BGV (Background Verification) process and have duly signed the NDA (Non-Disclosure Agreement) with the firm on the date of joining.

If any employee is switching from one CERT-In empanelled company to another, they must need a relieving letter/NOC from their previous employer. 

While performing the audit, employees must know the information classification and ensure maintaining confidentiality after the audit.

Being employees of a CERT-In empanelled company, people are required to possess proper competency in -

Security processes

Security trends

Fact collection

Security technology

Security controls

Reporting

For Technicality:

In order to maintain the technical standards of the audit, the Indian Ministry of Communication & Information Technology has given specific guidelines that all the CERT-In empanelled companies must abide by: 

It is advised to CERT-In empanelled auditors that they should use the best industry practices for security audits and avoid using solely tools-based testing. The auditing firm must assist the auditee firm to understand the scope of work.

In order to verify the work of the audit team (White team), a CERT-In empanelled company must appoint the Red team (verification team). 

The auditing organization is advised to clearly mention the environment needed for the security audit to test the web/mobile application, network, cloud, and medical devices.

The Contents and Structure of the final deliverables of the testing (for instance, vulnerability assessment report) should be decided with the auditee firm prior to the outset of the project.

Abstain carrying out Distributed Denial of Service (DDoS) testing over the web.

Refrain from conducting flood testing and exploiting high-risk vulnerabilities, for instance, discovered data breaches or something that may put people at risk.

CERT-In empanelled auditors are advised to get written permission from the auditee company before installing any pentesting software or tool in their systems.

CERT-In empanelled companies must install any software or pentesting tool in the presence of the auditee firm. Plus, they need to make sure of the removal of the testing tools and avoid damaging any existing software of the auditee company.

The data of the auditee firm must be retained only for a particular period of time and should be disposed of as per the agreed process.

Process:

To make auditing processes standard and seamless, these are some of the guidelines that the Ministry of Communication and Information Technology of India has recommended:

For auditor companies, signing a Non-Disclosure Agreement with the auditee firm is mandatory before starting the audit process.

The auditor company is subjected to maintain the confidentiality and non-disclosure of the information and security loopholes of the auditee firm, with or without duly signing off the NDA form.

Make sure there is no occurrence of an “Expectations Gap,” and all the evidence must be included in the report and documentation.

The information of the members of the auditing team must be shared with the auditee before the actual project commencement.

The logo of the CERT-In must not be displayed in any promotional material publicly from the auditor’s end. In addition to it, there should not be any contract between the auditor and the auditee in the name of direct involvement with CERT-In.

These were some of the significant guidelines released by CERT-In for auditor companies to follow without fail.

CERT-In Empanelled Auditors List

The below-mentioned CERT-In empanelled auditors list is top-notch among the 97 CERT-In empanelled companies (updated list of 2021.)

Kratikal Tech Pvt. Ltd.

Accenture Solutions Pvt. Ltd.

Bharti Airtel Service Limited 

AQM Technologies Pvt. Ltd.

Deloitte Touche Tohmatsu India LLP

Ernst & Young LLP

To get VAPT services, consider companies that are dealing in cyber security and compliance matters and follow high-standard processes and deploy industry-leading techniques. The above-mentioned companies have personnel who hold years of experience in the relevant field and are well-versed with the latest industry trends and terms in order to serve their clients better.

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Benefits of Vulnerability Assessment and Penetration Testing

Throughout the world, several cyber events have been reported in various sectors. Security breaches are becoming more common because of inadequate or ineffective security measures. Data protection and organizational infrastructure protection has shifted to a more proactive approach. The high expenses of recovering from a security or data breach will be decreased because of this move, and the dangers will be minimized as well.

We are all aware that no company is immune to attack, and that adopting industry standards, such as Vulnerability and Penetration Testing (VAPT), is a critical step in reducing vulnerabilities. The scope of VAPT is entirely dependent on the industry and the needs of the company.

What is VAPT?

We're here to outline the security measures Vulnerability Assessment and Penetration Testing considering the recent increase in security breaches (VAPT). VAPT is a two-pronged proactive method to improving a company's cyber defense. The infrastructure of the organization is evaluated in detail and in depth. The goal is to identify and assess security threats so that they can be addressed and reduced.

However, maintaining a healthy posture requires knowing where and how your business must be susceptible. As the number of vulnerabilities grows and the threat environment expands, Vulnerability Assessment and Penetration Testing are two critical methodologies for determining where you are and where you need to go in terms of security.

How knowledgeable are we about vulnerability assessments and penetration testing?

A vulnerability assessment is intended to aid in the identification, classification, and mitigation of security threats. The process of finding and measuring known security vulnerabilities in an environment is known as a vulnerability assessment. It's a high-level assessment of your information security posture that identifies flaws and recommends mitigation measures to either eliminate or minimize risk.

Penetration Testing or in short Pen test is described as a multi layered security assessment that uses a combination of machine and human led techniques to identify and exploit vulnerabilities in infrastructure, systems, and applications. Penetration tests typically replicate several assaults that could pose a risk to a company. They can assess if a system is capable of withstanding attacks from both authorized and unauthenticated locations, as well as a variety of system roles. A pen test can probe any aspect of a system with the correct scope.

Primarily Benefits for VAPT -

We're here to talk about the advantages of Vulnerability Assessment and Penetration Testing.

Main Advantage of Vulnerability Assessment is described as -

Detect security flaws before they are discovered by attackers.

Make a list of all the devices on the network, including their functions and operating systems. This contains device-specific vulnerabilities as well.

Make a list of all gadgets in the company to aid in upgrading and future evaluations.

Establish the network's level of risk.

Create a risk/benefit curve for your firm and make the most of your security investments.

Vulnerability testing also includes thorough instructions for identifying and preventing current and future attacks. The testing can also assist your company's reputation and goodwill, giving customers more confidence.

Software and systems were designed from the start with the aim of eliminating security vulnerabilities. Pen test can help the organization –

Help in determining the environment in which an attacker could attempt to get access to the system and identify the vulnerabilities.

Ensure that data privacy and security compliances are followed (e.g., PCI DSS, HIPAA, GDPR)

Give management qualitative and quantitative evidence of the existing security posture and budget priorities.

Quantifies the data that will be compromised in the event of a breach, such as user information, login credentials, and privacy information.

Pen tests benefit a business because vulnerability scanners are confined to detecting specific weaknesses on a single asset. Until a pen tester tests such vulnerabilities in each setting, the true risk of those flaws may or may not be completely appreciated.

Conclusion -

VAPT is usually suggested on a regular basis for actively increasing an organization's security posture. This technology enables the transmission of clear and specific "early warning signals" concerning applications, systems, and networks. In other words, infrastructure problems are found before intruders and hostile insiders may take advantage of them.

As a result, doing a VAPT should be a high priority for safeguarding a company's data and information assets.

As a Cert-In Empanelled firm, Kratikal provides VAPT services. The main goal is to assist you in strengthening your security posture by thoroughly examining risks and vulnerabilities, as well as the database, systems, and network environment. Kratikal, which is dedicated to a world free of cyber-attacks, provides testing services such as Application Security Testing, Network Penetration Testing, IoT Security Testing, and other services that assist in the detection of vulnerabilities in an organization's IT infrastructure. If not caught early on, these flaws can lead to a slew of data breaches later. Regular VAPT testing is required to ensure that an organization's networks and systems run smoothly.

Vulnerabilities will always find their way into a code, regardless of how good it is. When it comes to securing an organization's IT infrastructure, these vulnerabilities constitute a potential danger, which is why it's critical to identify them and address them appropriately.

What are some of the greatest options for securing these flaws, in your opinion? Comment below with your ideas.