What is an accrued expense vs accounts payable?
In accounting, understanding the difference between accrued expenses and accounts payable is crucial for managing a company’s financial health. Both terms refer …
A masquerade attack is a harmful and deceptive tactic where malicious actors gain access to a network, system, or device by using stolen credentials or login information. By sidestepping the digital infrastructure that’s in place and convincing authorization checks that they are an authorized system user, hackers can manipulate business transactions, commit financial crimes, and halt business operations.
Unlike many other cyberattacks, masquerade attacks don’t focus on vulnerabilities within the system itself, but rather, focus on vulnerabilities regarding the people who use the system. Getting their hands on stolen login information or using a phishing email to gather enough information to enter a network under another person’s login is just the beginning of a masquerade attack; once the target systems are compromised, the potential for damage is nearly limitless.
Having an organization that understands different cybersecurity attacks and works proactively to prevent them is one of the best security tools available to businesses. With that in mind, breaking down the events that lead to harmful cyberattacks is crucial. When it comes to masquerade attacks and the malicious activities that go with them, here’s what an attack might look like:
It’s important to note that masquerade attacks can be perpetrated by external malicious actors or internal hackers who are looking to exploit your organization’s network for some reason.
Masquerade attacks, when successful, are sure to have long-lasting impacts on a business. The downstream implications of these types of attacks are extensive, often resulting in one or more of the following:
The large retailer that we all know and love experienced a data breach in 2013 that resulted in 70 million compromised records and a leak of more than 40 million customers’ sensitive data. The malicious actors actually used employee credentials from Target’s HVAC contractor to log into the store’s vendor and supplier services portal. With that access point, the hackers got into the Active Directory administrator and created a new domain administrator account, giving themselves untethered access to Target’s IT infrastructure and business systems.
In 2017, Equifax — the consumer credit reporting agency that has key financial records and sensitive information for millions of Americans – was hacked through its online complaint portal. Although a masquerade attack wasn’t the initial type of cyberattack used, the method was employed down the line when the hackers saved user passwords in plaintext format and used those to perpetrate crimes.
The outcome of masquerade attacks, or any cyberattacks, is never good. As hard as organizations and their disaster response teams work to stop an attack once it starts, the best methods to mitigate cyber-related risks are preventative. All organizations should have:
Organizations can deploy AI-based intrusion detection systems to continuously monitor network traffic and user behavior for signs of suspicious activity indicative of masquerade attacks.
Implementing 2FA adds an additional layer of security beyond just passwords by requiring users to provide a second form of verification, such as a temporary code sent to their mobile device or generated by an authenticator app. This mitigates the risk of masquerade attacks by making it significantly more difficult for attackers to gain unauthorized access, even if they have compromised a user’s password.
Enforcing strict password rules, such as requiring complex passwords that are regularly updated, can help prevent masquerade attacks. Diligent password rules make it harder for a malicious actor to get their hands on authorized credentials.
Digital code-signing ensures that the authenticity and integrity of a code script are intact prior to execution. When applications or system updates are digitally signed, business leaders can feel confident that only trusted and authorized software is running in their network.
By educating staff about the importance of verifying the identity of individuals and being vigilant against social engineering tactics, organizations can empower employees to play an active role in preventing masquerade attacks and maintaining overall security posture.
There are many third-party applications designed to protect organizations from cyberattacks and fraud. Secure payment systems like Eftsure that have the right protective measures in place can play a big role in preventing cyberattacks. Remember, every system on your network is a potential vulnerability, so be sure to conduct due diligence into the security of any third-party application that’s in use.
Background Refs:
In accounting, understanding the difference between accrued expenses and accounts payable is crucial for managing a company’s financial health. Both terms refer …
Spend analysis is the process of reviewing past purchases to find ways to reduce costs, improve supplier relationships, and increase efficiency. The …
Invoice management is the process of receiving, approving, and paying a bill from a vendor, supplier, or third party. Invoice management processes …
Eftsure provides continuous control monitoring to protect your eft payments. Our multi-factor verification approach protects your organisation from financial loss due to cybercrime, fraud and error.