Cyber threats present themselves in a variety of ways. We constantly hear about cyber warfare, supply chain attacks and security breaches. While these are all serious issues and ones we should seriously care about, they represent only a percentage of the threats businesses face today.
Take a look outside of Security Operations Centers (SOCs) and you’ll quickly see endless attack opportunities. A major culprit: cybersecurity fraud and brand identity theft. In the past 12 months, $42 billion was lost to fraud – a number that should grow more and more.
Clearly, businesses must take action against these threats if they want to protect their reputation and customers from harm. Let’s see what these threats are and what are the options to defend against them.
What is cyber fraud?
Cyber fraud is the deliberate use of technology to steal, deceive, or otherwise harm individuals or organizations. Cyber fraud can take many forms and perpetrators are constantly finding new ways to exploit vulnerabilities in systems and processes. Cybercriminals can target businesses directly in an attempt to steal money or sensitive data.
What is brand impersonation?
Brand impersonation occurs when a fraudster impersonates a brand and uses that brand’s name to trick people into giving up their information. In this attack, a hacker creates a fake website that looks identical to the real one. However, this website is actually designed to host malware or other malicious software. This software can then be used to steal data from visitors.
Two common forms of brand impersonation are:
An actor simply registers a target’s predicted domain name before the target organization has a chance and keeps it for monetary or nefarious purposes.
An attacker registers a domain similar to the target domain in terms of appearance, likelihood of keystroke error, or modified TLD, and skims traffic that people accidentally direct that way.
A subtle typo could lead the user to a malicious site without realizing it.
The challenges of a manual defense
When it comes to fraud, detection and monitoring are your best bets for a counterattack. To establish this defensive approach, your team will need to identify all suspicious domains: typos, misspellings, and various top-level domains that could be targeting your site. Next, your team will need to regularly monitor all of these sites for any changes, from redirects to impersonating your organization’s site.
If this seems like an impossible task, it’s because it’s – manually, at least. Hundreds of thousands of new domains are registered daily, so it’s almost impossible to expect your team to find every malicious domain that matches your business.
There are major challenges with a manual defense.
This leads to analyst burnout: The mundane and time-consuming tasks required to monitor these threats can quickly become overwhelming for analysts. Not enough time, too many alerts and a growing list of other threats quickly lead to analyst burnout.
It lacks visibility: There are only so many hours in a day. Your team is limited to what they can manually investigate, leaving a large attack surface still unmonitored.
This delays incident response: Malicious domains can be registered for months before a squatting attack is launched. Unless your analysts are monitoring a domain 24/7, there will be a delay in your incident response. This results in poor MMTD and MTTR.
How automation can help
Manually detecting and monitoring cyber fraud can be time consuming, but with security automation it is much easier to fight back. Automation takes care of the heavy lifting by detecting and monitoring fraud, brand impersonation, typosquatting, and more.
How it helps analysts: Quickly automate detection and monitoring of all registered domains that match your customizable criteria
How it extends visibility: Automatically gather metadata and snapshots of malicious domain landing pages as changes occur.
How it streamlines incident response: Case management capabilities provide clear and consistent incident context without manual digging
Use case: automation against domain squatting and typosquatting
With low-code security automation, you can automate domain squatting detection and monitoring to continuously monitor all suspicious domains based on customizable criteria. If changes are made to these domain squatter sites, the automation platform will automatically collect snapshots and metadata to facilitate reporting. All of this data is stored within the platform’s case management capabilities for clear incident context.
Empower your security team to respond faster to cyber fraud and brand impersonation threats. Swimlane unlocks threat visibility beyond the SOC for faster MTTD, MTTR, and reduced latency.
Learn more about domain squatting, typo squatting and homograph attacks.
*** This is a syndicated blog from the Security Bloggers Network of Swimlane (en-US) written by Ashlyn Eperjesi. Read the original post at: https://swimlane.com/blog/cybersecurity-fraud-brand-impersonation/