8 Steps to Stronger Passwords Enterprise-Wide

Passwords remain one of the most critical security controls widely used to protect and secure company infrastructure and data. While the need for strong passwords has long been discussed, they continue to be the difference between a secure infrastructure and a potential cyber catastrophe.

Last year was extremely busy in cybercrime, with more than 3 billion credentials and passwords stolen and disclosed on the internet. That works out to a rate of 8.2 million credentials and passwords each day or 95 passwords every second.

Passwords have always been a good security control, but password strength and how they are processed make a major difference in how secure they really are. For example, it is critical to choose an easy password to remember, keep it long, and use some complexity and uniqueness. In addition, how the password is processed and stored in an encrypted format plays a major role in password security.

Here are eight easy steps to get in control and ensure passwords are strong and secure:

  1. Go with encryption: Passwords cannot be left in plain text ever and especially not in an Excel document. Always store passwords with encryption.
  2. Escape complexity: Focus on teaching your end users to use longer and more easily remembered passwords, like password phrases. Don’t let them get bogged down with having to remember special character requirements.
  3. Teach employees: Continued training is critical and is the most important step in implementing your policy. Make sure your users understand their role, prepare quarterly reviews, and make it fun with incentives.
  4. Size matters: The longer the password, the harder for a hacker to break. Make human passwords at least eight characters long and systems passwords 12-50 characters.
  5. Trust no one: Two-factor authentication is a must! No matter the size of your organization, there are two-factor options for you, like RADIUS tokens, DUO, or Google Authenticator.
  6. Omit duplicates: Use a unique password for each of your accounts. The same password should never be used more than once!
  7. No cheating: Remembering a long password can be difficult, but don’t allow password hints. These just make it easier for hackers to get in.
  8. Get a vault: Start using a trusted password manager to enforce strong password best practices. This way, users can always generate long and complex passwords, never have to remember all their passwords and, if you use a vault for your IT team, you can find one that automatically changes your admin passwords. When it comes to IT, automation is key to preventing a breach.

For more information on what’s expected in relation to security and passwords, check out Thycotic’s recent report on the current and future state of password security.

International Women’s Day: Risk Management Issues to Watch

A 2013 piece on the role of women in risk management remains the most controversial article we’ve ever run in Risk Management magazine and the one that received the most comments and letters to the editor, hands down. Many of those reader comments were…let’s just say less than kind or receptive.

Today, International Women’s Day, offers the perfect opportunity to revisit that article, Woman at Work: Why Women Should Lead Risk Management, and some of our more recent coverage of pressing issues like the wage gap and gender parity at the board level.

The significance of this conversation is ever clearer, given not only the political climate and regulatory concerns, but also the simple data about the bottom line. Just last year, the Peterson Institute for International Economics and EY found that almost a third of companies globally have no women in either board or C-suite positions, 60% have no female board members, 50% have no female top executives, and less than 5% have a female CEO. After analyzing 21,980 publicly traded companies from 91 countries and a wide range of industries, their report, Is Gender Diversity Profitable? Evidence from a Global Study, found that organizations with leadership that is at least 30% female could add up to 6 percentage points to its net margin.

“The impact of having more women in senior leadership on net margin, when a third of companies studied do not, begs the question of what would be the global economic impact if more women rose in the ranks?” said Stephen R. Howe Jr., EY’s U.S. chairman and Americas managing partner. “The research demonstrates that while increasing the number of women directors and CEOs is important, growing the percentage of female leaders in the C-suite would likely benefit the bottom line even more.”

While study after study comes to similar conclusions, a recent report from EY explored why businesses need gender diversity for the innovation to thrive. Five disconnects continue to hold businesses back from achieving gender diversity on their boards, the firm found:

  1. The reality disconnect: Business leaders assume the issue is nearly solved despite little progress within their own companies.
  2. The data disconnect: Companies don’t effectively measure how well women are progressing through the workforce and into senior leadership.
  3. The pipeline disconnect: Organizations aren’t creating pipelines for future female leaders.
  4. The perception and perspective disconnect: Men and women don’t see issues the same way.
  5. The progress disconnect: Different sectors agree on the value of diversity but are making uneven progress toward gender parity.

Check out some of our previous coverage of key issues regarding women in business and risk management specifically:
Equal Work, Unequal Pay: Risks of the Gender Wage Gap
The Wage Gap in the Boardroom
Is the Insurance Industry Improving for Women?
Boards Still Lagging on Gender Parity
Preparing for New Pay Equity Requirements

Closing the Vendor Security Gap

What do organizations really know about their relationships with their vendors?

It’s a question that most companies can’t answer, and for many, that lack of knowledge could represent increased risk of a security breach. This year, Bomgar conducted research into vendor security on a global scale, and the findings underscore that much work remains to be done to shore up third-party security.

The 2016 Vendor Vulnerability Index report produced eye-opening results that should be a wake-up call for business leaders, CIOs and senior IT managers. The survey of more than 600 IT and security professionals explores the visibility, control, and management that organizations in the U.S. and Europe have over external parties accessing their IT networks. Some of the most surprising statistics are summarized below:

  • An average of 89 vendors are accessing a company’s network every week.
  • 92% of respondents reported they trusted their vendors completely or most of the time.
  • 69% said they definitely or possibly suffered a security breach resulting from vendor access in the past year.
  • In the U.S., just 46% of companies said they know the number of log-ins that could be attributed to vendors.
  • Only 51% enforce policies around third-party access.

It’s evident from these findings that third-party access is pervasive throughout most organizations. What’s more, this practice is likely to grow—75% of the respondents stated that more vendors access their systems today than did two years ago. An additional 71% believe this number will continue to increase for another two years.

Two-thirds of those polled admit they have a tendency to trust vendors too much—confidence that should be questioned based on the results of this report. The data revealed that, while most organizations place a high level of trust in their vendors, they still have a low level of visibility into how vendors are accessing their systems.

This contradiction is not something organizations should take lightly. As noted above, 69% of respondents admitted they had either definitely or possibly suffered a security breach resulting from vendor access. An additional 77% believe their company will experience a security issue within the next two years as a result of vendor activity on their networks.

As an organization’s network of vendors grows, so too does the risk of a potential breach. For most companies, it is essential that third-parties have access to sensitive systems as a course of doing business—the question centers on how to grant this access securely.

Historically, companies have used VPNs to provide network access to third-parties. While appropriate for the intended end-user—remote and/or traveling employees—issues arise when the scope of VPN is trusted to manage connections from external groups. If a system connected via VPN is exploited and used as a point of persistence for leap-frogging into the broader network, hackers can persist for days or months and move stealthily about the network. Companies have also seen malicious (or well-intentioned) insiders choosing to abuse their access to steal or leak sensitive information, as this is all made fairly trivial when leveraging open-ended VPN connectivity.

To balance the dual demands of access and security, companies need a solution that allows them to control, monitor and manage how external parties are accessing their systems. Rather than providing “the keys to the kingdom,” a modern secure access solution enables organizations to grant vendors and other third-parties access only to the specific systems and applications needed to do their jobs.

To ensure security, organizations should also select a secure access solution that provides video and text logs of all session activity. This allows companies to monitor how remote access is being used and, perhaps more importantly, by whom. With this technology, any suspicious activity can be immediately flagged for further investigation. In addition, these session forensics can help companies meet internal and external compliance requirements.

Another secure access best practice is to employ a password/credential vaulting solution. This enables organizations to mitigate the risk of credentials shared between privileged users, which are often the target of a threat actor. It also reduces the risk of what system administrators often think of as “the stickynote nightmare,” where a sensitive credential is written on a stickynote and stuck on someone’s monitor for all who walk by to see. Password vaulting technologies also help with the dangers posed by embedded system service accounts that have administrative privileges and are rarely rotated for fear of bringing critical business services down. A small, yet strong initiative to protect network security would include requiring every privileged user to access credentials required for elevated work via checking out of a password vault. This removes most of the challenges associated with sharing credentials as, once they are checked back in, those credentials can be immediately rotated and thus become unknown to the employee or the bad actor who may have stolen them. Incorporating multi-factor technology in order to access the password vault and other sensitive systems takes it a step further.

In today’s heightened environment, following these steps should be essential security best practices for any company allowing vendors or other third-parties to access their network.

The Vendor Vulnerability Index report suggests that companies are aware of the threats posed by ineffective management and poor visibility into vendor access. Yet, as the data shows, just slightly over half of the respondents are enforcing any policies around third-party access. In light of these findings, companies should also ensure that they are properly screening any third-parties with whom they share network access. For example, does the vendor provide security awareness training as part of their employee on-boarding process? Asking this and similar questions will give companies a clearer picture of the vendor’s security ethos, and help them to determine if the partnership is a good fit to begin with.

In order to combat this growing vulnerability, organizations need granular control over external access. Only with such a solution in place can companies feel confident that their vendors won’t unintentionally become their weakest security link.

Bribery and Corruption: What’s the best approach?

On Feb. 17, Samsung empire’s heir Lee Jae-yong was arrested on corruption and bribery charges connected to a nationwide political scandal in South Korea. While this is unlikely to directly impact the global tech behemoth in day-to-day matters, it is important to investigate how firms and governments can work together more successfully to combat white collar crime and corruption.

An international affair
The fight against bribery and corruption has historically been led by the United States, the first country to implement tough legislation with the Foreign Corrupt Practices Act of 1977. The federal law was enacted to address accounting transparency requirements and to make bribery of foreign government officials illegal.

Europe is not far behind with a range of legislation designed to prosecute and punish corporate crime. Other emerging market governments are finally cracking down as well, holding both domestic and foreign businesses and their senior management, to account.

Tackling bribery and corruption requires prosecutors and regulators that are properly equipped to investigate and deal with complex factual and legal issues. It also requires a judiciary that is impartial and can operate without political interference.

The United Kingdom’s Bribery Act of 2010 is a good example of tough new legislation that regulators and prosecutors can rely upon when investigating such crimes. It has extra-territorial reach both for U.K. companies operating abroad and for overseas companies with a presence in the U.K. It also introduced a new strict liability offence for companies and partnerships of failing to prevent bribery.

The law is not enough
Unfortunately however, even the best legal framework in the world is insufficient on its own.

Companies need to understand exactly how to go about preventing unlawful behavior, particularly in new and distant markets that their headquarters may not clearly understand. Ultimately, the real responsibility and accountability remains with the business to ensure compliance.

Countries with robust criminal and anti-corruption laws might be able to prosecute those individuals or businesses that commit offences within or outside the jurisdiction but the problem will continue until international businesses rigorously apply universal global standards to tackle corruption across emerging markets.

It’s Still about the culture
In short, this issue is about corporate culture. The following are fundamental steps for fine-tuning your organization’s approach to corruption:

• Develop a culture through education, where turning a blind eye to unlawful activity is not an option. Staff should feel comfortable with speaking out if they see anything potentially suspicious. Anti-bribery and corruption training needs to be repeated and made relevant to the day-to-day scenarios employees at different levels might face.

• The tone must be set at the top. For instance it can be useful to educate your firm’s directors with formal governance training, such as from the Institute of Directors (IoD) in London. This level of top-level attention to corporate compliance programs, including training, should be the norm.

• Proper dialogue needs to be established with regulators—not just a one-way stream of new laws and compliance requirements. A regulator should seek the views of those it is regulating. This two-way approach really does work.