Security Wise: What is Cyber-espionage?

28 Aug 2022

Cyber-espionage is a type of cyber-attack that involves an unauthorised user (or multiple users) accessing a victim’s sensitive information in order to secure economic benefits, competitive advantages or political gain.

In recent years, cyber-espionage has become a rising concern and the UK’s Government Code and Cipher School (GCCS) estimates there are 34 separate nations that have professional well-funded cyber-espionage teams. It’s crucial for businesses to understand cyber-espionage and know how to effectively mitigate such incidents.

Overview of Cyber-espionage

The goal of cyber-espionage is for the perpetrator to remain undetected by their victim for as long as possible, therefore permitting them to gather maximum information. Any government or business of any size could fall victim to cyber-espionage. Countries with advanced technological infrastructures, such as the UK, may be more attractive to cyber-criminals.

When leveraging cyber-espionage, perpetrators may attempt to access a wide range of data from their targets, including:

• Research and development activities

• Critical organisational projects or IP (e.g., product formulas and blueprints) • Financial information (e.g., investment opportunities, employee salaries and bonus structures)

• Sensitive stakeholder details

• Business plans (e.g., upcoming marketing, communications, or sales initiatives)

Cyber-criminals may engage in a variety of tactics to execute cyber-espionage, such as:

• Exploiting security vulnerabilities in websites or browsers a target frequently visits and infecting them with malware to compromise the victim’s technology (as well as any data stored on it)

• Utilising phishing scams (e.g., deceptive emails, texts or calls) to steal login credentials and gain unsolicited privileges within a target’s network

• Bribing actual employees or contractors to share a target’s sensitive information in exchange for payment • Infiltrating another party in a victim’s supply chain and using that party’s digital privileges to compromise the actual target’s network

• Injecting different forms of malware (e.g., Trojans and worms) within updates from third-party software applications, thus hijacking a victim’s technology upon installation of these updates

Prevention Measures

Businesses should consider implementing the following best practices to help safeguard their operations from cyberespionage:

• Educate employees. Make sure employees receive training on cyber-espionage and related prevention tactics. Employees should be instructed to never respond to messages from unknown senders, avoid interacting with suspicious links or attachments and refrain from sharing sensitive company information online.

• Protect critical data. Review and update your existing cyber-security policies to ensure they promote maximum data protection.

• Restrict access. Only permit employees to access technology and data they need to perform their job duties. Require employees to implement multifactor authentication whenever possible.

• Leverage sufficient software. Protect all workplace technology (and the data stored on it) with proper security software. This software may include endpoint detection tools, antivirus programs, firewalls, network monitoring services and patch management products.

• Always have a plan. Creating a cyber-incident response plan can help ensure necessary protocols are in place should cyber-attacks occur, thus keeping related damages at a minimum.

• Purchase proper coverage. It’s critical to secure adequate insurance to help protect against losses that may arise from cyber-espionage and therefore it’s best to consult a trusted insurance professional to discuss specific cover needs. For more risk management guidance, contact TH March.

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Source: SecurityWise