Businesses and government agencies are continually under attack from cyber hackers seeking to steal and sell data, bring down critical infrastructure, or reap a major payday. These cyber attacks are becoming more frequent and more sophisticated, and businesses of all sizes are encouraged to take precautions to mitigate risk, especially at year-end when risk increases as organizations are less vigilant over the holidays.
The most recent Log4J vulnerability is a live example of how serious and impactful these threats are and will continue to be. This vulnerability is one of the worst ever seen. It is being followed and reported by Homeland Security, the FBI, and all major cybersecurity organizations. The Log4J vulnerability has received a risk score of 10 out of 10 from Mitre’s CVE program.
Jen Easterly, the director of the U.S. Cybersecurity and Infrastructure Security Agency (CISA) has warned the recently revealed Log4j vulnerability was “one of the most serious” she’s seen in her entire career, “if not the most serious”. “We expect the vulnerability to be widely exploited by sophisticated actors and we have limited time to take necessary steps in order to reduce the likelihood of damage,” Easterly explained.
To ensure organizations are safe from this flaw, a “sustained effort” will be needed, Gazlay added: “There’s no single action that fixes this issue,” he added, before saying that this is not a problem that’s going to disappear in a fortnight.
Besides patching up as soon as possible, companies should make sure all hands are on deck over the holidays.
According to the United States Cybersecurity & Infrastructure Security Agency (CISA), “Sophisticated threat actors, including nation-states and their proxies, have demonstrated capabilities to compromise networks and develop long-term persistence mechanisms. These actors have also demonstrated capability to leverage this access for targeted operations against critical infrastructure with potential to disrupt National Critical Functions.”
In a recent study we conducted with Filene, to understand credit unions’ technology infrastructure and cybersecurity readiness, 93% of credit union CEOs, COOs, and VPs for IT reported that they are compliant with IT regulations, but less than half (49%) believe their IT is up to date.
This suggests overconfidence in regulatory compliance and overall security, particularly when running on legacy hardware. The infrastructure may be “street legal,” but it is not likely to serve the credit union well in fending off more sophisticated cyberattacks.
So, what can you do today and during the holiday season to strengthen your risk tolerance?
While there are many vendors who provide technology support and cybersecurity services that are critical to all businesses, the rapid evolution of technology and innovation to solve industry-specific challenges demands vendor partners with expertise and knowledge of the industries it serves in addition to the technology itself. As a managed IT CUSO we’re committed to protecting credit unions and their members across the nation.
If your organization does not have the necessary resources to address the Log4j vulnerability, our team of professionals are here to help.
We can provide Log4J specific assessments which include our Qualys vuln scanner to look for remnants of log4j and provide a comprehensive report to suggest redamation.
For additional information and updates on the Log4j Vulnerability see recommended resources below: