In a recent report, cybersecurity experts have highlighted the increasing threat of corporate account takeover (CATO) attacks. According to the report, CATO attacks have become a significant concern for organizations worldwide and have resulted in substantial financial losses. To combat this growing threat, experts recommend implementing a combination of security practices and controls.
One notable example of a CATO attack occurred on Twitter in 2020. Attackers were able to gain access to the internal systems of Twitter through a social engineering and phishing scheme targeting employees. By exploiting a tool used to manage accounts, the hackers took control of prominent accounts, including those of high-profile individuals and companies. They then used these accounts to promote a cryptocurrency scam, resulting in the theft of over $118,000 worth of Bitcoin.
In response to the increasing frequency and sophistication of CATO attacks, cybersecurity experts suggest several best practices to defend against such threats. One of the key recommendations is to adopt a defense-in-depth approach. This involves implementing multiple layers of defense, including vulnerability management, network segmentation, email/web filtering, intrusion detection and monitoring, third-party risk management, and incident response. By employing a comprehensive security posture, organizations can significantly reduce the risk of CATO attacks.
Another essential measure to prevent CATO attacks is the implementation of multifactor authentication (MFA) for online account access. MFA adds an extra layer of security by requiring users to provide multiple pieces of evidence to verify their identity. However, experts caution that even MFA can be compromised by sophisticated phishing attacks. Therefore, organizations need to continuously enhance their MFA methods and consider more advanced options like Fido keys. Nevertheless, such advanced methods may require additional investment, and organizations must assess the cost-benefit ratio.
Additionally, strong access management strategies are crucial in defending against CATO attacks. Privileged access management tools should be utilized to ensure that only authorized individuals have access to critical systems and information. Regular access reviews, including those involving third parties, are essential to maintain control over access rights. By implementing the principle of least privilege, organizations can limit the potential damage caused by unauthorized access.
To further minimize the risk of unauthorized access, organizations should also implement contextual access management measures. This approach takes into account various contextual factors, such as a user’s location, device, time of access, network environment, and behavior patterns. By analyzing these factors, organizations can detect and prevent suspicious activities more effectively.
Robust security monitoring is another vital aspect of defending against CATO attacks. Security operations teams should perform continuous monitoring of all critical systems and alert for any suspicious activities or anomalies. This includes monitoring endpoint detection and response systems, as well as identity systems. For instance, triggering alerts when a user’s location suddenly changes can help identify potential account takeover attempts.
Lastly, employee education and training play a critical role in preventing CATO attacks. Employees should be regularly educated about the risks associated with corporate account takeovers, especially those with privileged access or working in highly targeted areas like payments and finance. By creating a “human firewall,” organizations can empower their employees to recognize and respond to potential threats effectively. This includes teaching employees to identify malicious emails, check sender information, verify URLs, and avoid entering their credentials on suspicious login screens.
In conclusion, CATO attacks pose a significant threat to organizations, as highlighted by recent incidents like the Twitter hack. To defend against such attacks, organizations must adopt a comprehensive defense-in-depth approach, implement multifactor authentication, strengthen access management strategies, employ contextual access management measures, establish robust security monitoring systems, and prioritize employee education and training. By implementing these best practices, organizations can significantly reduce the risk of corporate account takeover attacks and safeguard their critical assets and information.