Monthly Archives: January 2017
We receive a lot of positive feedback when we run articles from the FBI’s cyber crime division. We’re pleased the Bureau has encouraged us to share their articles on this topic, so we want to share a recent post from their website about ransomware. Ransomware refers to a malware that restricts access to the infected computer/network and demands that the operators pay some sort of ransom to regain control of their network. We hope this article is helpful to you. Please let us know if you have information or ideas on this topic that our readers may want to hear.
You can find this article, as well as many other articles you may find valuable to keep your business and staff secure against cyber crime, at this web address: https://www.fbi.gov/investigate/cyber
For more information about fraud protection tools and product features provided by Bank of Tucson, please visit our website.
Hospitals, school districts, state and local governments, law enforcement agencies, small businesses, large businesses—these are just some of the entities impacted by ransomware, an insidious type of malware that encrypts, or locks, valuable digital files and demands a ransom to release them.
The inability to access the important data these kinds of organizations keep can be catastrophic in terms of the loss of sensitive or proprietary information, the disruption to regular operations, financial losses incurred to restore systems and files, and the potential harm to an organization’s reputation. Home computers are just as susceptible to ransomware and the loss of access to personal and often irreplaceable items— including family photos, videos, and other data—can be devastating for individuals as well.
In a ransomware attack, victims—upon seeing an e-mail addressed to them—will open it and may click on an attachment that appears legitimate, like an invoice or an electronic fax, but which actually contains the malicious ransomware code. Or the e-mail might contain a legitimate-looking URL, but when a victim clicks on it, they are directed to a website that infects their computer with malicious software.
One the infection is present, the malware begins encrypting files and folders on local drives, any attached drives, backup drives, and potentially other computers on the same network that the victim computer is attached to. Users and organizations are generally not aware they have been infected until they can no longer access their data or until they begin to see computer messages advising them of the attack and demands for a ransom payment in exchange for a decryption key. These messages include instructions on how to pay the ransom, usually with bitcoins because of the anonymity this virtual currency provides.
Ransomware attacks are not only proliferating, they’re becoming more sophisticated. Several years ago, ransomware was normally delivered through spam e-mails, but because e-mail systems got better at filtering out spam, cyber criminals turned to spear phishing e-mails targeting specific individuals. And in newer instances of ransomware, some cyber criminals aren’t using e-mails at all—they can bypass the need for an individual to click on a link by seeding legitimate websites with malicious code, taking advantage of unpatched software on end-user computers.
The FBI doesn’t support paying a ransom in response to a ransomware attack. Paying a ransom doesn’t guarantee an organization that it will get its data back—there have been cases where organizations never got a decryption key after having paid the ransom. Paying a ransom not only emboldens current cyber criminals to target more organizations, it also offers an incentive for other criminals to get involved in this type of illegal activity. And by paying a ransom, an organization might inadvertently be funding other illicit activity associated with criminals.
So what does the FBI recommend? As ransomware techniques and malware continue to evolve—and because it’s difficult to detect a ransomware compromise before it’s too late—organizations in particular should focus on two main areas:
- Prevention efforts—both in both in terms of awareness training for employees and robust technical prevention controls; and
- The creation of a solid business continuity plan in the event of a ransomware attack.
Tips for Dealing with Ransomware. While the below tips are primarily aimed at organizations and their employees, some are also applicable to individual users.
- Make sure employees are aware of ransomware and of their critical roles in protecting the organization’s data.
- Patch operating system, software, and firmware on digital devices (which may be made easier through a centralized patch management system).
- Ensure antivirus and anti-malware solutions are set to automatically update and conduct regular scans.
- Manage the use of privileged accounts—no users should be assigned administrative access unless absolutely needed, and only use administrator accounts when necessary.
- Configure access controls, including file, directory, and network share permissions appropriately. If users only need read specific information, they don’t need write-access to those files or directories.
- Disable macro scripts from office files transmitted over e-mail.
- Implement software restriction policies or other controls to prevent programs from executing from common ransomware locations (e.g., temporary folders supporting popular Internet browsers, compression/decompression programs).
- Back up data regularly and verify the integrity of those backups regularly.
- Secure your backups. Make sure they aren’t connected to the computers and networks they are backing up.
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The SBA Debt Refinance Program is back! Does your small business have a maturing or high-cost conventional loan for real estate, buildings or equipment? The long-term, fixed rate financing available through the SBA Debt Refinance Program can help small businesses that face significant balloon payments, require financial flexibility or want to take cash out from appreciating assets for expansion.
Under the new program, small businesses that refinance into a SBA 504 loan can take advantage of lower rates, fixed for 20 years, to lighten their monthly debt payments, improve cash flow and stabilize operations.
These parameters can help determine whether this program might be a good fit for your business:
- The debt to be refinanced must be at least two years old.
- The debt to be refinanced must be current during the last 12 months.
- Eligible small businesses can obtain up to 90 percent financing for secured debt and qualified business debt.
- Eligible fixed assets include real estate and equipment.
- Cash out for operating expenses, including debt consolidation, is limited to 75 percent loan-to-value.
- Cash out can be used for eligible business expenses (salaries, rent, utilities, inventory).
- Existing government guaranteed loans are not eligible to be refinanced.
- The eligible debt being refinanced is for the outstanding principal balance.
Other conditions or qualification requirements may apply.
For those considering applying for a new loan, we offer a variety of government guaranteed loan products that require less cash investment up front and offer longer loan terms, which can help bridge the gap for businesses that otherwise would not have access to capital.
- SBA 7(a), 504 and 504 refinance
- SBA Export Express Export Working Capital International Trade
- USDA Business & Industry Loans Food Desert Rural Energy for America Program (REAP)
- Export Import Bank of U.S.
If you would like more information on the SBA 504 Refinance Program or any of our government-guaranteed loan products, please contact Leticia Scearce, Senior Vice President/Government Guaranteed Lending Manager, at firstname.lastname@example.org or (602) 445-6511.