# Are your IT team telling you the whole truth?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-10-12
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Protect Your Business: Cyber Threats Explained
Meta Description: David Davies, CEO of Navos Technologies, helps protect financial services firms from online threats. Are you fully aware of your organisation's cyber
URL: https://financedigest.com/are-your-it-team-telling-you-the-whole-truthhtml

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_![David Davies, the chief executive of Navos Technologies](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/275-1736815038597-compressed.jpg)_

_By **David Davies,** the chief executive of Navos Technologies https://navos.co.uk/, is an expert at helping financial services firms deal with online threats. As the former chief information officer at Hargreaves Lansdown, where he oversaw a team of 400, he is well placed to understand the importance of a watertight cyber-defence strategy._

As a CEO or CTO you rely on your IT team to keep your systems secure and whilst they are always wanting to do the best job they can for you, are you certain they are telling you the whole truth?

Imagine living in a [house as a family and some of the kids knew the dad left the back](https://www.financedigest.com/uks-bellway-to-buy-back-shares-hike-social-housing-output.html "UK’s Bellway to buy back shares, hike social housing output") door unlocked every night, the mum always assumed it was locked but it never was, and for years nothing happened.  Then one night they get burgled and their prize possessions disappear.

Imagine the questions;

Dad: “well it was always unlocked that door”

Mum: “why, and why was I never told?”

Kid 1: “I knew but assumed you did mum!”

Kid 2: “Yeah I guessed it was unlocked but couldn’t be bothered saying….”

That’s the scenario in firms across the globe.

The mum ( [say COO of a business](https://www.financedigest.com/a-uk-covid-lockdown-would-be-wrong-right-now-business-minister-says.html "A UK COVID lockdown would be wrong right now, business minister says")) doesn’t think they need help as they have a husband who locks all the doors.

What follows is an illustration of the problem being faced right now in organisations.

We are [seeing an increasing trend of attacks towards](https://www.financedigest.com/britains-kingfisher-sees-annual-profit-towards-higher-end-of-forecasts.html "Britain’s Kingfisher sees annual profit towards higher end of forecasts") data backups. These are seldom targeted, but become a [concern when ransomware is considered](https://www.financedigest.com/paris-considers-electric-scooter-ban-over-safety-concerns.html "Paris considers electric scooter ban over safety concerns"). Ransomware is a scary prospect at the best of times, where a computer virus is planted onto internal systems, [leaving the criminals open](https://www.financedigest.com/more-than-half-of-workers-are-open-to-leaving-their-current-employers.html "MORE THAN HALF OF WORKERS ARE OPEN TO LEAVING THEIR CURRENT EMPLOYERS") to extort money out of businesses.

The course of action during a [ransomware attack](https://www.financedigest.com/preventing-an-operationally-crippling-ransomware-attack-do-you-know-where-your-risk-exposure-lies.html "PREVENTING AN OPERATIONALLY CRIPPLING RANSOMWARE ATTACK – DO YOU KNOW WHERE YOUR RISK EXPOSURE LIES?") could be to lock IT administrators out of systems, steal client data, or even just wreak havoc. If you are already worried about how your [organisation is protecting](https://www.financedigest.com/protect-your-organisation-from-fraud.html "Protect your organisation from fraud") its backups, that is with good cause. But there is worse to come.

## **Jim from accounts – the silent problem**

Imagine a scenario where you, as a business leader, have assurances from your [technology team that the live](https://www.financedigest.com/how-technology-has-changed-our-lives.html "How Technology has Changed Our Lives") environment and internet-facing perimeter topology is safe. It has [passed all the recent tests](https://www.financedigest.com/ensuring-traders-pass-the-test-of-mifid-ii-and-mar.html "Ensuring traders pass the test of MiFID II and MAR") and the metrics are all green. From a cybersecurity perspective, the [recent Red Team](https://www.financedigest.com/recent-survey-of-cfos-reveals-what-finance-teams-should-be-prioritising-in-2021.html "Recent survey of CFOs reveals what finance teams should be prioritising in 2021") exercises with the board went swimmingly and the playbooks are all up to date. A position many a C-Suite executive finds themselves in, and what a great place to be.

But, without anyone’s knowledge, good old Jim in accounts ordered his girlfriend a lovely [pre summer holiday present from a well-known online](https://www.financedigest.com/online-valuation-tool-is-the-new-face-of-the-pre-owned-watch-industry.html "Online valuation tool is the new face of the pre-owned watch industry") retailer yesterday. Today, Jim received an email from that same retailer stating his [payment had been declined](https://www.financedigest.com/payment-security-compliance-declines-only-1-in-3-companies-globally-make-the-grade.html "Payment security compliance declines – only 1 in 3 companies globally make the grade"). After unknowingly clicking on a link to find out why, a new piece of malware, containing an undetectable virus (referred to as a zero-day attack), was downloaded onto his laptop.

This wasn’t a valid email but a well-worded phishing email. An embarrassed Jim deleted the email, carrying on with his [day with no intention of reporting the incident](https://www.financedigest.com/man-charged-under-britains-treason-act-over-christmas-day-incident-at-queens-home.html "Man charged under Britain’s Treason Act over Christmas Day incident at queen’s home") for fear of rebuke.

Over at Cybercriminal Towers, an alert was quickly received that the malware was active, and a crack [team of experts started work](https://www.financedigest.com/finance-teams-have-been-left-in-the-dark-on-the-real-cost-of-working-from-home.html "Finance teams have been left in the dark on the real cost of working from home"). These are well-organised outfits, with offices, free fruit and a view – no longer a single young chancer wearing a balaclava punching keys into a keyboard in the [hope of landing](https://www.financedigest.com/stocks-dollar-gain-on-soft-landing-hopes.html "Stocks, dollar gain on soft landing hopes") a big fish.

We need to evolve our appreciation of how [cybercriminals operate and act](https://www.financedigest.com/time-to-act-as-cybercriminals-hot-on-the-heels-of-finance-sector.html "Time to act as cybercriminals hot on the heels of finance sector"). Given the lucrative nature of the work, they sometimes compete for the same [tech talent](https://www.financedigest.com/duecourse-attracts-former-apple-tech-talent.html "DueCourse Attracts Former Apple Tech Talent") that the right side of the law do, strange as it may seem.

This team of criminals, on this occasion, are targeting even more sinister malware against a specific target. They work quickly, undetected, and traverse the firm’s network starting at Jim’s laptop. They very quickly have access to the servers.

And after a short amount of time, there it is, the backup system – in all its glory. Akin to a scene from Lethal Weapon, where Murtaugh and Riggs await instructions for which colour cable to cut, a subtle click here and there and boom – a gnarly [set of files containing the most complicated ransomware is planted on the backup system](https://www.financedigest.com/health-care-information-systems-market-growth-set-to-surge-significantly-during-2018-2026.html "Health Care Information Systems Market Growth Set to Surge Significantly during 2018 – 2026"). The fallout? None, nothing. Not yet. Now we wait, as the timer ticks away.

## **Cybercriminal Towers – The revisit**

As time goes on, another risk review [occurs and it’s another clean bill of health](https://www.financedigest.com/health-wellness-market-growth-is-expected-to-occur-at-a-healthy-cagr-of-0-0-from-2021-to-2031.html "Health & Wellness Market Growth is Expected to Occur at a Healthy CAGR of 0.0% from 2021 to 2031"). Happy days, until…

This time, the team at Cybercriminal Towers has aligned its next visit to Jim’s firm as a purposeful one. Into the network they go again. This time the live environment looks too appetising, and with good reason. That is where the crown jewels are. Another server, same effect, Boom! Ransomware landed again. Easy pickings.

This time the malware is executed straight away, alerting the technology teams. At the same time, the execs all receive emails holding the firm to ransom, as their website, app and whole [back office](https://www.financedigest.com/rouzbeh-pirouz-why-disabled-employees-should-not-be-forced-to-go-back-to-the-office.html "Rouzbeh Pirouz Why disabled employees should not be forced to go back to the office") are grounded to a halt. The email states: ‘Pay or lose your data and online presence.’ A compelling and heart-skipping moment for anyone.

As the out-of-body experience subsides, the inevitable playbook emerges and the tech team arrives, chests pumped out ready for action. The prognosis is simple: [don’t pay and we will follow the tried-and-tested process](https://www.financedigest.com/companies-that-dont-upgrade-their-financial-processes-this-year-will-get-left-behind.html "Companies that don’t upgrade their financial processes this year will get left behind"). Shut down the affected servers, [delete the data](https://www.financedigest.com/how-to-recover-deleted-files-using-easeus-data-recovery-wizard.html "How to Recover Deleted Files Using EaseUS Data Recovery Wizard?"), suffer a little downtime, ignore any demands, and in no time at all the backups will restore the business to where it was. Remediation is then done, and any holes plugged.

With smiles all around, the action [plan is clear and the teams](https://www.financedigest.com/heres-what-the-future-holds-for-financial-planning-analysis-teams.html "Here’s what the future holds for financial planning & analysis teams") jump into action. However, this time the [plan isn’t going as expected](https://www.financedigest.com/british-pm-sunak-expected-to-shelve-plans-to-privatise-channel-4-ft.html "British PM Sunak expected to shelve plans to privatise Channel 4 -FT"). The now very populated office is struck by shock and numbness, one by one, and, like a set of dominoes, everyone quickly realises the problem. The backups aren’t available. They are locked by the very same ransomware message [seen minutes earlier on the live](https://www.financedigest.com/indonesias-palm-oil-export-ban-seen-short-lived-on-limited-storage.html "Indonesia’s palm oil export ban seen short-lived on limited storage") server.

Like an enlarged chessboard in many a pub garden, it feels like a very public call of checkmate has just been announced. As the inevitable scramble for a process to pay bitcoin quickly is written, it is the start of a very long day and night for everyone at the firm. They have no choice but to pay but wish to do it quietly, so as not to [worry investors](https://www.financedigest.com/uk-stocks-slip-as-rate-hike-worries-grip-investors.html "UK stocks slip as rate hike worries grip investors"), clients, and shareholders.

If you believe your [organisation is too big](https://www.financedigest.com/why-insider-threat-presents-a-big-risk-to-financial-services-organisations.html "Why insider threat presents a big risk to financial services organisations"), too protected, and is precluded from such scenarios, then great, I admire that stance. Just be sure you follow the evolution of the risk landscape on a daily basis. Because that is what we are all fighting against. The culture at Cybercriminal Towers isn’t to write papers, have committees or meetings, but to be hellbent on delivering their projects.

The ability to analyse data, perform [security and penetration tests plus have good governance in place from the likes of Management Information](https://www.financedigest.com/privacy-vs-security-is-the-cybersecurity-information-sharing-act-beneficial.html "PRIVACY VS SECURITY: IS THE CYBERSECURITY INFORMATION SHARING ACT BENEFICIAL?") and policies and procedures is often viewed as the boring or bureaucratic bit of technology. As demonstrated here – this really is not the case.

Ultimately your IT team may think they have all your security [needs covered but in reality they probably don’t](https://www.financedigest.com/you-dont-need-magic-to-anticipate-your-customers-needs-just-the-right-tech.html "You don’t need magic to anticipate your customers’ needs, just the right tech"). As a CEO or CTO it is wise to get an outside opinion or a third party to assess the security gaps. Should you be asking your IT [team more questions about the cover in place and challenging](https://www.financedigest.com/why-now-is-the-time-to-implement-a-time-saving-business-model-encouraging-team-members-to-discuss-their-challenges.html "Why now is the time to implement a time saving business model, encouraging team members to discuss their challenges") it?


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