Rapid7 2020 Threat Report: building excellence in security
Rapid7’s quarterly Threat Report leverages intelligence from its extensive network, which includes Rapid7 Insight Cloud, Rapid7 Managed Services and Rapid7 Incident Responseengagements to give insight on the rapidly evolving threat landscape for businesses.
That threat landscape can be different for organisations, depending on industry sector or operations.
However, the Threat Report cuts through the noise using the company’s industry-leading insight, to give a clearer picture of the key threats facing industries, and define how they will change and evolve throughout the year.
What is a threat?
A threat exists when an organisation has an adversary with intent, capability and opportunity. According to Rapid7, when two or more of those elements exist, businesses face an ‘impending threat’.
If the third element comes into play, a ‘true threat’ is possible.
Rapid7 approaches this latest iteration of report with a change mindset spurred, it says, by an evolution from building software to building solutions that have defined and achievable outcomes.
With that in mind, it has changed the narrative to embrace the ‘so what’, with the information set out to answer three questions: “what does this mean for you”; “how can you use it”; and “how can it improve your security programme”.
These questions are answered in four key areas: threat telemetry, detection telemetry, recommendations, security programmes.
Focus on threat telemetry
Rapid7’s threat telemetry data has revealed that organisations continue to host vulnerable, internet-exposed systems.
It also recognised a levelling off of EternalBlue exploit attempts in its Project Heisenberg honeynet. This, it states, indicates that there are “still so many exploitable Microsoft Server Message Block services out on the internet that attackers still find it lucrative to hunt for them.”
The overall population of vulnerable services holds steady, it is revealed, therefore holding the attention of attackers.
In this area, Rapid7 recommends prioritising the measuring and improving of the time to deploy patches, particularly to internet-facing systems.
It also suggests organisations measure and improve how they are viewed by external attackers, particularly in terms of what systems and services are available online.
Focus on detection telemetry
Attackers continue to target valid user accounts as their preferred method for breaching an environment.
In addition, Rapid7 sees attackers favouring malware, phishing, and malicious documents. Indeed, those three categories are revealed to account for close to 80% of how they attack organisations.
The company recommends that organisations focus on improving user account security with two-factor authentication, password complexity requirements and rotation policies, and the monitoring of the dark web for leaked credentials.
It also suggests that organisations make better use of User Behaviour Analytics to increase their ability to detect the unauthorised use of credentials.
Organisations can also employ other approaches, including the development of threat hunting capabilities and the implementation of an effective endpoint detection and response solution.
Focus on recommendations
For the first time in a Threat Report, Rapid7 has addressed the recommendations that its Managed Detection and Response (MDR) team identifies. This team currently identifies and stops 85% of threats within one hour of initiation and more than 90% within one day.
The team noted that:
- 75% of remediation tasks are both high priority and only require a low-to-moderate level of effort.
- Mitigation recommendations run the gamut of priority and level of effort.
Rapid7 explains that, where where it sees a low level of effort and a high priority, automation is a consideration.
The report sets out a series of recommendations and their priority level, which can be used by businesses to justify any particular threat or security action. These can be seen here.
Rapid7 encourages all organisations to adopt the MITRE ATT&CK Enterprise Framework to guide threat prevention and response programmes.
However, key takeaways and recommendations from the report include:
- There is a need for focusing on external footprint.
- Attackers most commonly exploit a public-facing application or valid accounts. This can be countered by patching, network segmentation and UBA.
- Organisations should use multiple threat detection methodologies and augment detections and technology with skilled individuals.
- Close to 80% of breaches detected by Rapid7’s MDR service are malware-related, phishing-related or malicious documents.
- Earlier focus on detecting threats in the initial access and execution tactics of the attack lifecycle can reduce the cost and impact of breaches.
- Investing in collecting and reusing threat indicators improves security programme efficiency
- Proactively deploying mitigating controls based on trends in the threat landscape can reduce the risk of a breach.
Find out more about how Rapid7 can improve your security here.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
Singapore FinTech Association launches new networking club
The Singapore FinTech Association (SFA) has announced the launch of a new SG FinTech Club, which will act as hub that enhances networking among local fintech companies based in Singapore.
The APAC nation, which is a leading regional centre for fintechs, accounting for 13% of Singapore’s GDP in 2020. More than 1,400 fintech companies are based there, employing an estimated 10,000 people.
Technology is a driving factor within the space, and the SG FinTech Club will act as a base through which knowledge, resources and connections can be shared, as a way to increase the level of expertise in the space.
According to reports, the SFA will also develop and curate the engagement programmes for the fintech ecosystem. SG FinTech Club members will benefit from hospitality privileges offered by Supporting Partners , such as co-working spaces, which they can leverage on for social engagements.
The club’s existing membership platform will also enable users to sign up for talent matchmaking sessions, industry expert mentorship programmes, and masterclasses organised by SFA.
SG Fintech Club partnerships
The initiative has attracted the attention of several global fintech leaders, including the Institute of Banking and Finance (IBF). J.P. Morgan has also joined the club as Supporting Partner and Corporate Partner, respectively, to develop skills and career development events.
Speaking about the launch of the new club, Shadab Taiyabi, President of SFA, explained, “We are proud to collaborate with MAS on the launch of SG FinTech Club, and play our part in contributing to Singapore’s thriving FinTech ecosystem.
“We hope that the Club would be the key platform for inspiration and innovation, where professionals in the financial services sector can come to exchange opinions, network, and explore endless ideas with other like-minded individuals.
He continued, “Through the Club, we strive to champion and bolster Singapore’s FinTech entrepreneurship growth, facilitate the sharing of insights, collaborations, discussions and advocate the importance of upskilling amongst professionals across the financial services industry.”
Image credit: Singapore FinTech Association event