Organizations face growing risks in cybersecurity, necessitating proactive measures and partnerships with law enforcement to mitigate threats effectively. In this video, Steve Winterfeld, Advisory CISO at Akamai, and Derek Booth, Special Agent with the United States Secret Service (USSS), discuss the evolution and increasing complexity of cybercrime and how organizations can help manage and mitigate these risks.

Cybercrimes have been on rise in the last 5-10 years, says Booth and one of the dramatic changes is that instead of targeting vulnerable elderly populations, criminals are now looking at the ransomware attacks, business email compromise, pig butchering scams, investment scams and novel ways of attacks. “The payoff for the threat actor or the criminal is that much greater they can dedicate time instead of trying to steal credit cards or print counterfeit money, if they can hack into your system, the payoff could be in the millions or billions of dollars,” says Booth.

The Secret Service created a special task force to help businesses combat cybercrime. In this episode, we went into detail to discuss the new face of cybercrime and what companies can do to fend off attackers.

Role of the US Secret Service in combating cybercrime and the evolution of cybersecurity

• Booth of the US Secret Service explains their dual mission: protecting national leaders and safeguarding financial infrastructure, including combating cybercrime, which is now a major focus alongside their protective duties.
• Winterfeld discusses the importance of cooperation with law enforcement agencies like the Federal Bureau of Investigation (FBI), Department of Homeland Security’s (DHS), and Secret Service from a Chief Security Officer’s (CSO) perspective.
• Booth explains his role in the US Secret Service’s cyber fraud task force in the Rocky Mountain region, collaborating closely with state, local, and federal agencies while engaging with private sector experts.
• Booth discusses the evolution of cybersecurity during his 25-year career at the Secret Service. He observes a surge in cybercrime, such as ransomware and investment scams.

Evolution of cybercrime and the increase in state-sponsored cyberattacks

• Booth highlights the increasing sophistication of scams targeting diverse demographics, from elderly individuals to youth, exploiting trust through tactics like sextortion and cryptocurrency fraud to achieve financial gain.
• Winterfeld discusses the evolution of cyber threats over 25 years, expanding from individual hackers to hacktivists, cybercriminal groups, and nation-state actors. He emphasizes the global reach and constant innovation of these threats.
• Winterfeld notes an increase in state-sponsored cyberattacks amid global conflicts, particularly in Ukraine. Akamai’s State of the Internet Report highlights that Western Europe has become the primary target for distributed denial-of-service (DDoS) attacks.
• Booth shares his concerns about cyberattacks from countries like Russia, China, North Korea, and Iran targeting private businesses and government agencies. He emphasizes the need for more support and collaboration to combat these threats.
• Booth acknowledges the cybersecurity threats to modern, interconnected infrastructure but assures that organizations like Department of Homeland Security’s (DHS) network security arm are proactive and effective in protection.

How to mitigate ransomware attacks effectively

• Booth discusses the effectiveness of ransomware payments, saying that he supports legislative intervention to discourage ransomware payments through taxation or reporting mandates.
• Winterfeld emphasizes the importance of technical approaches to cybersecurity, advocating for enhanced visibility and protection. He stresses the need for situational awareness and skepticism, especially in personal fraud scenarios.
• Booth advises early contact with authorities to mitigate and prevent spread, stressing collaboration to gather critical intelligence on attackers’ methods and communications.

Advice for organizations to prevent and manage the increasing cybersecurity risks

• Winterfeld highlights the need for organizations to integrate cyber risk management into broader business risk strategies. He underscores the evolving role of law enforcement as a key partner in cybersecurity efforts.
• Booth talks about the cultural aspects companies should embed when preparing to engage with law enforcement during cyber incidents. He emphasizes the need for comprehensive information readiness.
• Booth highlights the impact of simple phishing attacks in today’s digital landscape, which necessitates robust employee training and vigilance to counter evolving cyber risks.
• Winterfeld shares his concerns about the increasing attack surface due to remote work and the rise of AI (GenAI) and machine learning models (MLMs). He explains how these tools make social engineering and impersonation easier.
• These AI trends will likely continue to evolve, posing new challenges for cybersecurity in the future.
• Booth tells us about the concerning capabilities of AI tools, which can now replicate voices and images to perpetrate sophisticated scams.
• Booth emphasizes the prevalence and impact of business email compromise (BEC) attacks, which account for about 25% of current cyberattacks. He explains that prompt notification and cooperation with banks can sometimes recover funds.

What educational resources are available to organizations?

• Winterfeld encourages the audience to familiarize themselves with the Internet Crime Complaint Center (IC3) resource and advises integrating law enforcement into incident response plans.
• Booth stresses the critical role of education and training in mitigating cyber risks. He highlights measures like multi-factor authentication for financial transactions.
• Booth highlights law enforcement’s engagement with the private sector through task forces, offering education and training to businesses, municipalities, and community groups to raise awareness of cyber threats.
• Winterfeld encourages organizations to leverage educational resources like Department of Homeland Security’s (DHS) Cybersecurity Advisors (CSAs), for policy development and training exercises.

Guests: Steve Winterfeld (LinkedIn) | Derek Booth (LinkedIn)
Company: Akamai (Twitter) | Organization: United States Secret Service (USSS) (Twitter)
Show: CISO Insights

This summary was written by Emily Nicholls.