Dark web monitoring is now a necessary part of any cybersecurity program, especially at financial services firms. Businesses face an ever-growing array of cybersecurity threats. Evidence suggests that cyberattacks are becoming much more coordinated and sophisticated thanks to coordination through the dark web.
The financial sector is also a primary target for threat actors. It is “uniquely exposed to cyber risk,” according to a report by the International Monetary Fund.
“Financial firms—given the large amounts of sensitive data and transactions they handle—are often targeted by criminals seeking to steal money or disrupt economic activity,” the report said. Currently, attacks on financial firms account for nearly one-fifth of all cyberattacks.
Here, we’ll explore what the dark web is, how monitoring it works, and why financial firms and other organizations should include dark web monitoring among their security capabilities.
What is the Dark Web?
The dark web is a hidden part of the internet that can only be accessed through specialized web browsers. Users communicate secretly and anonymously. The most popular web browser for accessing the dark web is Tor. Tor encrypts all identifying information before connecting to websites, and it is available for Windows, macOS, Linux, and Android.
The dark web is a part of the “deep web.” This refers to all content that isn’t indexed by search engines and can’t be found through search. The deep web houses most of the web content in the world because it includes fee-for-service (FFS) content, private databases, password-protected accounts, and other content that can’t be accessed without access permissions.
Meanwhile, the dark web encompasses a small fraction of the world’s web content. It is difficult to access because the only way to find dark web content is to enter an exact web address. Content is often protected by password requirements or other security features.
As you can imagine, this anonymity and secrecy make the dark web popular for the exchange of illicit materials. This includes products like illegal drugs, but it also includes stolen login credentials, exploits, and ransomware products.
According to an article by Forrester:
“The dark web is an underground marketplace for drugs, stolen credentials, stolen financial and medical records, and other illicit products and services. Cybercriminals use it to monetize breached data, but they also use it to buy and sell exploits and ransomware (customer service and support included).”
Common Dark Web Threats
The dark web serves as a forum for all types of illegal activities. However, its most nefarious function is as a marketplace for malicious products and services. Some of the most common illicit activities and cybercrime tools found on the dark web include the following:
- Stolen Credentials: These include usernames and passwords, which enable cybercriminals to gain unauthorized access to corporate networks, leading to data breaches and financial fraud.
- Credit Card and Bank Account Information: These tools allow fraudsters to conduct unauthorized transactions that cause substantial losses for companies and individuals.
- Exposed Corporate Data: Criminals can obtain sensitive corporate data, trade secrets, and intellectual property, and then sell them on the dark web, potentially benefiting competitors or malicious actors.
- Phishing Kits: These products are turnkey methods for criminals to launch email and website-based attacks against employees and organizations, often resulting in hard-to-detect data breaches without active monitoring.
- Ransomware and Malware Products: These offerings lead to massive disruptions, financial losses, and damage to corporate reputations.
- Ransomware-as-a-Service (RaaS): Ransomware has evolved into an illicit service-based industry, enabling cybercriminals to launch sophisticated attacks without having to produce their tools from scratch.
- Compromised Personally Identifiable Information (PII): cybercriminals steal and sell personal information on the dark web, leading to long-term consequences for individuals and companies.
- AI-Enabled Cybercrime Products: One of the biggest concerns among cybersecurity experts is how threat actors will leverage artificial intelligence (AI) in their campaigns. Gartner said it was the third consecutive quarter in which these types of attacks were considered a top risk, according to a report.
When Your Organization is Mentioned on the Dark Web
Organizations that are specifically mentioned on the dark web face greater threats than others. The fact that they are mentioned typically means that threat actors have obtained sensitive data from them, log-in credentials, or other assets.
According to an article by CFO Dive, “Organizations that are mentioned in dark web market listings or tied to compromised accounts on the dark web are more than twice as likely to experience an attack.”
Cybercriminals are increasingly planning and coordinating attacks in dark web forums, purchasing new threat capabilities through dark web marketplaces, and exchanging assets like log-in credentials freely, without detection. This is why dark web monitoring has become a crucial component of any cybersecurity program.
How Dark Web Monitoring Works
Dark web monitoring employs sophisticated technologies and methodologies to scan the hidden corners of the internet for potential threats to businesses. Organizations use it to determine if criminals have mentioned them or their partners in dark web forums or on dark web marketplaces.
This process involves several key components:
Specialized Crawlers
Dark web monitoring tools utilize automated crawlers designed to navigate the encrypted networks of the dark web. Specialists configure these crawlers to access and index content from hidden forums, marketplaces, and chat rooms that are not accessible through standard search engines.
Data Collection and Analysis
The crawlers continuously gather vast amounts of raw data from the dark web, including stolen credentials, financial information, and other sensitive data. Advanced AI and machine learning algorithms then analyze this data to identify relevant threats and patterns.
Keyword and Pattern Matching
Monitoring tools search for specific keywords, phrases, or patterns related to a company’s assets, such as email domains, employee names, or proprietary information. This targeted approach helps in quickly identifying potential data breaches or leaks.
Real-time Alerts
When relevant information is detected, the monitoring system generates immediate alerts. These notifications allow businesses to respond swiftly to potential threats, minimizing the risk of data exploitation.
Threat Intelligence Integration
Many dark web monitoring solutions incorporate threat intelligence databases, providing context to the discovered information and helping businesses understand the severity and implications of potential threats.
Customizable Monitoring
Businesses can tailor their monitoring parameters to focus on specific types of data or threats most relevant to their industry or organization. This customization ensures that the monitoring efforts are aligned with the company’s unique risk profile.
Comprehensive Coverage
Effective dark web monitoring tools scan a wide range of sources, including various dark web marketplaces, forums, and encrypted messaging platforms, to provide a comprehensive view of potential threats.
Data Verification
To reduce false positives, monitoring services often include a verification step to confirm the authenticity and relevance of detected information.
Historical Data Analysis
Some advanced monitoring tools maintain archives of dark web activities, allowing for historical analysis and trend identification over time.
Automated Risk Assessment
Many monitoring solutions provide automated risk scoring and assessment reports, helping businesses prioritize their response to detected threats. Automated documentation like this can be a critical part of any risk management strategy.
Through these techniques, dark web monitoring serves as a crucial early warning system for businesses, enabling them to detect potential data breaches, identify emerging threats, and take proactive measures to protect their assets and reputation in an increasingly complex cybersecurity landscape.
Get Started with Dark Web Monitoring
To get started with dark web monitoring, organizations should follow these key steps:
1. Define Scope
The first step is to clearly define the scope of your monitoring efforts. Identify critical data assets that need protection, such as company names, domains, employee information, and other sensitive data. You must ensure that your monitoring efforts are focused and effective.
2. Choose a Monitoring Service
Most organizations work with a cybersecurity service provider or other solution provider to engage in dark web monitoring. For example, Apollo Managed Cybersecurity from Option One Technologies provides 24/7 monitoring of vulnerabilities in your organization’s network. It also provides comprehensive dark web monitoring services.
This turnkey security solution allows firms to expand beyond traditional security. They can protect against advanced malware, phishing, ransomware, application layer threats, and other attacks.
Select a reputable dark web monitoring service that aligns with your organization’s needs. Look for tools offering customizable alerts, real-time notifications, and extensive coverage of dark web marketplaces and forums.
A reliable service provider can significantly enhance your ability to detect threats early.
3. Set Up Alerts
Once you choose a service, configure alerts tailored to specific keywords and data types relevant to your business. Send notifications through preferred channels, such as email or SMS, for timely response to potential threats.
4. Review Reports Regularly
Regularly analyze the reports generated by your monitoring tool to stay updated on emerging risks and vulnerabilities. This practice helps in identifying patterns and understanding the evolving threat landscape.
5. Integrate with Existing Security
Finally, incorporate dark web monitoring into your broader cybersecurity strategy. It should complement existing measures like firewalls, endpoint protection, and employee training programs. Combined, these create a robust defense system against cyber threats.
Prepare for Future Cyber Threats with Dark Web Monitoring
Dark web monitoring is an essential component of a comprehensive cybersecurity strategy for businesses in today’s digital landscape. By proactively scanning the hidden corners of the internet for potential threats, organizations can better protect their sensitive data, maintain regulatory compliance, and safeguard their reputation.
As the threat landscape evolves, dark web monitoring will be crucial. Businesses must stay one step ahead of cybercriminals and ensure the security of their digital assets.
To learn more about Option One Technology’s dark web monitoring services, contact us today.
