Cyberattacks on financial services institutions are becoming increasingly sophisticated and frequent, but where should IT teams start in better defending their networks? BRIAN FORSTER, senior director of Marketing at Fortinet shares his advice.
Cyberattacks on financial services institutions are becoming increasingly sophisticated and frequent. By using stolen legitimate credentials and malware to disguise criminal activity, these breaches can remain undetected for some time, making the financial impact irreparable.
Professionals in the financial services sector are well aware of such risks. The Financial Services Edition of the 2016 Vormetric Data Threat Report surveyed 1,100 senior IT security executives at large enterprises around the world, including over 100 U.S. financial services organisations. The report found that 90 percent of respondents feel vulnerable to data threats, and 44 percent have already experienced a data breach – with nearly one in five (19 percent) indicating they had experienced a breach in the last year. This just goes to prove the sentiment, “it’s not if you will get hacked, but when”. To which we can add, “and how quickly you learn about it”.
So, where should financial services IT teams start in better defending their networks? From sports fields to battlefields, there’s an adage that has been used for centuries that states: “the best defence is a good offence”. The idea behind this theory is that having a proactive offensive attitude (rather than a reactive defensive posture) is the best way to keep the opposition occupied and limit their ability to conduct an attack.
This strategy can also be highly effective in the business world, specifically for cybersecurity teams at large financial institutions. Cybersecurity professionals who are able to step away from the defensive side of security and think like a cybercriminal will likely be better prepared to put solutions and strategies in place to protect their data.
Here are some questions financial services IT professionals should ask themselves to put them in the frame of mind of a cybercriminal in order to better their defence:
Which industries should I attack?
Before an attack is launched, cybercriminals will evaluate the landscape and identify areas where they can prosper the most. The financial services industry is consistently at or near the top of cybercriminals’ lists because, quite literally, it’s where the money is.
However, aside from seeking out customer information to commit fraud, cybercriminals see value in stealing data like bank employee e-mail addresses and passwords. With this information they are able to pose as an employee to infiltrate the bank and commit theft. By understanding the industries that are commonly attacked, and the ways attackers try to get in, cybersecurity teams will be better prepared to put an effective strategy in place and make the investments where necessary to match the capabilities used by criminals.
Where are the vulnerabilities?
As the network expands, so does the attack surface. With the proliferation of mobile devices in the workplace, for instance employees working from remote locations, today’s cybercriminals have more opportunities than ever before to find ways into targeted networks. Additionally, when financial institutions acquire a company to expand their presence, they typically acquire the disparate technology that comes with it, often adding complexity to the organisation’s security posture. All of these components equate to challenges that need to be addressed.
However, nobody knows the network and its vulnerabilities better than those who have put it together in the first place.
IT security professionals in financial services should look for openings in their own defence via white hat hacking and penetration testing. Since there isn’t a single piece of technology that will be able to stop every threat, those cracks in the system that are both easy access points and lead to sensitive data should be the ones focused on first. Remember, cybercriminals are just human beings looking for the fastest and most financially rewarding way to do their jobs.
It’s also important to remember that employees are a part of the system as well. An employee who is uneducated about security can be just as dangerous to data as any other digital or physical entry point. One way to test for employee vulnerabilities is to simply conduct test attacks. Many CIOs will send out fake phishing attacks to see if their employees will provide login credentials or click on malicious links. If a high number of employees fail the test, security teams know it is an area that demands added focus.
Cybercriminals are always looking for new ways to penetrate networks. IT security teams should be doing the same as well. By conducting threat intelligence research, cybersecurity teams will be able to better monitor existing vulnerabilities and identify new threats before they take hold within the network.
Best practices for better security
Once IT teams begin to like cybercriminals they are better prepared to pro-actively and offensively implement robust strategies to defeat attempts at compromising their networks:
- Identify weaknesses: How do you address cloud and IoT vulnerabilities? Have your employees been trained in safe e-mail management and other everyday security issues? Utilise penetration-testing services to find out where your greatest liabilities are and start there.
- Focus on compliance, data privacy and regulations: The financial services industry is so heavily regulated specifically because of the high value of its data and dollars and the vulnerability of its customers and clients. Violations can be expensive and destroy credibility. Conduct regular, and even automated audits to ensure that all regulations are being met, and if not, find solutions to quickly shore up these weak points.
- Meet with the C-suite: The role of the C-suite with regards to security has transformed. Cybersecurity threats put a company’s finances and value at risk, and increase the need for mature strategies to safeguard a company’s data, resources, reputation, and brand. As a strategic business and risk management executive, the C-suite should have significant oversight and guidance in these areas. They can no longer be IT-only considerations.
- Implement an end-to-end security strategy that provides:
- Operational visibility at scale; an effective solution should provide the ability to run multiple security applications without degrading performance.
- The ability to integrate an adaptive architecture that’s designed to incorporate multiple security vendors’ products to enable security against threats from IoT to the perimeter, across the network, and into the data centre – both on premises and in the cloud.
- Advanced threat protection, which provides up-to-date defences against the latest attacks. Many of the recent data breaches have fooled or evaded legacy security solutions.
- Unified threat intelligence and management. In this way, all components – networks and other elements of the infrastructure – can be easily managed from one place.
For the financial services sector, cybersecurity is one of the primary business imperatives that firms must put front and centre to not only safeguard their clients’ financial data, but to also serve as a business enabler and drive innovation to stay ahead of the growing threat landscape.
Financial services IT teams that think like cybercriminals will be able to take an offensive approach to security. Understanding what makes the organisation an attractive target and how malicious actors will attempt to gain entry, will lead to a more secure network and reduce the number of costly data breaches that impact the organisation. Implementing these best practices will enable secure services that deliver the peace of mind that their networks are secure and protected from even the most sophisticated attacks.
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Use the page links below to continue reading about Tan’s visions.
Win a Poster Heater with Gadget and Takealot.com
This winter Gadget and Takealot.com are giving away three Poster Heaters, which look like posters but become heaters when you plug them in.
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What’s the big deal about these heaters? Many of us are struggling to keep the balance between soaring electricity costs and the need to keep warm this winter.
However, the recently launched Poster Heater by EasyHeat and distributed in South Africa by Takealot.com is not only one of the most cost effective electric heaters currently on the market, it is also easy to setup and use.
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It uses radiant heating, which means that it heats up in a couple of minutes and the heat is directed at the objects or people around it, quickly taking the chill out of the air and providing a comfortable ambient temperature.
The other advantage of radiant heating is that it doesn’t dry out the air like infrared or gas heaters. Users also don’t have to worry about their children or pets getting too close to it because, even though it gets hot, it can be touched.
To enter the competition follow the steps below:
Competition entry details:
3. The competition closes on 31 July 2018.
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