In recent times it has become clear to organizations that the handling of data is a very important matter, as the exposure or misuse of data are both a serious threat to an organization's financial standing and reputation, and must be accounted for in each organization's risk posture. In terms of high-profile data breaches, this year has been no different than previous years, seeing its fair share of ransomware attacks and data exposure.
There’s no denying that multi-factor authentication (MFA) is an essential security measure that significantly improves an organization’s cyber posture. However, there is no silver bullet in cybersecurity. Though multi-factor authentication proves extremely helpful, determined and resourceful cybercriminals can still find techniques to bypass it. Let’s look at some frequently-used methods cyber-attackers leverage to bypass MFA.
In the first part of this blog series, I took a look at how an understanding of digital strategy and digital risk is key to starting a security transformation journey. In this post, I am digging further into how a secure access service edge (SASE) architecture with security service edge (SSE) capabilities and zero trust principles can help mitigate the types of digital risk I outlined in part one.
Custom Damage Types provide users with the ability to add specific types of damages that will be taken into consideration as part of the modeling process when quantifying financial exposure. This means, organizations now have a unified view of costs that consider company specific data alongside out of the box modeled costs. Users will need to provide a range of possible costs and create a scenario that triggers assigned costs.
While the focus on Environmental, Social, and Governance (ESG) issues has gained traction in recent years, both within boardrooms and investment spaces, the focus on carbon credits and workforce diversity has diverted the existential crisis that companies face from cybersecurity. Just as carbon is the byproduct of the third industrial revolution, cybersecurity is the byproduct of the fourth industrial revolution that we continue to live through.
Digital transformation is no longer a new concept – various business functions have already embraced cutting-edge technology to stay ahead of the curve. From IT, sales, and marketing to customer support and even finance, it is evident that most departments understand how integral the transformation is to gain a competitive advantage and continue to win customers. However, when it comes to Governance, Risk management, and Compliance (GRC), most are still stuck with archaic, ad-hoc processes.
Ransomware attacks have become so prevalent in recent years that it’s no longer a matter of “if” your business may be the victim of a ransomware attack, but “when.” In fact, in 2021, 37% of global organizations reported that they were the victim of a ransomware attack. To mitigate the impact and probability of ransomware on your business, you must continuously look for new ways to secure your network and maintain continuous cybersecurity monitoring.
As global network infrastructure expands to include devices without traditional compute power, every organization’s attack surface becomes increasingly complex. Parallel to the increased complexity in the threat landscape is the increased scale and complexity of the signals and data necessary to produce meaningful cybersecurity insights. At its core, cybersecurity is a big data problem, requiring centralization of disparate data sources in uniform structure to enable continuous analytics.
Believe it or not, the Financial Services industry has one of the slowest vulnerability remediation rates, with a median of 426 days. “Financial regulators can no longer rely on static, point-in-time assessments to understand the cybersecurity risks posed to the financial system,” said Sachin Bansal, SecurityScorecard’s Chief Business and Legal Officer, in a recent BusinessWire article. “Continuous monitoring tools must be a part of every regulator's toolbox.”
