Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Last week in New York, I had the opportunity to attend a panel discussion hosted by SINET and moderated by Upendra Mardikar, the Chief Information Security Officer of TIAA. We discussed everything from security in DevOps, to AI’s pros and cons, and cybersecurity’s future. As long as the attack surface, API usage, and digital footprints increase, so will cyber risk.

Last year, we talked about different techniques for using Splunk Enterprise, Splunk Cloud Platform, and Splunk Enterprise Security to detect modern financial crime using risk scores with aggregated rules and the power of the Splunk platform.

When ChatGPT, a generative AI chatbot developed by OpenAI, was introduced in November 2022, the digital world changed forever. Endless questions and even more speculation surrounded the release, and most industries, including cybersecurity, were divided on the tool’s value. The advocates quickly prophesized how artificial intelligence would improve their daily decision-making and elevate their understanding of complex concepts.

Gartner issued a press release that forecasted global security and risk management end-user spending to reach $188.1 billion, along with worldwide end-user spending on security and risk management projected to be $215 billion in 2024.

Due to the increasing frequency and impact of cybersecurity threats, vulnerability management has become a heightened priority for many organizations. While businesses often focus on vulnerability assessments when developing their vulnerability management programs, assessments are only the first step in a holistic cybersecurity threat mitigation strategy. One aspect of vulnerability management that is often overlooked is vulnerability remediation.

Cybersecurity is a complex and multifaceted arena. However, one element stands out as a crucial aspect in this field—cultivating and maintaining a robust security culture. Often underestimated in conversations, it nonetheless forms the bedrock of a secure environment.

When you think about hacking stuff, you probably don’t consider thermometers and pacemakers. But imagine the implications if that chunk of metal inside your body suddenly starts acting weird. From the humble thermometer to the sophisticated MRI machine, these gadgets are vital cogs in the healthcare machine and potential Trojan horses if not correctly secured.

Welcome back to our Overcoming Cybersecurity Headwinds blog series—building on our latest webinar about third party risk with Marc Crudginton, CISO at Howard Hughes Corporation. In our previous blogs, we explored the wisdom of centralizing cyber risk management and automating third-party risk management (TPRM). Today, we will focus on future proofing your TPRM program.

Cyberattacks are on the rise around the globe. Recent data suggest that there are 2,200 cyberattacks every day and that the average cost of a data breach is $9.44 million. Of those cyberattacks, 92% are delivered via email in the form of malware and phishing. In 2022 alone, businesses reported 255 million phishing attacks with an average cost of $4.91 million.

Financial entities throughout the European Union are preparing for the Digital Operational Resilience Act (DORA), a new piece of legislation to strengthen the digital resilience of credit institutions, investment firms, insurers, and more. DORA focuses on breach prevention and cyber resilience, meaning financial institutions must prioritize both protecting their attack surface and incident response planning.