According to VMware, the first half of 2020 saw a 238% increase in cyberattacks targeting financial institutions. And according to IBM and the Ponemon Institute, the average cost of a data breach in the financial sector in 2021 is $5.72 million. Based on these statistics, if you're in the financial services sector, there's a very high chance that you'll eventually fall victim to a very costly cyberattack.
ISO 27001 is the most popular internationally recognized standard for managing information security. Its creation was a joint effort between the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC) - this is why the framework is also referred to as ISO/IEC 27001. ISO 27001 can also be implemented into a Third-Party Risk Management program.
A CASB (cloud access security broker) is an intermediary between users, an organization, and a cloud environment. CASBs allow organizations to manage cloud security and enforce security policies through a consolidated platform. The term CASB was introduced by Gartner in 2012, defined as “...
Establishing positive vendor relationships is crucial to running a successful business. Nonetheless, vendor management has several moving parts, and you have a lot of things to keep track of. This includes who your third parties are, the services they offer, which internal policies apply to them, and what sensitive data they have access to. Without a strong foundation of vendor management best practices, vendor risks could manifest into failures that could affect business continuity.
A keylogger is a type of spyware that monitors and records user keystrokes. They allow cybercriminals to read anything a victim is typing into their keyboard, including private data like passwords, account numbers, and credit card numbers. Some forms of keyloggers can do more than steal keyboard strokes. They can read data copied to the clipboard and take screenshots of the user's screen - on PCs, Macs, iPhones, and Android devices. Keyloggers are not always the sole threat in cyberattacks.
It can take just minutes, if not seconds, for an advanced threat to compromise a company's endpoint devices (laptops, mobile devices, and the like). Legacy security tools that were once adored and worshipped by many no longer cut it. These tools require manual triage and responses that are not only too slow for fast-moving and increasingly sophisticated cyber threats, but they also generate a huge volume of indicators that burden the already overstretched cyber security teams.
The proliferation of cyberattacks targeting the financial sector has forced the establishment of several mandatory cybersecurity regulations. Though often considered an unnecessary burden on security teams, regulatory compliance is one of the most effective strategies for keeping financial services accountable for their security posture. Cybersecurity regulations must be malleable to remain relevant in a rapidly evolving threat landscape.
SASE (Secure Access Service Edge) is a network architecture that unifies network and security solutions into a cloud-based service to enhance accessibility, efficiency, and cybersecurity. The concept of SASE was introduced in Gartner's 2019 report 'The Future of Network Security Is in the Cloud'. The concept emerged from organizations' increasing demand for reliable access across transforming network approaches.
ISO/IEC 27001, commonly referred to as ISO 27001, is the most widely adopted international standard for managing data security and information security through an information security management system (ISMS). The standard was first published in 2005 by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). ISO 27001:2013 is the latest revision to the standard.
