Business fraud has been on a dramatic uptick over the last decade and cybercrime stands near the top of the list of losses and events that organizations are experiencing. A new report out from consulting powerhouse PwC found that the ratio of organizations who admitted to falling prey to economic crime in the past year has increased by 63% since 2008, with just under half of organizations admitting to being victims.
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It’s hard to believe but the conversation around how security fits in DevOps has been going on for years. It was in 2012 when Gartner analyst Neil MacDonald wrote his blog DevOps Needs to Become DevOpsSec. In this blog MacDonald wrote “DevOps seeks to bridge the development and operations divide through the establishment of a culture of trust and shared interest among individuals in these previously siloed organizations. However, this vision is incomplete without the incorporation of information security, which represents yet another silo in IT.”
We've all heard about the 80/20 rule in business. But in vulnerability management, it may be more like the 54/12 rule. According to a new report out last week by vulnerability intelligence firm Risk Based Security, in 2017 about 54% of all new vulnerabilities came from just 12 vendors.
A deluge of new studies points the finger at CEOs taking stabs in the dark – rather than informed decisions – when it comes to cybersecurity investments.
The more things change, the more they stay the same. While the nature of the technology employees use has dramatically changed over recent decades – from immovable desktops connecting to internal networks to iPads and netbooks with the ability to work anywhere — insiders and employees have remained among the greatest risks. According to the 2018 Netwrix Cloud Security Report, which consists of a survey of 853 various-sized organizations, industries and geographical locations. All organizations are public or hybrid cloud users.
As bad actors continue to hone their skills and governments keep raising the penalty for getting breached, large organizations across the globe seem to be doing little to mitigate the risks associated with cybercrime – despite knowing better for years.
A recent cyberattack on India’s City Union Bank abused the SWIFT global payments platform to transfer $2 million into accounts in Dubai, Turkey and China. While details of the cyberattack were not made public as the incident is still under investigation, officials claim hackers disabled the bank’s SWIFT-connected printer on Feb. 6, preventing City Union Bank from receiving any acknowledgement messages for the three fraudulent transactions.
To anyone who has been paying attention, this isn’t as much of a surprise, as it is a confirmation of the ongoing tenuous condition of enterprise cybersecurity but a just-released survey from specialty insurer Hiscox shows that roughly three-quarters of the 4,100 organizations surveyed face significant shortcomings when it comes to cybersecurity.
Keeping senior leadership abreast of security strengths and vulnerabilities has become a top priority, according to financial sector Chief Information Security Officers (CISOs). And direct communication with the CEO has become imperative, as strong cyber defenses require increasingly rapid decision-making.
Realizing True Hybrid Cloud
In the past two years, cyberattacks on the financial sector have picked up speed. As companies in the sector struggle with the major shift toward digital transformation, some are caught off guard by the significant rise of malware designed specifically to target their sector, such as Dyre Trojan, Dridex, hybrid banking Trojan GozNym and TrickBot. Once the network is infiltrated, hackers can easily steal, read, alter and even erase top secret information.
Recent months have seen a dramatic reshaping of the cyber security threat landscape, according to the “Global Threat Landscape Report—2017,” by Bitdefender.
Despite renewed efforts to combat the spread of identity fraud, businesses in 2017 saw fraudsters steal even more records compared to the previous year. Cybercriminals made off with a whopping $16.8 billion worth of personal data, according to researchers.
Doctors can’t prescribe proper treatment for patients without identifying and analyzing symptoms to make a clinical diagnosis. It’s the same for CISOs, who are responsible for their organization’s digital health.
Is this cloud security Nirvana?
While many organizations moved to the cloud to try to simplify their IT management, including improve security, they’re learning that it’s not as simple as “shift applications to the cloud and watch the magic happen.”
The deadline for full compliance with the European data protection law is right around the corner, but businesses still lack awareness and must overcome many security oversights. Surprisingly, as few as 38 percent of companies in the UK have actually heard of GDPR, according to a government survey. If businesses are not prepared by May 25, when the law takes full effect, they could face fines worth up to €20 million.
The cloud has become a vital and well-entrenched component of the IT infrastructure at a growing number of organizations. Moving data and workloads to cloud in many cases makes economic sense, and companies can reap benefits such as cost savings, increased agility and easier scalability of computing resources.
As worries about third-party risks continue to press on the minds of technology decision-makers within organizations large and small, many technology service providers are finding security to be a key differentiator for winning over prospects. Cyber warranties could be the next big way to help them signal to customers that they're serious about security risks.