The financial services industry has been one of the most targeted in 2018, with third-party risks still the main cause of data breaches in this sector. Almost 50 percent of financial institutions were breached in the past year, found a survey conducted by Bitdefender, while almost 60 percent experienced an advanced persistent attack or seen signs of suspicious behavior in their infrastructure.
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As many as 93 percent of companies in the Forbes Global 2000 list don’t include a vulnerability disclosure policy among top business concerns, according to HackerOne’s The Hacker-Powered Security Report 2018, a deep dive into bug bounty and vulnerability disclosure in the financial services and insurance industries.
Cybercriminals have unwittingly created an impressive, and legal, money-making opportunity – cyber insurance. The cyber insurance market is about to become huge, as experts believe companies will double their spending by 2020 to some 8 billion – 9 billion dollars compared to last year’s average of 3.4 –billion 4 billion, Munich Re, the world’s leading German reinsurance company, recently announced.
While we’ve just passed the halfway mark of 2018, data breaches and new threats have been plaguing businesses and organizations, exposing the data of millions of users worldwide. Apart from known and increasingly sophisticated threats, such as ransomware, the hype around cryptocurrency has led to the emergence of cryptojackers, a new problem organizations need to deal with.
It’s common knowledge that cyberattacks will escalate, so upper management has to develop an understanding of the threat landscape, the different types of attacks and what it all involves. Right now, the Trump administration is working on an executive order to clearly establish the duties of agency chief information officers.
Some 42 percent of IT security professionals ignore critical security issues, especially if they don’t know how to fix them (16 percent), according to a recent survey of 155 IT professionals by Oyutpost24.
Chief Information Security Officers (CISOs) have historically chafed at budget constraints, with some pushing the envelope and bringing the case for stronger cyber defenses to the board room. New research indicates that executive decision-makers want InfoSec costs linked to business value and return on investment (ROI), and it’s CISOs who can deliver a compelling narrative to their peers that typically achieve this goal.
One of the hottest topics in the business world these days is the General Data Protection Regulation (GDPR), the European Union’s endeavor to create a unified framework that governs how data collectors and processors safeguard the privacy of their users and build walls that cybercriminals can’t penetrate.
Mobility is central to today’s business environment, enabling workers to bring their own devices and connect from remote locations to the company network. However, this practice opens the door to hackers, and CIOs in the United States and Europe are well aware of this.
An increase in cyber threats and a failure to learn from past incidents place the security of data, infrastructure and assets at risk, according to a new threat landscape report.
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.