For multinational banks and other financial services companies, one of the biggest barriers to better security is pure scale. In large environments, where endpoints number in the tens or hundreds of thousands, how can you keep attackers out 7x24x365?
Deception can play a powerful, multifaceted role in helping financial services organizations protect their crown jewels. Our recent post, By Detecting Lateral Movements, Banks Can Get Ahead of Fraud and APTs (Aug. 21, 2017) described how deception is used to combat fraud. In this post, we’ll look at how deception can play a strategic role in defeating insider threats.
Most people in cybersecurity are familiar with the Black Hat conference. But whether you know about Black Hat Arsenal depends on how involved you are in the bits and bytes of information security. Some regard Arsenal as one of the best features of the conference. According to the web site, Arsenal allows “independent researchers and the open source community [to] showcase their latest open-source tools and products” in a relaxed, demo-style setting.
In 2016, the wire transfer fraud attack on Bangladesh Bank commanded huge headlines and resulted in cyber criminals stealing a whopping $81 million. It could have been worse; the massive “take” was interrupted not by IT security technologies, but by human vigilance. A watchful employee saw a spelling error in a transfer message and alerted an investigation team.
The second and third most common inhibitors to better cyber defense, according to the 2017 Cyberthreat Defense Report are “the shortage of skilled personnel and too much data for IT security teams to analyze.” The two are undoubtedly related.
By annually tracking the cost of data breaches, Ponemon Institute has helped instill broad awareness that these costs continue to increase. As noted in our report earlier this year, Ponemon also offers some insight on steps companies can take to minimize these costs, citing the positive impact of investment in pre-established incident response teams, employee training, and enhanced encryption.