The Face of Today's Cybercriminal

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Money has been and will continue to be a leading motivator for criminals to target financial organizations. Given the large pool of threat actors driven by a wide range of motives, financial services firms must do more than simply strengthen their IT systems.

Spotlight

OPAQ

OPAQ is the premier network security cloud company. The OPAQ Cloud platform enables partners to deliver Fortune 100-grade network security-as-a-service to midsize enterprises on a software-defined network optimized for speed and performance. With OPAQ, service providers can centrally monitor security performance and compliance maturity, generate reports, manage security infrastructure, and enforce policies – all through a single interface. This empowers OPAQ partners to instantly grow revenue and margins, eliminate complexity and costs, and establish a competitive advantage that helps them attract and retain customers. Based in Northern Virginia, OPAQ is privately held and funded by Greenspring Associates, Columbia Capital, Harmony Partners, and Zero-G, Inc. To learn more, visit www.opaqnetworks.com.

OTHER ARTICLES

3 Trends in Data Privacy Breach Laws That Will Carry Over to 2020

Article | February 12, 2020

During 2019, new privacy laws were introduced, and many current laws evolved in the United States and across the global landscape. With the General Data Protection Regulation (GDPR) in full effect, we saw expensive fines levied upon companies that fell victim to data privacy breaches. As we move into a new year, probably the biggest takeaway from 2019 is that being proactive and having a data privacy strategy in place is important to help mitigate the risk of a data privacy breach. The regulatory landscape continues to evolve as states and countries actively pass new expanded requirements for privacy and cybersecurity regulations. While laws in the U.S., like the California Consumer Privacy Act (CCPA), are getting significant attention, many other states and countries are actively amending their breach notification laws to include tighter restrictions.

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Best Cybersecurity Tips for Remote Workers

Article | February 12, 2020

Remote working and cybersecurity risks, unfortunately, go hand in hand. As the COVID-19 pandemic appears to be far from over, cyber threats to individuals and businesses continue to loom large. The only solution at the moment is to invest in robust technology solutions that protect your network and to train employees in cybersecurity so that they develop healthy remote working practices. If you allow a bulk of your employees to work remotely, it is important to adopt a few basic habits to protect your devices and your business network from cyber criminals. Here’s a quick look at a few basic tips for remote workers that can go a long way in enhancing the overall security posture of your organisation. Passwords provide the first line of defense against unauthorized access to your devices and personal information. By creating a strong, unique password, you increase protection levels tremendously. You make it more challenging for cybercriminals to gain access and disrupt your systems networks. Rule number two is never to ignore those little pop-up windows that tell you that software updates are available for your device. Once you get such a notification, be sure to install the latest software as soon as possible. Timely software updates (including antivirus updates) help patch security flaws and safeguard the computer system. Are you busy with your work and don’t like to be distracted by such notifications? We highly suggest you encourage your employees to select auto-update for software on both mobile devices and computers. It will help you and your staff to prevent problems caused by delayed system updates.

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CISOS PARTICIPATE IN CYBER WARGAMES TO HONE RANSOMWARE RESPONSE PLANS WITH EC-COUNCIL

Article | February 12, 2020

EC-Council, leading global information security certification body, conducted a table-top, cyber wargame among top cybersecurity executives in Tampa, Florida. The sold-out session, “CISO wargame,” included 27 senior executives from the largest managed IT service providers in the United States. The event presented the security experts with a simulated incident where an organization is hit by a ransomware attack. Participants had to work to contain the damage of the attack, which grew more complicated as the 4-hour exercise unfolded. Participants were tasked with deciding whether to pay a ransom and use ransom negotiators as well as to communicate with employees, stockholders, and the media about the breach.

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Information Security Management System to Protect Information Confidentiality, Integrity, and Availability

Article | February 12, 2020

In this modern world of technology, ensuring information security is very important for the smooth running of any organization. Unfortunately, there are many information/cyber security threats, including malware, ransom ware, emotet, denial of service, man in the middle, phishing, SQL injection, and password attacks. Whatever your business is, no doubt, it can collapse your business and your dreams. However, the severity of its after-effects depends upon the type of business you do. As information security threat has become a hurdle for all organizations, companies must implement an effective information security management system. In 2019 alone, the total number of breaches was 1473. It is increasing every year as businesses are doing digital transformation widely. Phishing is the most damaging and widespread threat to businesses, accounting for 90% of organizations' breaches. This article lets you understand what ISMS is and how it can be effectively implemented in your organization. Information Security Management System (ISMS) According to ISO/IEC 27001, Information Security Management System (ISMS) refers to various procedures, policies, and guidelines to manage and protect organizations' information assets. In addition, the system also comprises various other associated resources and activities frameworks for information security management. Organizations are jointly responsible for maintaining information security. People responsible for security in an organization ensure that all employees diligently meet all policies, guidelines, and other objectives regarding protecting information. Also, they safeguard all assets of the organization from external cyber threats and attacks. The goal and objective of the system are to protect the confidentiality, integrity, and availability of assets from all threats and vulnerabilities. Effectively implementing an information security management system in your organization avoids the possibility of leaking personal, sensitive, and confidential data and getting exposed to harmful hands. The step-by-step implementation of ISMS includes the process of designing, implementing, managing, and maintaining it. Implementing ISMS in Organizations The standard for establishing and maintaining an information security management system in any organization is ISO 27001. However, as the standard has broad building blocks in designing and implementing ISMS, organizations can shape it according to their requirements. Effectively implementing ISMS in organizations in compliance with ISO 27001 lets you enjoy significant benefits. However, an in-depth implementation and training process has to be ensured to realize these benefits comprehensively. Therefore, let us look into how an information security management system can be successfully implemented in your organization. Identification The first step in implementing ISMS is identifying the assets vulnerable to security threats and determining their value to your organization. In this process, devices and various types of data are listed according to their relative importance. Assets can be divided across three dimensions: confidentiality, integrity, and availability. It will allow you to give a rating to your assets according to their sensitivity and importance to the company. Confidentiality is ensuring that the assets are accessed by authorized persons only. Integrity means ensuring that the data and information to be secured are complete, correct, and safeguarded thoroughly. Availability is ensuring that the protected information is available to the authorized persons when they require it. Policies and Procedures and Approval from the Management In this step, you will have to create policies and procedures based on the insights you got from the first step. It is said to be the riskiest step as it will enforce new behaviors in your organization. Rules and regulations will be set for all the employees in this step. Therefore, it becomes the riskiest step as people always resist accepting and following the changes. You also should get the management approval once the policies are written. Risk Assessment Risk assessment is an integral part of implementing an Information Security Management System. Risk assessment allows you to provide values to your assets and realize which asset needs utmost care. For example, a competitor, an insider, or a cybercriminal group may want to compromise your information and steal your information. With a simple brainstorming session, you can realize and identify various potential sources of risk and potential damage. A well-documented risk assessment plan and methodology will make the process error-free. Risk Treatment In this step, you will have to implement the risk assessment plan you defined in the previous step. It is a time-consuming process, especially for larger organizations. This process is to get a clear picture of both internal and external dangers that can happen to the information in your organization. The process of risk treatment also will help you to reduce the risks, which are not acceptable. Additionally, you may have to create a detailed report comprising all the steps you took during the risk assessment and treatment phase in this step. Training If you want effectively implement all the policies and procedures, providing training to employees is necessary. To make people perform as expected, educating your personnel about the necessity of implementing an information security management system is crucial. The most common reason for the failure of security management failure is the absence of this program. Implementing ISMS Once policies and procedures are written, and necessary training is provided to all employees, you can get into the actual process of implementing it in your organization. Then, as all the employees follow the new set of rules and regulations, you can start evaluating the system's effectiveness. Monitoring and Auditing Here you check whether the objectives set were being met or not. If not, you may take corrective and preventive actions. In addition, as part of auditing, you also ensure all employees are following what was being implemented in the information security management system. This is because people may likely follow wrong things without the awareness that they are doing something wrong. In that case, disciplinary actions have to be taken to prevent and correct it. Here you make sure and ensure all the controls are working as you expected. Management Review The final step in the process of implementing an information security management system is management review. In this step, you work with the senior management to understand your ISMS is achieving the goals. You also utilize this step to set future goals in terms of your security strategy. Once the implementation and review are completed successfully, the organization can apply for certification to ensure the best information security management practices. Summing UP Organizations benefit from implementing and certifying their information security management system. The organization has defined and implemented a management system by building awareness, training employees, applying the proper security measures, and executing a systematic approach to information security management. Thus implementation has the following benefits: Minimized risk of information loss. The increased trust of customers in the company as the company is ISO/IEC 27001 certified. Developed competencies and awareness about information security among all employees The organization meets various regulatory requirements. Frequently Asked questions What are the three principles of information security? Confidentiality, integrity, and availability (CIA) are the three main principles and objectives of information security. These are the fundamental principles and the heart of information security. How does information security management work? Information security management works on five pillars. The five pillars are assessment, detection, reaction, documentation, and prevention. Effective implementation of these pillars determines the success of the information security management in your company. What are the challenges in information security management? Challenges in information security management in your company can be the following: You can’t identify your most critical data Policies aren’t in place for protecting sensitive information. Employees aren’t trained in company policies. Technology isn’t implemented for your policies. You can’t limit vendor access to sensitive information.

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Spotlight

OPAQ

OPAQ is the premier network security cloud company. The OPAQ Cloud platform enables partners to deliver Fortune 100-grade network security-as-a-service to midsize enterprises on a software-defined network optimized for speed and performance. With OPAQ, service providers can centrally monitor security performance and compliance maturity, generate reports, manage security infrastructure, and enforce policies – all through a single interface. This empowers OPAQ partners to instantly grow revenue and margins, eliminate complexity and costs, and establish a competitive advantage that helps them attract and retain customers. Based in Northern Virginia, OPAQ is privately held and funded by Greenspring Associates, Columbia Capital, Harmony Partners, and Zero-G, Inc. To learn more, visit www.opaqnetworks.com.

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