Cybersecurity and Financial Stability: Risks and Resilience

Cybersecurity incidents can cause real harm to the operations and customers of a financial firm. Moreover, firms and regulators widely agree that these incidents can also threaten the stability of the financial system. The next step for regulators and industry is to address those risks. This OFR viewpoint shows how regulators and industry can build on their approaches to cybersecurity to promote financial stability. It describes how a cybersecurity incident could threaten financial stability through three channels: Incidents can (1) disrupt the operations of a financial firm that provides critical services, (2) reduce confidence in firms and markets, and (3) damage the integrity of key data.

Spotlight

Q6 Cyber

Organizations of all types and sizes around the world are constantly facing increasingly damaging cyber attacks perpetrated by cyber criminals, “hacktivists”, state-sponsored actors, and malicious insiders.

OTHER WHITEPAPERS
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Security Protocol and Data Model (SPDM) Architecture White Paper

whitePaper | September 26, 2022

This white paper presents an overview of the SPDM architecture, its goals, and a high-level summary of its use within a larger solution. The intended target audience for this white paper includes readers interested in understanding the use of SPDM to facilitate security of the communications among components of platform management subsystems.

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Dispatcher Phoenix Security

whitePaper | December 16, 2022

The advancement of technology has transformed the MFP into a key element of a company’s document infrastructure and workflow; however, as the role of the MFP has changed, the risk of security breaches has increased as well. Ensuring document confidentiality, allowing for system authentication, and providing clear audit trails are now necessities in every document-intensive industry. The objective of this white paper is to describe how Konica Minolta’s Dispatcher Phoenix software application helps organizations comply with their security requirements.

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White Paper on Cyber Security Securing Video Surveillance Devices to Close Network Vulnerabilities

whitePaper | February 19, 2020

We live in an increasingly connected world, where more and more devices and systems are networked and shared with other systems. Convenience is a main driver behind this trend, as people have come to expect the ability to connect to and control devices and systems anywhere, anytime. However, there is a downside to the unprecedented level of convenience provided by the growing number of networked devices, namely increased security risk. Because each device is an endpoint for networks, they introduce the potential to become entry points for hackers and others with malicious intents. In fact, in many of the most high-profile data breaches that have occurred recently, hackers were able to access corporate networks through POS, HVAC and other networked systems that failed to provide an adequate level of security to prevent these types of breaches.

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2020 Cyber Security Predictions

whitePaper | January 28, 2020

This year there are some common themes that endure, so we’ll highlight these as “work in progress”. Transformations often take longer than 12 months to be identifi ed as necessary, to be executed and to become established. However, there are other themes emerging through a combination of drivers from audit, compliance security and governance that are now showing signs of infl uencing the way that cyber risks are managed in a much shorter timescale.

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How to Prepare For & Respond to Ransomware in Operational Technology Environments

whitePaper | March 14, 2023

Targeted intrusions for gaining long-term access and collecting data about industrial control systems (ICS) are becoming much more frequent. Many of these attacks are about understanding the network and preparing for future activities without causing any immediate impact. The most recent Dragos Year in Review6 report shows that the ransomware groups Lockbit 2.0 and Conti were responsible for more than half of the observed ransomware attacks in industrial environments in 2021, and that these instances resulted in actions on objectives. These attacks have been observed in almost every industrial vertical, primarily targeting small to medium-sized organizations in manufacturing.

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The State of Ransomware 2022

whitePaper | April 20, 2022

Sophos' annual study of the real-world ransomware experiences of IT professionals working at the frontline has revealed an ever more challenging attack environment together with the growing financial and operational burden ransomware places on its victims. It also shines new light on the relationship between ransomware and cyber insurance, and the role insurance is playing in driving changes to cyber defenses.

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Spotlight

Q6 Cyber

Organizations of all types and sizes around the world are constantly facing increasingly damaging cyber attacks perpetrated by cyber criminals, “hacktivists”, state-sponsored actors, and malicious insiders.

Events