Senior security leaders within financial services companies are being challenged with a lack of trusted data to make effective security decisions and reduce their risk from cyber, according to Panaseer’s 2020 Financial Services Security Metrics Report.
As we enter the new decade, we stand reminded that technological innovation and cybersecurity threats continue to develop and evolve at an incredible pace. Firms must therefore continue to build the proper defenses to protect consumer confidential data and financial market integrity. Cyber threats have become one of the top threats to the financial services sector and the ability of firms to be resilient in the face of these threats is paramount.
Indeed released a pulse survey of how Americans workers are coping with the COVID-19 crisis. Worries about finances, including lost or reduced wages, is the top concern among those surveyed, with 35 percent saying it was what they are most concerned about with their working life.
The Cybersecurity and Infrastructure Security Agency (CISA) recently published an alert on the Dridex malware, as the result of recent collaboration between the Department of the Treasury Financial Sector Cyber Information Group (CIG) and the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to identify and share information with the financial services sector.
This summer, more than one million Capital One clients had their information breached, furthering the financial sector’s infamous reputation of being the most breached industry with 35 percent of all data breaches.
According to the Disaster Recovery Institute (DRI), the actual scope of work of a BC or resilience professional hasn’t really changed. Organizations still must have high-quality response and damage limitation plans formulated by skilled planners. The change in the resilience profession, however, is moving away from a technical specialization and into mainstream business risk management. DRI reports that consolidation of resilience disciplines has increased over the past year. The main result of this is that fewer organizations have independent business continuity departments, with BC professionals being incorporated into existing risk management or information security divisions.
This month in Security magazine, we highlight COVID-19 and enterprise security's response. How has the pandemic changed business continuity plans, and what lessons have been learned? Also this month, we profile Chris Hallenbeck, CISO at Tanium, his view on metrics and information security. In addition, security experts discuss video analytics, how to make AI work within your cyber strategy and more.