|By Business Wire||
|November 29, 2012 08:03 AM EST||
Ask any customer what they expect from their bank or financial services firm today, and two words come through loudly and clearly: security and privacy. Commercial and institutional customers have come to expect seamless service, properly cleared transactions and fast, accurate information. But news about major cybersecurity breaches has alarmed consumers, causing banks to redouble their efforts to protect their technology infrastructure. This means the stakes have never been higher for banks and financial services firms, and there are clear trends for cyber risk and security protection in the financial services industry in 2013, according to the experts at Booz Allen Hamilton.
“When we think about the lethal daily threats to the globally integrated financial services industry from nation-states and individuals, it is imperative that Chief Information Security Officers begin looking around corners, talk with each other and better prioritize the real threats to their firms,” said Mike McConnell, Booz Allen vice chairman and former Director of National Intelligence. “Self-evaluation and industry-wide conversations are the new ‘rules of the road’ to creating successful, integrated cyber defenses. The CISO can really drive organization-wide change while still championing efficiency and customer service.”
McConnell is speaking today at Bloomberg’s Enterprise Risk Conference (more information) where he will discuss the financial services industry’s responses to state-based and state-sponsored cyber attacks. He added, “There are many cyber trends – including the sophistication and lethality of the attacks – that the financial industry should be aware of. Even though it is difficult to look into a crystal ball and predict the future, these events are happening now and could cause significant reputational, financial and infrastructure damage to any ill-prepared firm. Individual companies should not wait for legislation or an Executive Order to come together with their government counterparts to find dynamic solutions to these big issues.”
Booz Allen works with financial services firms to identify and benchmark best practices and challenges for long-term cybersecurity prevention and protection. This process is part of Booz Allen’s Cyber M3 (Measure, Manage, Mature) capability, which evaluates the maturity of a firm’s cybersecurity programs. Both Cyber M3 and the benchmarking program incorporate technology, business process engineering, human capital development and risk management in developing a comprehensive picture of a firm’s and industry’s cyber readiness.
The Top 10 Financial Services Cybersecurity Trends for 2013:
- Business/Information Risk protection is not Just a Technology Issue – Spending on new technology alone is not enough to protect a firm’s information and business. Firms must also invest in people and in fine-tuning processes to ensure, not only the proper use of technology, but that the processes that require interfaces between organizations are well managed and executed flawlessly. No matter how good a technology is, if not used correctly by skilled employees who follow well-defined processes, vulnerabilities will surface that can be leveraged by both internal and external threat actors.
- Data disruption attacks may become data destruction attacks – The potential of threat actors actually destroying data is a major concern among risk and security professionals. Over time, the financial services industry will face threats from extremist groups who, when denied access to weapons of mass destruction, will use cyber as a “weapon of mass disruption.” Additionally, threat actors who mean to disrupt a firm’s business operations to make a statement or prove what they consider a moral point will also utilize destruction of data to ensure they make an impact.
- Nation-states and threat actors are becoming more sophisticated – We now have to face more sophisticated threat actors such as smaller nation-states and terrorist elements obtaining similar capabilities. The financial services industry must fully understand the entire threat landscape and what this means in terms of employing the right people, technology and processes to ensure business continuity and proper risk management.
- Legislation could push industry standards around cyber risks and improve threat intelligence information sharing – Banks already share information, but they will need to do more in light of possible legislation to set standards for cyber protection. If Congress allows the sharing of important national security information, industry standards could become a benchmark requirement that firms must meet before they are given access to government information. Additionally, such legislation could help in reducing the valid fears of firms in sharing cyber incident information due to the threat of penalties and further regulation. The industry and government must acknowledge and treat firms as part of the nation’s critical infrastructure because a breach at anyone bank or firm can have severe, cascading effects on the nation’s stability.
- Predictive threat intelligence analytics will create a more effective risk management capability – Financial services firms must begin to employ a more predictive threat intelligence capability to determine who might be trying to attack them and how. Focusing on understanding their own individual business risks (as well as industry risks) and combating real potential threats that could focus on such risks is much more effective than trying to create a defense that could cover any possible threat.
- Vendor Risk Management is becoming an increasingly important concern among firms – Most firms buy much of their information technology and services from suppliers. Therefore, these suppliers’ vulnerabilities become the vulnerabilities of the firms they provide products and services. Firms are becoming more focused on the security requirements for these suppliers and engaging independent third parties to evaluate the risks around such products and services.
- Cyber risk continues to be a board-level issue – Information, legal documents, and communications with clients and employees are all becoming more and more electronic every day to include an even greater usage of mobile technologies and social media. The boards of financial institutions must create and embrace a culture that acknowledges the evolving risks and more openly shares incident information across the industry, with technology providers and with both law enforcement and the federal government.
- Firms must continue to embrace and adapt to the new “boundless network,” and must also invest in training its workforce to properly access and protect corporate data – Cloud, social and mobile technologies, including “Bring Your Own Device” (BYOD), are simply too cost efficient and effective for institutions to ignore them. Security and risk professionals need to better integrate these technology trends, which will require they embrace the fact that the corporate network now has extended beyond their control. Risk management and mitigation is evolving to better control how corporate data travels these boundless networks and ensuring the education of their employees on the responsibilities they have in securing such data.
- Identity and Access Management is becoming a key security control area in which firms will continue to invest heavily – The days of focusing solely on perimeter defense have long since passed. Phishing and other social engineering strategies employed by threat actors have been very effective in allowing them to penetrate almost any network. Banking institutions must assume these actors can get in. Ensuring proper identity of an authorized individual is a key area that is being addressed by all firms in all industries to address this new paradigm. Most threat actors employ a strategy to gain access to networks and information by gaining access to valid authorized credentials of a firm’s employee so that they can go undetected in their actions. Firms will continue to invest heavily in ensuring that an authorized user is actually an authorized user. Additionally, firms will invest more heavily in tracking unusual activity of a user to detect stolen credentials or an insider threat.
- The Financial Services industry will rely more heavily on cyber benchmarking – The FS industry is investing more and more in protecting its information assets and wisely spending these scarce dollars is becoming increasingly important, not only from an effectiveness standpoint, but to also be able to articulate to business leaders, the value of such an investment. The FS industry, therefore, will continue to use industry benchmarks to understand how their competitors and suppliers are investing in people processes and technology for cyber risk management.
For 2012 Booz Allen issued its first annual list of cybersecurity trends for the financial services industry (read the 2012 list). Since then, the industry has experienced a number of high-profile attacks, such as the DDoS attacks on U.S. commercial banks and the New York Stock Exchange.
“In the span of one year, we have seen a significant shift in the frequency and sophistication of cyber attacks on financial services firms. This is perhaps the biggest trend of them all,” McConnell said.
ABOUT BOOZ ALLEN HAMILTON
Booz Allen Hamilton is a leading provider of management and technology consulting services to the U.S. government in defense, intelligence, and civil markets, and to major corporations, institutions, and not-for-profit organizations. Booz Allen combines deep technical knowledge with expertise in each client’s core mission to deliver proven results. Booz Allen is headquartered in McLean, Virginia, employs approximately 24,000 people, and had revenue of $5.86 billion for the 12 months ended March 31, 2012 (NYSE: BAH).
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Mar. 30, 2015 02:00 PM EDT Reads: 2,015
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
Mar. 30, 2015 01:00 PM EDT Reads: 1,031
Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies across a variety of industries, including financial services, telecommunications, retail, pharmaceutical and media, rely on Plutora's SaaS solutions to orchestrate releases and environments faster and with integrity. Products include Plutora Release Manager, Plutora Test Environment Manager and Plutora Deployment Manager.
Mar. 30, 2015 12:15 PM EDT Reads: 1,618
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
Mar. 30, 2015 12:00 PM EDT Reads: 1,312
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
Mar. 30, 2015 12:00 PM EDT Reads: 1,483
Mar. 30, 2015 11:45 AM EDT Reads: 1,526
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
Mar. 30, 2015 11:00 AM EDT Reads: 1,485
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
Mar. 30, 2015 11:00 AM EDT Reads: 2,136
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Mar. 30, 2015 10:30 AM EDT Reads: 1,180
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Mar. 30, 2015 10:00 AM EDT Reads: 1,316
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Mar. 30, 2015 10:00 AM EDT Reads: 1,698
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Mar. 30, 2015 09:15 AM EDT Reads: 2,245
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 30, 2015 09:00 AM EDT Reads: 1,635
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microser...
Mar. 30, 2015 08:30 AM EDT Reads: 2,073
The webinar, hosted by XebiaLabs, will feature 4 experts including Special Host Gene Kim, author of The Phoenix Project, along with IT thought leaders Gary Gruver, Randy Shoup and XebiaLabs' Andrew Phillips. The panel brings more than 30 years of collective experience surrounding microservices transformations at major companies including Google, eBay and Tripwire. "The story around microservices and containers is pretty compelling and the attraction of more flexibility is obviously alluring,"...
Mar. 30, 2015 08:00 AM EDT Reads: 1,322
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and...
Mar. 30, 2015 07:30 AM EDT Reads: 3,855
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
Mar. 30, 2015 02:45 AM EDT Reads: 1,518
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabili...
Mar. 30, 2015 01:00 AM EDT Reads: 1,489
WHOA.com has announced the newest addition to its data center footprint with the expansion into Equinix's newest state-of-the-art facility: DC-11 Washington, DC IBX+. Located in Ashburn, VA, this data center expands Whoa.com's presence to meet rapidly expanding customer demand for secure cloud solutions. Equinix, Inc. operates International Business Exchange™ (IBX®) data centers in 32 markets across 15 countries in the Americas, EMEA, and Asia-Pacific. Equinix is committed to operating faciliti...
Mar. 30, 2015 12:00 AM EDT Reads: 1,172
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 29, 2015 10:00 PM EDT Reads: 1,835