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GBHackers: Big companies such as Facebook have allowed their staff to work from home permanently. Shopify, a Canadian-based e-commerce company, has announced that it has become “digital by default.” Since many companies have rapidly adopted the arrangements of semi-remote working conditions, they need to be very quick in mitigating the cyber risks.
Security Magazine: A new report, Taking the Pulse of Government Cybersecurity 2020 by Nominet surveyed government cybersecurity professionals in the U.S., U.K. and Middle East. The research was conducted by the Information Security Media Group and shows a clear perception that collaboration with the private sector is desirable in order to keep pace with change and innovation to ensure robust national cyber defense.
Businesswire: Neustar, Inc., a global information services and technology company and leader in identity resolution, released its latest cyberthreats and trends report which identifies significant shifts in distributed denial-of-service (DDoS) attack patterns in the first half of 2020. Neustar’s Security Operations Centre (SOC) saw a 151% increase in the number of DDoS attacks compared to the same period in 2019. These included the largest and longest attacks that Neustar has ever mitigated at 1.17 Terabits-per-second (Tbps) and 5 days and 18 hours respectively. These figures are representative of the growing number, volume and intensity of network-type cyberattacks as organisations shifted to remote operations and workers’ reliance on the internet increased.
Proskauer: A cyber breach can have serious legal, financial, and reputational consequences for a fund sponsor, as described in our previous post. As such, cybersecurity threats must be treated as business risks, not just a potential IT problem. Senior management at fund sponsors should take the lead to ensure that the sponsor is taking appropriate actions to protect itself against cyber risks. There are several steps that senior management can guide the fund sponsor to take to prevent breaches from occurring and to mitigate the impact when they do occur.
Private Bank International: One in five investors globally has been a victim of financial fraud over the past three years, according to our 2020 Banking and Payments Survey. By contrast, the fraud rate is notably lower among non-investors at just over one in 10 (11%). At least to some extent, this can be attributed to lower financial product holdings and engagement and, as such, lower exposure to risk. At any rate, this suggests that wealth managers have to up their game.
Schroders: New research suggests online fraudsters are boosting their attacks at an alarming pace, and it’s thought multimillion dollar ransoms could be at stake.
SearchCIO: News reports on ransomware attacks, distributed denial-of-service (DDOS) attacks, phishing and virus attacks occur on a regular basis. Fortune 500 organizations, such as Facebook with 540 million affected records and Capital One Bank with 80,000 affected bank accounts and 140,000 Social Security numbers, have sustained significant losses and damage to their reputations from these cyber incidents. And threats of attacks from well-known cybersecurity threat actors such as Russia, China and Iran pose an ongoing threat to many U.S. organizations.
Foresite: Executive involvement is a critical component to any organization’s cybersecurity. Why? The IT department may not have all of the knowledge about what data could have a critical impact on the business if it was lost or exposed, IT can recommend security controls, but may not have all of the financials to computer Return on Investment (ROI) or the level of risk tolerance that the executive team/Board is comfortable with.
DARKReading: When the COVID-19 pandemic began, every CISO across every industry scrambled to get their teams up and running. When we left our physical office space, we left our traditional security strategy behind with it. The theme of remote security has stayed top of mind since March: Cybersecurity experts correctly predicted that cybercrime in a virtual workforce would be a central topic at the recent Black Hat conference, and CISOs have had to rethink 2020 strategy with remote work leading the way.
ZDNet: Caught by the sudden onslaught of COVID-19, most businesses lack or have inadequate security systems in place to support remote work and now have to deal with a new reality that includes a much wider attack surface and less secured user devices. Many also have had to adapt and adopt digital tools quickly, taking on new technology that may not be adequately secured.
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