Financial Implications of a Data Breach is Huge

Financial Implication of a Data Breach is Huge

We have been touring across the world since the beginning of the year, participating in several IT security events. While our main goal is to educate organizations–amid rising cybercrime– to reinforce their information systems by adapting to our risk-management solutions, we are also meeting with Chief Information officers (CIOs), Chief Information Security Officers (CISOs), and audit and compliance officers.

 

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Recent Bank Heists: Why to Compromise Critical IT Assets?

A $101 million bank heist, earlier this year, brought the issue of cybersecurity to the forefront once again. In a sophisticated operation, cybercriminals robbed the Central Bank of Bangladesh by getting hold of SWIFT (society for Worldwide Interbank Financial Telecommunication code), the access code for global cross-border payment messaging system. 

More important, it wasn’t an isolated case. Even as the dust over Bangladesh bank incident had not settled, the global banking system was again taken aback. This time it was an Ecuador bank, which was hit by a $12 million cyber-heist. The modus operandi was same.

 

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Mapping Privileged Identity Management to an exotic travel

When I had started out in this industry, I had absolutely no clue of what Privileged Identity Management meant. In fact, not for a moment I thought it had something to do with security let alone cyber-security. I was deceived by the term ‘Privileged’ so much so that I started considering it be an elitist term which is like a badge to be worn proudly by some. But what I got to know about this was a complete paradigm shift. Yes of course I was right in thinking that it is a sort of title so to speak conferred only upon a select few. But that they can be threats never crossed my mind. Over the years, I observed that not many could easily understand the real meaning behind the term Privileged Identity Management or Privileged Access Management or Privileged User Management or other terms that this concept is referred to by. I pondered and pondered of how this can be explained in simple language to a layman. So here’s my attempt at it.

 

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