At the onset, we would like to say that Cyber Insurance is no substitute for cybersecurity defense. The Organization has to be in top gear on cybersecurity to ensure that all the assets of the organizations are safe from any unwanted event. However, in the unlikely event of an event occurring, having a cyber policy takes care of the financial implications of such an event.
As we are preparing to bid adieu to 2019, let us see how our prediction at the beginning of the year got proved to be accurate. In one of our blogs, we discussed that managing data in shared and distributed environment, migrating data to the cloud environment, hosting data in MSP environment and compliance with regulatory standards would demand robust Privileged Access Management (PAM). Several incidents round the year showed how organizations still lack a stringent cyber security policy and safeguards to mitigate data breach threat. These incidents re-emphasize why today’s enterprises require a PAM to mitigate risks arising from malicious insiders or external malefactors.
As the latter half of year commences, ARCON would like to take you back in the last six months in which the company has been busy with global thought leadership summits and round-table conferences.
ARCON would like to recollect and highlight some glorious moments of our journey, wherein it shared in-depth knowledge of Information Security space as data security becomes the most indispensable issue for IT security and risk management teams.
Privileged Access Management (PAM) has become an integral part of overall cyber security framework for any modern-day organization. As privileged accounts provide access to confidential information, securing them from any untoward incident (abuse of privileged credentials or accounts) remains one of the major concerns for the Security and Risk management pros.
With Facebook admitting recently that the data available online of its 2 billion users are mostly vulnerable, recent reports affirmed that a quarter of a billion accounts were compromised. Later on, Facebook CEO Mark Zuckerberg made history by testifying before the US Congress about the data leakage. People realizing the importance of data safety reaches a different level thereafter.
Defying the enemy within
As the wave of digitization sweeps across the nation, it is terribly crucial for the organizations, irrespective of large or small, to take adequate security measures for protecting their huge amount of data generated every day from various sources. The CISOs, CTOs and CSOs are ceaselessly on their toes to curb the chances of any hack or data breach incident that might push them towards big irrevocable losses. This scenario of insider threats is considered to be one of the most sinister reasons for digital disaster.
Identification of Insider Threats
The implications of insider threats largely go to the administrators and other privileged users, who are commonly
We live now in a knowledge-driven world where advanced technologies like ‘big data’ analytics spur innovation and boost efficiency. Thanks to it, companies are now able to collect and analyze a large set of data, allowing them to study the industry’s trends and patterns, in a real-time.
Increasing digitization of businesses, however, has also given rise to cybercrimes. Every year, businesses witness cybercrime related losses that run into billions of dollars. Our information systems today are constantly under risks. Ransomware, hacking from rogue elements, and denial-of-service assaults are very rampant.
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.
All the top businesses today – Manufacturing& Distribution, Banking & Financial Services, Consumer Products & Services, Technology, Media & Communications, Healthcare & Life Sciences and Energy & Utilities – are expected to grow at a fast pace in the coming decade.
However the evolution of these businesses comes at the cost of rising risks. Analyzing and mitigating the risk factors should take precedence when devising strategies.
Several global studies report the following 10 risks businesses face as of 2016 and beyond:
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.