IA Fintech Member Insights: Apvera
According to Symantec, an estimated 33 billion records will be stolen by 2023. Verizon recently released its latest 2019 Data Breach Investigations Report, and 58% of targeted attacks are focused on small businesses. One issue facing small businesses is the need for collaboration and updates on the latest threats so that they can take the necessary precautions against these risks. New malware threats are developed and deployed daily, so the need for collaboration and real-time updates is a new effort proposed by experts to offer better resilience to organizations to improve cybersecurity posture.
FinTech and Collaborated Resilience
One of the most targeted victims of organized cybercrime is the FinTech industry. Cybercriminals know that these organizations contain potentially millions of records with important data that could be used on the black market or for identity theft. The data can also be sold to others who will use the information to open fraudulent accounts, attempt brute force attacks on user accounts, and social engineering used for additional attacks.
In the US, the Cyber Information Sharing and Collaboration Program (CISCP) was introduced to help organizations gain access to critical changes in the cybersecurity ecosystem. It allows IT to be proactive against threats and respond to a cyber incident faster. This initiative includes finding reports, indicator bulletins, analysis reports and malware finding reports.
In the UK, the Cyber Security Information Sharing Partnership (CISP) was introduced to collaborate and share information across a database of knowledge that organizations can use to identify ongoing threats. Similar to its US counterpart, CISP also has cyberattack security bulletins and alerts that give organizations a faster way to respond to threats.
Collaborated Resilience Could Reduce Response Time
A collaborative system would require a “give and take” shared information repository where organizations would provide information about their own cyber security experiences and have access to real-time support and data sharing from others. The goal is to provide a faster response time after a cyber incident to avoid lengthy containment and resolutions. Reducing the time an attacker has access to a system undetected increases the amount of data exfiltrated, and many attackers steal data in smaller parts to avoid detection.
With collaboration, an organization would have access to the latest alerts and have tools available to deploy detection and mitigation solutions. These efforts also give organizations better resources for pre-planning and infrastructure design that defends against even the best malware attacks. With US and UK governments involved, these public entities can help facilitate secure and fast communication across collaborators.