Financial Services Cybersecurity Weekly Briefing 12-22-2017

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

The C-Suite Needs Cyber Bootcamp
Not only are financial executives highly likely to become a target, the risk associated is greater. Financial executives in particular have access to the bank account as well as critical business intelligence about pending deals and that could easily be leveraged from an extortion perspective. […] Despite the fact that c-suite executives are frequent targets, organizations often exclude them from cyber security training or under-prepare them for an attack.

 

The Financial Cost of a Data Breach to Your Business
Although it may not hit you right away, your company’s damaged reputation is likely to cost you the most in the long run. According to Security Metrics, many businesses have documented losing up to 40% of their revenue from customers after a breach. Whichever way you look at it, customers losing faith in your brand will cost you financially, and it may take years to rebuild their trust.

 

Why Incident Response is the Best Cybersecurity ROI
Most organizations will suffer one or more major security incidents in which an attacker has administrative control over the IT systems that enable business processes and storing critical data, according to the Microsoft Incident Response Reference Guide. Business leaders and IT executives aren’t expected to entirely prevent cyber attacks, but they’re expected to react immediately and manage the fallout.

 

3 Methods to Preserve Digital Evidence for Computer Forensics
Some clients who hire us to conduct forensic investigations have had their critical systems compromised and need to recover deleted files, images, logs, and emails. Others need legally admissible evidence to submit to the courts. […] A successful outcome rests partially on my shoulders but it also depends on what you do prior to my arrival.

Russia’s Globex Bank Says Hackers Targeted its SWIFT Computers
Sources familiar with last week’s attack on Globex said the bank had spotted the attack and been able to prevent the cyber criminals from stealing all the funds they had sought, according to a report in the Kommersant daily. The hackers only withdrew around $100,000, the report said.

 

Cybersecurity 2018 – The Year in Preview: Financial Institutions and the SEC
While the change in administration brought new leadership to the Commission, that group has made clear at every possible opportunity that combatting the cyber threat will be a top SEC priority in 2018 and beyond.  For example, Enforcement Division co-director Steve Peikin, a former federal prosecutor and partner at Sullivan & Cromwell, referred to cyber attacks as the “greatest threat to our markets right now.”

 

 

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