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CYBERSECURITY


IBS Journal January 2018


27


Cybersecurity must not be a hidden problem in 2018


Last year we carried the warnings of many cybersecurity specialists, all with slightly different emphasis, but all telling us how to secure our banks, so we decided to look back at 2017 and find out if the banks and finance houses had learned any lessons


Senior Editor Bill Boyle


G


reg Day, vice president and chief security officer, EMEA, Palo Alto Networks said to us last year that our cyber adversaries will extend further into


ransomware, Operational Technology systems (OT) systems and cryptocurrencies. “While continuing to be financially focused, I believe ransomware will also start to do more data analysis, which means we could see ransoms based on data value, rather than being generic, plus more of both targeted ransomware attacks and those being used for other motives, such as blackmail.


The Internet of Things “The growing commercial utilisation of Internet of Things (IoT) and OT systems means that, for the adversary, the value of breaching and controlling these types of systems is increasing. Finally, with the growing popularity of digital currencies, more commonly known as cryptocurrencies, we can expect to see more malware





focused on stealing account information to empty these next- generation accounts.”


Day is also quite clear on the impact of cyberattacks will change. Cyber incidents are now having a real-world, physical impact on people. With the growth of digital twinning (creating a digital counterpart to an existing process or system), we can only expect more of the same affecting many more facets of everyday life.


Weak collaborative cloud points in the supply chains will be targeted by credential theft. We are massively increasing the interconnectivity with our partners, supply chains and customers.


The challenge here, Day says, is working to maintain your own cybersecurity capabilities, while also looking at how to manage the risks that stem from the unknown others (partners, supply chain, etc.).


Cyber incidents are now having a real-world, physical impact on people. We can only expect more of the same affecting many more facets of life


Twenty-year-old first principles are finally reset Significant changes in IT consumption models mean that businesses will no longer continue to buy and build separate siloed cybersecurity solutions that require significant capital expense and people skills, and are based on multi-year cycles. As such, the fundamentals of cybersecurity consumption will change. Functioning in such dynamic environments requires cybersecurity to be native and automated, to work and adapt at the same pace.


James Lyne, head of research and development at cybersecurity training specialists SANS Institute


talked to us about the effect of the digital economy: “We’re now living in an economy where anything and everything can be connected or automated. Unfortunately, as we increasingly move our society and commerce online, we face two challenges – the growing opportunity for cybercriminals to attack us – and the lack of skilled security practitioners to keep these opportunistic individuals at bay.”


What is difficult for outsiders to understand is why banks and other significant institutions continually get cybersecurity wrong. Earlier this year it was reported that NSA suffered a breach that revealed top-secret data. The compromised server contained


www.ibsintelligence.com


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