Security Technology Executive

SEP-OCT 2015

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16 SECURITY TECHNOLOGY EXECUTIVE • September/October 2015 www.SecurityInfoWatch.com MARKET FOCUS Financial Institutions Seek to Protect Digital Identities Rise in malware attacks, data breaches changing cybersecurity landscape for banks B y A lis d air Faulk n er In recent years, more than 100 banks and other financial institutions have fallen victim to high profile data breach- es and state-sponsored hacks, many based out of Russia or countries in Asia. As a result, the financial services industry, which is vital to U.S. national security, is left to wonder who's really responsible for the integrity of the financial system. While the federal government and consumers must do their parts to stay protected, a lot of the responsibility falls on financial services institutions to ensure their systems and individual accounts are not compromised. Due to destructive malware attacks and recent successful data breaches directed at banks, retailers and health provid- ers, the risk environment for businesses operating online has fundamentally changed. To help financial institutions navi- gate this change, the Federal Financial Institutions Exami- nations Council (FFIEC) released two joint statements early this year that address dealing with stolen identities and the heightened risks of destructive malware that, in combination, represent a credible threat to business operations and the financial system as a whole. The FFIEC joint statements focus on two key threats finan- cial institutions face today. These include: Compromised Credentials The joint statement on compromised credentials discusses the growing trend of cyberattacks designed to obtain online credentials for theft, fraud, or business disruption and rec- ommends risk mitigation techniques. These credentials include email addresses, passwords, Social Security num- bers and credit card information. Many methods are used to steal these credentials, such as phishing and spear-phishing, malvertising, watering holes (infecting victims from web- sites they are known to visit) and Web-based attacks. Once stolen, these credentials are sold to underground fraud rings and used for account takeover and identity theft. The threat of compromised credentials has increased drastically in recent years, as millions of identities have been exposed in high profile data breaches, placing users' credentials in the hands of cybercriminals. The risk of compromised credentials indicates banks can no longer trust static identities of a user attempting a login or transaction, whether it is an employee or administra- tor, and especially if it is a customer. Even if a bank's own internal systems are impenetrable, their customers and employees are not. Destructive Malware According to the joint statement, malware can enter a sys- tem through several channels, including employees down- loading attachments in phishing or spear-phishing emails, connecting external devices (e.g., USB drives), visiting compromised websites, and through unauthorized parties using stolen employee or third-party credentials to install malware directly on systems. Once introduced, malware will attempt to escalate privileges using stolen identities and passwords to get access to more and more sensitive systems. Destructive malware may be further distributed and lead to detrimental damage. In today's rapidly evolving cyber threat landscape, comprehensive cyberse- curity depends on the ability to identify and con- tain damage, recover data, and restore operations from a wide range of risk scenarios. Given the risk of destructive malware com- bined with stolen credentials, financial institu- tions need to continuously evaluate the health and risk of devices and identities being used to access data or perform transactions, irrespective of whether the device is an employee accessing ser vices remotely from a personal tablet, or a sanctioned locked-down PC. Given the billions of dollars stolen from banks and financial institutions, associated compromised digital identities and risks outlined by the FFIEC joint statements, what preven- tative cybersecurity strategies should financial institutions consider? To protect against advanced cybercrime attacks, financial institutions must put the following preventative strategies in place: Protect your digital channels Consumers increasingly turn to their mobile devices for online banking and other transactions. Along with this trend, cybercriminals see the mobile channel as an ideal target for financial gain. When it comes to cybersecurity, financial institutions must approach the mobile channel dif- ferently than desktop. Read the full article at http://www.securityinfowatch.com/article/12107358

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