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Cyber Crime Threat Landscape - A Focus on the Financial Industry

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A presentation to the Association of Finance Professionals on cyber threat landscape facing the finance sector and other related businesses.

A presentation to the Association of Finance Professionals on cyber threat landscape facing the finance sector and other related businesses.

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  • 1. The Cyber Crime Threat Landscape A Focus on The Financial Industry Presented by Morris Cody and William McBorrough, Principals, MCGlobalTech
  • 2. Presenters Profile • Morris Cody, Managing Principal, MCGlobalTech • 25+ yrs - IT Infrastructure Management • 6+ yrs – Cyber Security Management • Industries: Financial, Manufacturing, Consulting, Private, Public • William J. McBorrough, Managing Principal, MCGlobalTech • 15+ yrs – Cyber Security Management, Architecture, Engineering, Operations, Awareness Training • 6+ yrs – Adjunct Professor, Cyber Security – Undergraduate, Graduate • Industries: Financial, Manufacturing, Healthcare, Higher Ed., Government
  • 3. MCGlobalTech • Provides strategic IT / Security advisory services; • Align technology and security solutions to drive and support business goals; • Assess IT security posture; • Experienced in the private and public sector; • Promotes IS education and awareness; • Focused on four primary consulting services; • Enterprise Information Security Management • IT Infrastructure Management • IT Governance & Compliance • Cloud Computing Migration
  • 4. Protect Your Assets, Protect Your Brand Know Your Threat Landscape
  • 5. Hacking - Primary Cause of Data Breach Symantec Corporation: Internet Security Threat Report 2014 :: Volume 19
  • 6. MEDIA FRENZY - HEADLINES • ATM thieves conduct massive cyber attacks; – $45 million from automated teller machines (Washington Post); • More banks hit by cyberattacks than Initially thought; – JPMorgan Chase, Bank of America, Citibank, PNC Financial, Union Bank, BB&T and Capital One (American Banker); • Major banks hit with biggest cyberattacks in history – These denial of service attacks were the largest recorded by a wide margin (CNN Money).
  • 7. Reports - Symantec / Telegraph • There was a 42 percent increase in cyberattacks against U.S. businesses in 2012; • These attacks are becoming more powerful and more sophisticated with each passing year; • Major financial institutions are continually under assault and the total number of attacks are increasing; • This has caused a negative impact on company brand, public trust, customer retention, bottom line profits
  • 8. Threat Landscape Actors PwC, CIO, CSO Magazine - Key findings from The Global State of Information Security Survey 2014
  • 9. How was your organization impacted by the security incidents? PwC Magazine - Key findings from The Global State of Information Security Survey 2014
  • 10. Frequency of Incidents Per Industry Verizon 2014 Data Breach Investigations Report
  • 11. Web App Attacks Motivation Factors Verizon 2014 Data Breach Investigations Report
  • 12. Payment Card Skimmers Verizon 2014 Data Breach Investigations Report
  • 13. DoS Attacks Increase in Effectiveness Verizon 2014 Data Breach Investigations Report
  • 14. Poll Questions • Do you have a good understanding about the threat landscape facing your organization? – Yes – No – Unsure • What best describes the level of knowledge among non-IT executive about your company’s cyber security defenses? – Good – Some – Poor – None
  • 15. Are you the next Target? 2013 has been dubbed the year of the “mega- breach”! Don’t become a 2014 statistic.
  • 16. Target CFO to Congress “The unfortunate reality is that we suffered a breach, and all businesses — and their customers — are facing increasingly sophisticated threats from cybercriminals,” -John Mulligan, Target CFO
  • 17. Case Study – The Target Breach • Initially reported 40, then 70, then 110 million customers’ data compromised. • 40 million = population of NY + LA + other 25 largest US cities.
  • 18. Anatomy of the Target Breach
  • 19. Typical Data Breach Example
  • 20. Now do you all come in? What Finance managers must know about their role in thwarting cyber attacks? There are four general steps to become more ready to face and deal with the threats we’ve discussed thus far:
  • 21. Step 1 – Know the threat 1. Know the threat
  • 22. Step 2 – Know the business 1. Know the threat 2. Understand your Business .
  • 23. Step 3 – Know your weaknesses 1. Know the threat 2. Understand your business 3. Identify your weaknesses .
  • 24. Step 4 – Be proactive • 1. Know the threat • 2. Understand your business • 3. Identify your weaknesses • 4. Be Proactive .
  • 25. Poll Questions • In the past 12 months, have you participated in role- based security awareness training that focuses on your specific duties ? – Yes – No • How confident are you that your organization’s security staff understands your business and finance operations? – Very Confident – Somewhat Confident – Not Confident at all
  • 26. Summary Points Considerations • Financial services companies are funding information security initiatives • Can’t fight todays cyber crimes with yesterday’s technology • Threat landscape is become more sophisticated • Cyber attacks are growing exponentially Call To Action • Create threat awareness • Know your threat landscape • Understand your business security needs • Identify your security weaknesses • Proactive Actions • Create / Implement a good cyber security program
  • 27. Questions?
  • 28. MCGlobalTech Contact Information Mission Critical Global Technology Group 1776 I Street, NW 9th Floor Washington, District of Columbia 20006 Phone: 571-249-3932 Website: www.mcglobaltech.com Email: Info@mcglobaltech.com William McBorrough Morris Cody Managing Principal Managing Principal wjm4@mcglobaltech.com mcody@mcglobaltech.com