The document is a 2016 cybersecurity report on the financial industry produced by SecurityScorecard. Some key findings include:
- The bank with the weakest security posture among the top 20 largest US commercial banks has one of the top 10 largest financial organizations by revenue.
- Network security and patching cadence were areas of weakness across many financial institutions. Nearly all had vulnerabilities from unpatched SSL/TLS issues.
- Malware was detected on the networks of nearly half of the largest 20 US commercial banks in the past 30 days. Legacy systems and acquisitions can increase security risks for large banks.
This document provides a risk assessment report on the 2014 data breach at JPMorgan Chase based on the ISO 31000 framework. It summarizes the breach which compromised 83 million customer records, identifies stakeholders, assesses risks, and provides strategic recommendations. The key risks identified are operational, strategic, financial and legal. Recommendations focus on improved controls, authentication measures, and cooperation between the bank and external partners to prevent future breaches.
Corporate Treasurers Focus on Cyber SecurityJoan Weber
Treasury departments at large U.S. companies rank IT security as their top priority for 2015 - ahead of such critical issues as cost management and regulatory/compliance challenges.
These finding come from the results Greenwich Associates 2014 U.S. Large Corporate Finance Study, for which the firm interviewed CFOs or treasury department representatives at more than 500 large U.S. companies.
The study results suggest that U.S. companies are taking action to address security concerns and other IT issues with 63% of the participants saying their treasury departments will increase technology spending in the year ahead.
This document discusses cyber risks faced by corporate treasury departments. It finds that treasuries are prime targets for cyber criminals due to the large amounts of money they handle and authorize payments for. Sophisticated hackers use social engineering and inside information to execute scams like business email compromise, where they impersonate senior executives and trick treasury staff into making fraudulent payments. While companies are taking basic security measures, the research found gaps in defenses against third party risks. Nineteen percent do not verify identity authentication methods for suppliers and 14% do not extend security rules to subcontractors. Treasury departments can help by ensuring third parties are properly secured despite not being directly responsible for technical security.
This article discusses the growing risk of cyber breaches for small and medium sized businesses and the importance of cyber insurance. It makes three key points:
1) Less than 6% of small/medium businesses purchase cyber insurance despite increasing risks of data breaches.
2) When developing cyber endorsements, insurers need to consider coverage limits, included services, and risk mitigation tools to help businesses prevent and respond to breaches.
3) The costs of data breaches, such as notification, forensic audits, and lawsuits, average tens of thousands of dollars per breach, demonstrating the need for higher insurance limits.
Review on 3rd-party Cyber Risk Assessment and Scoring ToolsNormShield
A recent survey conducted by Ponemon Institute reveals that 56% of companies have experienced a 3rd-party breach in 2017, which is an increase of 7% compared to previous year. Another survey conducted by Deloitte in 2016 was more depressive, reporting that 87% of organizations have experienced a disruptive incident with third-parties in the last 2-3 years. Another research in 2016, sourced by Soha Systems, reports that 63% of all breaches were related to third parties. The findings in these studies confirm that third-party cyber risk assessment is a must. The goal of this paper is to provide a review on third-party cyber risk assessment/scoring tools that automatically gather and analyze open source data and provide a risk score/security rating.
Cyber risk represents both risk and opportunity for insurance companies. While cyberattacks can result in multi-billion dollar losses, there is growing demand from companies for cyber insurance coverage. Actuaries can help develop sustainable cyber insurance products by analyzing available breach data, determining appropriate policy terms, and encouraging policyholders to strengthen cybersecurity. Offering generous policy limits alongside strict security requirements and high deductibles allows insurers to expand in this area while properly managing risk. The increasing need for cyber coverage represents a chance for actuaries to add value and for insurers to generate new revenue streams.
In this report, Verizon analyzes payment security and PCI DSS compliance based on assessments of thousands of organizations. The summary is:
- Compliance with PCI DSS requirements increased between 2013-2014 for most requirements, but sustainability of compliance remains low, with less than one-third of organizations maintaining full compliance less than a year after validation.
- While the volume of data breaches continues to rise significantly each year, four out of five organizations still fail interim PCI DSS assessments, indicating ongoing issues with implementing and maintaining adequate security controls.
- Payment card use and transactions continue growing globally each year, increasing the importance of payment security for organizations yet the current state of security is still inadequate to prevent the
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
This document provides a risk assessment report on the 2014 data breach at JPMorgan Chase based on the ISO 31000 framework. It summarizes the breach which compromised 83 million customer records, identifies stakeholders, assesses risks, and provides strategic recommendations. The key risks identified are operational, strategic, financial and legal. Recommendations focus on improved controls, authentication measures, and cooperation between the bank and external partners to prevent future breaches.
Corporate Treasurers Focus on Cyber SecurityJoan Weber
Treasury departments at large U.S. companies rank IT security as their top priority for 2015 - ahead of such critical issues as cost management and regulatory/compliance challenges.
These finding come from the results Greenwich Associates 2014 U.S. Large Corporate Finance Study, for which the firm interviewed CFOs or treasury department representatives at more than 500 large U.S. companies.
The study results suggest that U.S. companies are taking action to address security concerns and other IT issues with 63% of the participants saying their treasury departments will increase technology spending in the year ahead.
This document discusses cyber risks faced by corporate treasury departments. It finds that treasuries are prime targets for cyber criminals due to the large amounts of money they handle and authorize payments for. Sophisticated hackers use social engineering and inside information to execute scams like business email compromise, where they impersonate senior executives and trick treasury staff into making fraudulent payments. While companies are taking basic security measures, the research found gaps in defenses against third party risks. Nineteen percent do not verify identity authentication methods for suppliers and 14% do not extend security rules to subcontractors. Treasury departments can help by ensuring third parties are properly secured despite not being directly responsible for technical security.
This article discusses the growing risk of cyber breaches for small and medium sized businesses and the importance of cyber insurance. It makes three key points:
1) Less than 6% of small/medium businesses purchase cyber insurance despite increasing risks of data breaches.
2) When developing cyber endorsements, insurers need to consider coverage limits, included services, and risk mitigation tools to help businesses prevent and respond to breaches.
3) The costs of data breaches, such as notification, forensic audits, and lawsuits, average tens of thousands of dollars per breach, demonstrating the need for higher insurance limits.
Review on 3rd-party Cyber Risk Assessment and Scoring ToolsNormShield
A recent survey conducted by Ponemon Institute reveals that 56% of companies have experienced a 3rd-party breach in 2017, which is an increase of 7% compared to previous year. Another survey conducted by Deloitte in 2016 was more depressive, reporting that 87% of organizations have experienced a disruptive incident with third-parties in the last 2-3 years. Another research in 2016, sourced by Soha Systems, reports that 63% of all breaches were related to third parties. The findings in these studies confirm that third-party cyber risk assessment is a must. The goal of this paper is to provide a review on third-party cyber risk assessment/scoring tools that automatically gather and analyze open source data and provide a risk score/security rating.
Cyber risk represents both risk and opportunity for insurance companies. While cyberattacks can result in multi-billion dollar losses, there is growing demand from companies for cyber insurance coverage. Actuaries can help develop sustainable cyber insurance products by analyzing available breach data, determining appropriate policy terms, and encouraging policyholders to strengthen cybersecurity. Offering generous policy limits alongside strict security requirements and high deductibles allows insurers to expand in this area while properly managing risk. The increasing need for cyber coverage represents a chance for actuaries to add value and for insurers to generate new revenue streams.
In this report, Verizon analyzes payment security and PCI DSS compliance based on assessments of thousands of organizations. The summary is:
- Compliance with PCI DSS requirements increased between 2013-2014 for most requirements, but sustainability of compliance remains low, with less than one-third of organizations maintaining full compliance less than a year after validation.
- While the volume of data breaches continues to rise significantly each year, four out of five organizations still fail interim PCI DSS assessments, indicating ongoing issues with implementing and maintaining adequate security controls.
- Payment card use and transactions continue growing globally each year, increasing the importance of payment security for organizations yet the current state of security is still inadequate to prevent the
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
Cyber-criminals are assaulting every part of the enterprise. But not all cyber-attacks are created equal. In the minds of senior executives, the greatest danger of cyber-attacks is damage to the reputation of the firm with its customers.
This document is a website security statistics report from 2015 that analyzes vulnerability data from tens of thousands of websites. Some of the key findings include:
- Compliance-driven organizations have the lowest average number of vulnerabilities but the highest remediation rates, while risk reduction-driven organizations have more vulnerabilities but fix them faster.
- Feeding vulnerability results back to development teams significantly reduces vulnerabilities, speeds up fixes, and increases remediation rates.
- Performing static code analysis more frequently is correlated with faster vulnerability fix times.
- Ad hoc code reviews of high-risk applications appear to be one of the most effective activities at reducing vulnerabilities.
- There is no clear evidence that any particular "best practice"
The document is a research report that compares insurance protection for tangible versus intangible assets. Some key findings:
1) Information assets are valued slightly higher on average ($1.082 billion) than tangible property, plant, and equipment ($947 million) but have much lower insurance coverage (15% vs 59%).
2) The potential maximum loss from information assets being stolen or destroyed is estimated to be higher on average ($979 million) than potential losses from tangible assets ($770 million).
3) Despite higher risks and potential losses to information assets, companies are reluctant to purchase cyber insurance and many would not disclose material losses of information assets in financial statements like they would for tangible assets.
Cyber Loss Model for the cost of a data breach.Thomas Lee
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
This document discusses how small and midsize businesses are prime targets for cybercriminals for five key reasons:
1. Their data is often more valuable than they realize, whether it be customer information, intellectual property, or access to larger partners' systems.
2. Cyber attacks against SMBs offer low risk and high returns for criminals due to the difficulty in attribution and punishment.
3. SMBs present easier targets as they typically have smaller security budgets and expertise compared to large enterprises.
4. Many SMBs are complacent about cyber threats and do not consider security a high priority.
5. Most SMB security tools are inadequate against sophisticated modern attacks.
The document summarizes key findings from a report on cyber threats targeting the financial services sector. The top three findings are:
1. Financial services encounters security incidents 300% more frequently than other industries due to being a prime target.
2. 33% of all reconnaissance and lure attacks target financial services, indicating large efforts to compromise financial institutions.
3. Credential stealing attacks are prominent, with the top threats like Rerdom, Vawtrak, and Geodo having credential theft capabilities. Geodo is seen 400% more in financial services.
1) The document discusses cyber insurance and what organizations need to know to get the best policy at the lowest cost. It notes that the average cost of a data breach is $3.8 million and insurance can help cover these costs.
2) To get the best rates, organizations need to first determine the potential cost of a data breach and loss of data access. They also need to show that they have strong security controls and frameworks in place like NIST or ISO to demonstrate low risk.
3) With these two things addressed, an organization is prepared to work with their insurer to find a policy that properly covers their needs at an affordable premium level. The document provides advice on how to approach cyber insurance.
Insuring your future: Cybersecurity and the insurance industryAccenture Insurance
How are insurance companies faring when it comes to protecting their assets and their customers from fraud, malware, cyber attacks and a host of other security breaches? The question is important. Insurance companies hold a vast amount of data
including personally identifiable information, personal health information, credit card and bank account data, and trade secrets (their own and sometimes their clients’). Insurers
have a very distributed model for servicing, increasing the risk across the value chain. Aging legacy systems complicate matters even more.
The document discusses cybersecurity risks and responses in the banking industry. It finds that while technologies and customer services are evolving, cybercriminals are finding new ways to exploit weaknesses through sophisticated attacks. Banks face challenges from threats like phishing, malware on mobile devices, and attacks on third party systems. Banks need to improve awareness, preparedness, data analytics capabilities, and cooperation to address evolving cyber risks. Trust in the security of banking systems is also a major concern, as financial losses from cyber attacks are not the primary impact.
How to Use a Cyber Loss Model within a Retail BankThomas Lee
A retail bank used the Cyber Loss Model to assess the risk and financial impact of a major data breach involving personal financial information of 325,000 individuals. The model estimated a median cost of $3.6M with a 10% chance of a costly lawsuit. The bank purchased $25M of insurance coverage based on the higher 80% confidence level. This demonstrated strong risk management to regulators and allowed the bank to adjust security budgets and preventative measures.
Whitepaper - Application Delivery in PCI DSS Compliant EnvironmentsJason Dover
This document discusses application delivery in PCI DSS compliant environments. It provides an overview of PCI DSS requirements, including maintaining a secure network and systems, protecting cardholder data, restricting access to systems and data, monitoring networks, and enforcing security policies. It also discusses challenges of PCI compliance, such as misconceptions about what is required, applying standards to virtual/cloud environments, and dealing with large scales. It argues that application delivery controllers can help meet PCI requirements by providing features like firewalls, authentication, and encryption of cardholder data in transit.
Managed Security For A Not So Secure World Wp090991Erik Ginalick
This white paper discusses the need for managed security services given the growing threat landscape and constrained IT budgets. It notes that good security requires continual monitoring and adaptation to new threats. Compliance with regulations is also difficult given shrinking resources. Outsourcing security to an expert provider allows organizations to focus on core operations while gaining access to skilled professionals, comprehensive solutions, and expertise in managing security risks. The white paper concludes that a managed security strategy can help reduce costs and ensure compliance while allowing IT staff to focus on business needs.
A detailed analysis on one of the biggest data breaches in history...What JP Morgan Chase & Co did wrong and proposed mitigation techniques. The data breach at J.P. Morgan Chase is yet another example of how our most sensitive personal information is in danger.
.
If you missed the webinar Marianne Halvorsen of http://Halvorsenonrisk.com gave on March 25th, 2013, please take a look at the slide presentation that accompanied the webinar. In it you will learn the different types of risks to your company, the costs when an event happens, and how you can protect yourself in the event of a cyber breach.
Fahad al-SALEH gives a presentation about himself, his work at a garage, his family with several members who have supported him, his hobbies of basketball which he plays at a local court and video games like his favorite Xbox 360 game, his plans to open his own sport car garage business, and his closing advice to never give up, keep trying, and be happy. He closes by thanking the audience for listening to his presentation about his work, family, hobbies, plans, and advice.
Abdulrahman describes his family, including how many siblings he has, his hobbies such as playing football and swimming, his best friends and where they spend time together, his current work and that he enjoys it, and his future plans to travel widely and own a large farm. He concludes by thanking the reader for learning about his life and interests.
Plant a Row for the Hungry - Humboldt County, CaliforniaFarica954z
The Humboldt County Plant-a-Row Campaign is a collaboration between Humboldt State University's Service Learning Center, Food for People, and the North Coast Community Garden Collaborative. It encourages local gardeners to donate extra produce to local food pantries and soup kitchens serving the hungry. Contact information is provided for those interested in learning more or getting involved in the program.
The document outlines a project exploring 3D design tools from pages 4-14, creating geometric patterns and textures from pages 15-16, manipulating and transforming cubes from pages 17-18, and building Lego miniatures from pages 19-25. It contains images and descriptions of each stage of the project from introduction to completion.
Cyber-criminals are assaulting every part of the enterprise. But not all cyber-attacks are created equal. In the minds of senior executives, the greatest danger of cyber-attacks is damage to the reputation of the firm with its customers.
This document is a website security statistics report from 2015 that analyzes vulnerability data from tens of thousands of websites. Some of the key findings include:
- Compliance-driven organizations have the lowest average number of vulnerabilities but the highest remediation rates, while risk reduction-driven organizations have more vulnerabilities but fix them faster.
- Feeding vulnerability results back to development teams significantly reduces vulnerabilities, speeds up fixes, and increases remediation rates.
- Performing static code analysis more frequently is correlated with faster vulnerability fix times.
- Ad hoc code reviews of high-risk applications appear to be one of the most effective activities at reducing vulnerabilities.
- There is no clear evidence that any particular "best practice"
The document is a research report that compares insurance protection for tangible versus intangible assets. Some key findings:
1) Information assets are valued slightly higher on average ($1.082 billion) than tangible property, plant, and equipment ($947 million) but have much lower insurance coverage (15% vs 59%).
2) The potential maximum loss from information assets being stolen or destroyed is estimated to be higher on average ($979 million) than potential losses from tangible assets ($770 million).
3) Despite higher risks and potential losses to information assets, companies are reluctant to purchase cyber insurance and many would not disclose material losses of information assets in financial statements like they would for tangible assets.
Cyber Loss Model for the cost of a data breach.Thomas Lee
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
This document discusses how small and midsize businesses are prime targets for cybercriminals for five key reasons:
1. Their data is often more valuable than they realize, whether it be customer information, intellectual property, or access to larger partners' systems.
2. Cyber attacks against SMBs offer low risk and high returns for criminals due to the difficulty in attribution and punishment.
3. SMBs present easier targets as they typically have smaller security budgets and expertise compared to large enterprises.
4. Many SMBs are complacent about cyber threats and do not consider security a high priority.
5. Most SMB security tools are inadequate against sophisticated modern attacks.
The document summarizes key findings from a report on cyber threats targeting the financial services sector. The top three findings are:
1. Financial services encounters security incidents 300% more frequently than other industries due to being a prime target.
2. 33% of all reconnaissance and lure attacks target financial services, indicating large efforts to compromise financial institutions.
3. Credential stealing attacks are prominent, with the top threats like Rerdom, Vawtrak, and Geodo having credential theft capabilities. Geodo is seen 400% more in financial services.
1) The document discusses cyber insurance and what organizations need to know to get the best policy at the lowest cost. It notes that the average cost of a data breach is $3.8 million and insurance can help cover these costs.
2) To get the best rates, organizations need to first determine the potential cost of a data breach and loss of data access. They also need to show that they have strong security controls and frameworks in place like NIST or ISO to demonstrate low risk.
3) With these two things addressed, an organization is prepared to work with their insurer to find a policy that properly covers their needs at an affordable premium level. The document provides advice on how to approach cyber insurance.
Insuring your future: Cybersecurity and the insurance industryAccenture Insurance
How are insurance companies faring when it comes to protecting their assets and their customers from fraud, malware, cyber attacks and a host of other security breaches? The question is important. Insurance companies hold a vast amount of data
including personally identifiable information, personal health information, credit card and bank account data, and trade secrets (their own and sometimes their clients’). Insurers
have a very distributed model for servicing, increasing the risk across the value chain. Aging legacy systems complicate matters even more.
The document discusses cybersecurity risks and responses in the banking industry. It finds that while technologies and customer services are evolving, cybercriminals are finding new ways to exploit weaknesses through sophisticated attacks. Banks face challenges from threats like phishing, malware on mobile devices, and attacks on third party systems. Banks need to improve awareness, preparedness, data analytics capabilities, and cooperation to address evolving cyber risks. Trust in the security of banking systems is also a major concern, as financial losses from cyber attacks are not the primary impact.
How to Use a Cyber Loss Model within a Retail BankThomas Lee
A retail bank used the Cyber Loss Model to assess the risk and financial impact of a major data breach involving personal financial information of 325,000 individuals. The model estimated a median cost of $3.6M with a 10% chance of a costly lawsuit. The bank purchased $25M of insurance coverage based on the higher 80% confidence level. This demonstrated strong risk management to regulators and allowed the bank to adjust security budgets and preventative measures.
Whitepaper - Application Delivery in PCI DSS Compliant EnvironmentsJason Dover
This document discusses application delivery in PCI DSS compliant environments. It provides an overview of PCI DSS requirements, including maintaining a secure network and systems, protecting cardholder data, restricting access to systems and data, monitoring networks, and enforcing security policies. It also discusses challenges of PCI compliance, such as misconceptions about what is required, applying standards to virtual/cloud environments, and dealing with large scales. It argues that application delivery controllers can help meet PCI requirements by providing features like firewalls, authentication, and encryption of cardholder data in transit.
Managed Security For A Not So Secure World Wp090991Erik Ginalick
This white paper discusses the need for managed security services given the growing threat landscape and constrained IT budgets. It notes that good security requires continual monitoring and adaptation to new threats. Compliance with regulations is also difficult given shrinking resources. Outsourcing security to an expert provider allows organizations to focus on core operations while gaining access to skilled professionals, comprehensive solutions, and expertise in managing security risks. The white paper concludes that a managed security strategy can help reduce costs and ensure compliance while allowing IT staff to focus on business needs.
A detailed analysis on one of the biggest data breaches in history...What JP Morgan Chase & Co did wrong and proposed mitigation techniques. The data breach at J.P. Morgan Chase is yet another example of how our most sensitive personal information is in danger.
.
If you missed the webinar Marianne Halvorsen of http://Halvorsenonrisk.com gave on March 25th, 2013, please take a look at the slide presentation that accompanied the webinar. In it you will learn the different types of risks to your company, the costs when an event happens, and how you can protect yourself in the event of a cyber breach.
Fahad al-SALEH gives a presentation about himself, his work at a garage, his family with several members who have supported him, his hobbies of basketball which he plays at a local court and video games like his favorite Xbox 360 game, his plans to open his own sport car garage business, and his closing advice to never give up, keep trying, and be happy. He closes by thanking the audience for listening to his presentation about his work, family, hobbies, plans, and advice.
Abdulrahman describes his family, including how many siblings he has, his hobbies such as playing football and swimming, his best friends and where they spend time together, his current work and that he enjoys it, and his future plans to travel widely and own a large farm. He concludes by thanking the reader for learning about his life and interests.
Plant a Row for the Hungry - Humboldt County, CaliforniaFarica954z
The Humboldt County Plant-a-Row Campaign is a collaboration between Humboldt State University's Service Learning Center, Food for People, and the North Coast Community Garden Collaborative. It encourages local gardeners to donate extra produce to local food pantries and soup kitchens serving the hungry. Contact information is provided for those interested in learning more or getting involved in the program.
The document outlines a project exploring 3D design tools from pages 4-14, creating geometric patterns and textures from pages 15-16, manipulating and transforming cubes from pages 17-18, and building Lego miniatures from pages 19-25. It contains images and descriptions of each stage of the project from introduction to completion.
Look before you leap - research as foundation for brand identity developmentRachel Reuben
The document summarizes Ithaca College's rebranding process which included identifying problems with their existing brand like having no core message and an outdated logo. They conducted research through focus groups, surveys, and studies to gain insights and buy-in for the rebranding. This research informed the development of a new brand identity and statement positioning the college as preparing students to be "ready for the future." Testing of logo and advertising concepts provided feedback that guided refinements to the new brand which launched in 2011 and was evaluated through subsequent perception studies.
The switch statement provides an alternative way to execute different code blocks based on the value of an expression. It evaluates an expression and attempts to match it to multiple case values, requiring an exact match. Each case is terminated with a break statement unless fall-through is desired. A default case can also be included to handle any values not matched explicitly.
Java Collections Framework Inroduction with Video TutorialMarcus Biel
This presentation is part of my free Java 8 course focusing on clean code principles. In this piece, you will be given a high-level introduction of the Java Collections Framework (JCF).
You can find the full article with lots of other additional materials here -
http://www.marcus-biel.com/java-collections-framework/
To support the launch of this strategic vision, FERMA has on 23 June published the first guide about its network of member national associations. This booklet highlights the distinctive role of the network and strengthens the image of FERMA and the associations
This document provides information about a data structures course taught using Java in 2015. It was prepared by Mahmoud Rafeek Al-farra and includes sections on course contents, description and guidelines, the lecturer, course outline, resources, assessment, important dates, activities, and tips for being successful. The lecturer is Mahmoud Rafeek Alfarra who has an MSc in computer science and is currently a lecturer and the head of the Admission and Registration Department at UCST.
This presentation introduces some concepts about the Java Collection framework. These slides introduce the following concepts:
- Collections and iterators
- Linked list and array list
- Hash set and tree set
- Maps
- The collection framework
The presentation is took from the Java course I run in the bachelor-level informatics curriculum at the University of Padova.
This document discusses cyber security threats and the role of internal audit in addressing them. It begins by outlining the current cyber security landscape, noting that threats are becoming more sophisticated and can have serious economic and national security consequences. It then discusses the role of internal audit in identifying key risks, understanding controls, evaluating fraud risks and controls, and promoting continuous improvement. The document provides examples of Boise Inc.'s internal audit approach, which includes maintaining strong IT audit staffing, collaborating across departments, monitoring the threat landscape, and leveraging digital forensic skills to investigate incidents.
How close is your organization to being breached | Safe SecurityRahul Tyagi
This document discusses the need for organizations to quantify their digital business risk and cybersecurity posture using mathematical models. It introduces SAFE, a unique method developed by MIT researchers to measure an organization's cyber risk using a Bayesian network and machine learning. SAFE analyzes data from various sources to provide a breach likelihood score between 0-5, indicating how likely a breach is in the next 12 months. It also demonstrates how SAFE could have helped detect and prevent a recent ransomware attack on a large shipping company.
Hold Firm: The State of Cyber Resilience in Banking and Capital Marketsaccenture
Accenture’s report finds firms in capital markets and banking could do more to prevent security breaches and strengthen cyber resilience. Read our report to learn how Accenture can help you rise to the top of the class: https://accntu.re/3k8mCN1
This document provides an overview of trends, opportunities, and startups in the cybersecurity industry in 2020. It discusses rising cyber threats across different industries, increasing cybersecurity funding and M&A activity. The document then profiles several emerging cybersecurity startups working in areas like disinformation detection, decentralized digital identities, password-less verification, and privacy by design. These startups are developing new technologies to address modern cybersecurity challenges.
In January-February 2016, the EIU, surveyed 1,100 senior executives on data security practices within their firms. The survey’s primary objective was to analyse the differences, if any, between the C-suite and senior IT executives on data security.
The survey sample was recruited from companies with between $500 million and $10 billion in revenues, and is equally representative of the Americas, Asia-Pacific and European regions. The panel came from 20 industries, with no single industry accounting for more than 14% of the total.
This was a survey of senior executives. The C-suite segment, sometimes referred to herein as senior management or corporate leadership, consisted exclusively of C-suite executives (eg CEOs, CFO, COOs). The security segment, sometimes referred to herein as the security executives, consisted of the CIO and those who identified themselves as Chief Data Officers or Chief Information Security Officers (CISOs).
Each panel was asked an identical set of 20 questions, and the results have been reviewed for insight and commentary by a panel of independent experts.
Securing the C-Suite: Cybersecurity Perspectives from the BoardroomIBM Security
The document summarizes the findings of a survey of over 700 C-suite executives from 29 countries and 18 industries regarding their perspectives on cybersecurity. Some key findings include: 75% of CxOs believe a comprehensive cybersecurity program is important; however, over half may be overstating the likelihood of a significant cybersecurity incident. Additionally, while CxOs acknowledge some risks, they understate risks from insiders and overstate risks from external threats. The C-suites were clustered into three groups based on their cybersecurity effectiveness: not prepared, progressing, and cybersecure. The cybersecure C-suites were more likely to have robust cybersecurity governance and collaboration.
The document summarizes the results of a 2016 cyber security study of over 650 IT and security practitioners in Canada. It found that only 37% believe they are winning the cyber security war, organizations experience 40 cyber attacks per year on average, and the average cost of a cyber security compromise was $7 million in the last 12 months. It identified high performing organizations that have achieved a more effective cyber security posture. High performing organizations are more likely to believe they are winning the cyber security war, less likely to experience data loss or exposure incidents, invest heavily in monitoring tools, and have cyber security strategies more aligned with business goals.
2016 Scalar Security Study: The Cyber Security Readiness of Canadian Organiza...Scalar Decisions
Highlights of the 2016 Scalar Security Study, The Cyber Security Readiness of Canadian Organizations, published February 2016. The full report can be downloaded at: scalar.ca/security-study-2016
- Cybersecurity spending has grown significantly over the past decade, from $3.5 billion in 2004 to an estimated $120 billion in 2017, driven largely by increasing cybercrime.
- Many large companies have significantly increased their cybersecurity budgets in response, including Bank of America which has an unlimited budget for cybersecurity, JPMorgan Chase which doubled its budget to $500 million, and Microsoft which invests over $1 billion annually.
- However, small and medium businesses are particularly vulnerable as they bear 72% of cyber attacks but often lack the resources of larger companies to implement robust cybersecurity programs. Highground Cyber aims to help small and mid-market CEOs protect their companies through comprehensive cybersecurity solutions.
Matt_Cyber Security Core Deck September 2016.pptxNakhoudah
The document discusses trends in the cyber security market and the chief information security officer (CISO) role. It notes the growing threat of cyber attacks and increasing importance of the CISO position. The CISO role has evolved from a technical role to require business skills to communicate cyber risk to executives. The document also discusses cyber security organization structures, emerging CISO profiles, and competencies for different types of CISOs. Finally, it briefly mentions the talent implications of digital transformation, including new roles in data analytics and existing roles requiring digital skills.
Cybersecurity has escalated to a major board-level concern and corporate governance issue. Boards of directors now play an important oversight role in ensuring organizations have adequate cybersecurity measures, response plans, and roadmaps to address growing threats. Management is responsible for executing specific security steps, while the board provides advisory and monitoring functions. These include assessing security readiness, stress testing response plans, conducting independent reviews, and establishing long-term strategies. With continued board guidance, organizations can better mitigate risks and adapt to changing cyber threats.
In a survey of U.S. technology and healthcare executives nationwide, Silicon Valley Bank found that companies believe cyber attacks are a serious threat to both their data and their business continuity.
Highlights
- 98% are maintaining or increasing resources devoted to cyber security
- 50% are increasing their cyber security resources, preparing for when, not if, cyber attacks occur
- Just 35% are completely or very confident in the security of their company information, and only 16% feel the same about their business partners
Big Iron to Big Data Analytics for Security, Compliance, and the MainframePrecisely
Security Information and Event Management (SIEM) technologies and practices continue to expand across IT organizations to address security concerns and meet compliance mandates. However, in many of these organizations the mainframe remains an isolated technology platform. Security & compliance issues are addressed using old tools that are not effectively integrated into big data analytics platforms. In this webinar we discuss how to leverage mainframe (Big Iron) data sources into Big Data analytics platforms to address a variety of mainframe security challenges. Additionally, we cover:
• How to integrate IBM z/OS mainframe security data into an enterprise SIEM solution
• How to leverage IBM z/OS security data to detect threats in the mainframe environment using big data analytics
• Review some compliance uses cases that have been addressed using big iron to big data analytics
Scalar security study2017_slideshare_rev[1]Tracey Ong
Highlights of the 2017 Scalar Security Study, The Cyber Security Readiness of Canadian Organizations, published February 2017. The full report can be downloaded at scalar.ca/en/landing/2017-scalar-security-study/
Highlights of the 2017 Scalar Security Study – The Cyber Security Readiness of Canadian Organizations. The third annual Scalar Security Study examines the cyber security readiness of Canadian organizations and the trends in dealing with growing cyber threats.
Did you suffer a data breach in 2014? Even if you avoided
a breach, it’s likely that you saw an increase in the number
of security incidents — according to PwC research, since
2009 the volume has grown at an average of 66% per
year.1 It seems that it’s only retailers and entertainment
companies that make the headlines, but organizations
of all kinds are affected. In this report we look at how
well prepared companies are to withstand attacks and
mitigate the impact of breaches, and recommend how
you can improve.
This document discusses the growing threat of cyber attacks faced by UK businesses and outlines steps businesses can take to improve their cyber security posture. It finds that many UK companies lack confidence in their cyber security policies and abilities to protect against attacks. Cyber attacks can have significant negative financial and reputational impacts on businesses. The document recommends that businesses improve basic security procedures, understand the risks they face, and create a culture where cyber security is a priority for all employees through education and enforcement of security best practices. Taking proactive steps in these areas can help businesses better protect themselves against cyber threats now and in the future.
This presentation covers the current and future exposures that construction-related firms face related to cyber incidents. In addition, it covers how insurance carriers view underwriting cyber risks in the current market. Finally, the presentation provides an overview on how firms can prevent and repsond to cyber incidents.
Cybersecurity - you are being targeted -Keyven Lewis, CMIT SOLUTIONSRandall Chase
cybersecurity - You Are Being Targeted
Business executive with high-level management and hands-on analytical skill sets and over 27 years of professional experience in technical solutions and service offering development and implementation, organizational strategies for efficiency, cost controls, and bottom-line profitability, multi-million dollar enterprise-wide client engagements, compliance with schedule, budget, and quality requirements, hiring and leadership of high-performance IT employees.
Keyven Lewis, CMIT SOLUTIONS- Cybersecurity - You Are Being Targeted.
An overview to help SMB owners understand the dynamics (exp. the who, the why, and the how) of cybersecurity as it relates to their business.
Similar to SecurityScorecard_2016_Financial_Report (20)
EASING THE COMPLIANCE BURDEN SAGAN SOLUTION & PCI COMPLIANCEAlex Himmelberg
Requirement 10 of the PCI DSS requires companies to track and monitor access to network resources and cardholder data, but collecting logs from diverse systems in different formats and securely aggregating them is challenging. The Quadrant Information Security Sagan SIEM solution centralizes log collection and monitoring to help companies meet Requirement 10 easily. It integrates logs from various systems like routers, firewalls, databases and applications, and Quadrant's security operations center monitors them continuously to detect threats and ensure PCI compliance.
- The document discusses whether organizations should manage security activities like monitoring, threat detection, and compliance in-house or leverage a managed security service provider.
- Aberdeen research shows that a majority of organizations are choosing managed security services over in-house implementations, with planned growth for managed services being much higher.
- The annual cost advantage of managed security services compared to in-house management can be as high as 50% according to Aberdeen's analysis.
Managed security service providers can offer security monitoring and incident response at a lower annual cost than providing these services in-house. For 24/7/365 security monitoring specifically, using an MSSP can reduce total annual costs by about 35% compared to providing these services internally. Quadrant Security's MSSP offering includes proprietary Sagan technology, hardware, and 24/7 security monitoring for less than the cost of providing these services internally. Additional consulting services are also available from Quadrant Security beyond just their MSSP services.
Quadrant provides an all-inclusive Sagan security solution offering real-time identification and notification of malicious activity at the log and network levels. Their solution includes deployment of Sagan SIEM and IDS technologies along with 24/7 monitoring, alerting, reporting, and management for a monthly fee with no upfront costs. Quadrant also offers professional services including vulnerability assessments, penetration testing, application security testing, policy reviews, and regulatory compliance consulting.
Global Infonet provides custom software development, SharePoint services, cloud consulting, application support, and outsourcing solutions to help businesses reduce costs and improve productivity. They work with clients throughout the entire software development life cycle from conception to deployment. Customer testimonials praise Global Infonet for the high quality products and services they deliver, and for helping realize business goals on budget.
This document summarizes Global Infonet, a Microsoft Gold Certified Partner founded in 2001 and headquartered in Jacksonville, FL. They are in the top 1% of customer satisfaction among Microsoft Partners. Global Infonet offers services including requirement analysis, custom app development, software product development, application support, SharePoint upgrades and deployment, Azure services, and outsourced IT solutions. A customer from the LPGA praised Global Infonet for elevating their small IT team's output to exceptional levels with affordable rates and talented resources.
The document describes a Global Software Engineering Process (GSEP) that adapts the Agile process for distributed, fixed-bid development projects. The GSEP follows four core disciplines: iterative development, managing requirements, using component-based architecture, and verifying software quality. It divides projects into four phases - Inception, Elaboration, Construction, and Transition - with milestones and deliverables defined for each phase. The process focuses on iterative development, continuous user feedback, and producing executable software releases at the end of each iteration to reduce risk.
2. 2SecurityScorecard The Most Accurate Security Rating
Cybercrime has jumped to the second most reported economic crime
in PWC’s Global Economic Crime Survey and financial institutions are
prime targets. As cybercriminals find new ways to attack, breach, and
exploit organizations, threat patterns such as phishing, spear-phishing,
and social engineering evolve and become more sophisticated. Financial
organizations need solutions that assess vulnerabilities and their vendor’s
vulnerabilities in real-time.
In the spring of 2016, SecurityScorecard analyzed 7,111 financial
institutions in the SecurityScorecard platform to find existing
vulnerabilities within investment banks, asset management firms, and
major commercial banks to determine the strongest and weakest security
standards based on security hygiene and security reaction time compared
to their peers.
We also cross-referenced compliance industry framework adherence and
analyzed recent data breaches and resulting ramifications of Scottrade,
CharlesSchwab, and The Central Bank of Bangladesh.
Cybersecurity departments for major financial organizations face
compounding challenges. Threats from cybercrime have increased and
legacy IT systems are increasingly becoming a risk factor, especially in the
financial industry. Many financial organizations rely on legacy IT systems
that are expensive to maintain, prone to more unpatched vulnerabilities
and the general challenges of software integration and architecture
upgrading compound when mergers and acquisitions are in place.
A SecurityScorecard rating is a comprehensive indicator of relative
security health, or security posture. Because only one vulnerable point in
a security system is enough for a hacker or an attack to succeed, we take a
multidimensional approach to security ratings. Our rating platform looks at
10 primary security categories. Within each category, thousands of unique
data points are scored and weighted to determine an overall category
grade. Each category grade is then used to calculate an organization’s
overall rating.
Overview
3. 3SecurityScorecard The Most Accurate Security Rating
yy The U.S. Commercial bank with the lowest security posture is one
of the top 10 largest financial service organizations in the U.S (by
revenue).
yy Only one of the top 10 largest banks, Bank of America, received an
overall ‘A’ grade.
yy 75% out of the top 20 U.S. commercial banks (by revenue) are infected
with malware and a number of malware families were discovered
within these banks, including Ponyloader, and Vertexnet.1
yy 95% out of the top 20 U.S. commercial banks (by revenue) have a
Network Security grade of “C” or below.
yy Nearly 1 out of 5 financial institutions use an email service provider
with severe security vulnerabilities.
yy The best performing Investment Banks in IT Security include Goldman
Sachs, Exchange Bank, BNP Paribas Fortis and Banco Popolare.
See Appendix at the end of this report for key term explanations and
definitions
Key Industry Findings
& Insights
1
As of 07/05/2016
4. 4SecurityScorecard The Most Accurate Security Rating
According to Homeland Security Research’s U.S Financial Services:
Cybersecurity Systems & Services Market report, the U.S. financial
institution’s cybersecurity market is the largest and fastest growing in the
private sector, predicted to grow to $68 billion by 2020. Major financial
institutions JPMorgan Chase & Co., Bank of America, Citigroup and Wells
Fargo spend a collective $1.5 billion on cybersecurity annually.
We found that the U.S. financial industry cybersecurity ranks no. 4 out of
18 of the U.S. economy’s primary industries.
Although the financial industry ranks among the top performing industries
for cybersecurity, its Cubit Score, DNS Health score, IP Reputation score
and Network Security score are below the overall average for other
industries. Based on our previous research, we found that companies with
low IP Reputation scores are over three times more likely to experience a
data breach compared to companies with a high IP reputation score.
FIGURE 1 Security Rating By Industry
Financial Services
Security Compared
to Other Major
Industries
5. 5SecurityScorecard The Most Accurate Security Rating
SecurityScorecard analyzed 361 international companies breached
between June 2015 and April 2016. More than 10 percent were financial
services organizations.
FIGURE 2 Percentage of Major Data Breaches by Industry, April 2015 - June 2016
Financial Records
Targeted for
Cybercrime
6. 6SecurityScorecard The Most Accurate Security Rating
Of the 7,111 financial services companies assessed by SecurityScorecard,
1,356 show at least one CVE (Common Vulnerabilities and Exposures)
unpatched. 72 percent of these companies are vulnerable to CVE 2014-
3566 [POODLE], 38 percent are vulnerable to CVE 2016-0800 [DROWN],
and 23 percent are vulnerable to CVE 2015-0204 [FREAK]. These common
CVEs represent issues with SSL configuration.
Legacy systems continue to provide challenges to cybersecurity. As banks
continue to grow through acquisition, legacy systems from the acquired
organization—and the vulnerabilities that come with them—can remain
in place for years.
The FDIC has noted that regulation such as ‘Too Big to Fail’ has
encouraged a flurry of M&A activity among the larger banks looking
to grow or maintain their status and, as such, protection under the law.
During M&A transactions, legacy IT infrastructure and staff are absorbed
into the buying organization resulting in chaos and confusion. These older
systems might not be updated and secured for an extended period of time
resulting in extensive vulnerabilities despite over half of the synergies
available in a merger being IT-related, according to McKinsey. The FDIC
requires an audit when a bank’s status, size or system is changed. It was
noted that the IT systems of larger banks have not responded well to these
M&A activities as indicated in the table below.
Major Vulnerabilities
Consistent Across
Financial Industry
FIGURE 3 Financial Industry Security Performance Compared to All Industries
Growth Strategies
May Put Major U.S.
Commercial Banks at
Risk
LEGEND
Financial Industry Average
7. 7SecurityScorecard The Most Accurate Security Rating
Financial institutions should take an IT department’s perspective into
account more heavily on any M&A targets, looking at, in addition to other
factors, ease of integration, infrastructure compatibility, scope of merging
architecture, and the target’s security posture.
The table below shows the 10 critical security category grades for the top
20 U.S Commercial Banks by Revenue. These findings show that the
bank with the weakest security posture is one of the top 10 largest
financial service organizations in the U.S (by revenue).
SecurityScorecard
Results for Top 20
U.S Banks Based on
Revenue
Bank
Application
Security
DNS
Helath
Hacker
Chatter
IP
Reputation
Network
Security
Endpoint
Security
Patching
Cadence
Password
Exposure
Cubit
Score
Social
Engineering
Total
Score
Bank 1 A A A C D A A A A B A
Bank 2 A A A B F F A A A B A
Bank 3 A B A C C A B A A C A
Bank 4 B B A B D A A A A A A
Bank 5 F A A A A A A A A B A
Bank 6 B B A A C A A A A A A
Bank 7 A A A C F A D A A A B
Bank 8 A A A D D B F A A A B
Bank 9 B B A F D A B C A A B
Bank 10 F A A B D B F B A A B
Bank 11 A A B D D A F A A A B
Bank 12 A A A F F B B A A A B
Bank 13 A A D B F D B A A B B
Bank 14 D B A A D A D C A B B
Bank 15 F B A F D C C A A A B
Bank 16 A B A B D A F A A A B
Bank 17 D A A B F C F A A D B
Bank 18 A A A D F D F A A A B
Bank 19 A B A D F A F A A C B
Bank 20 F A A F F A C C A C C
FIGURE 4 Security Posture of the 20 Largest US Commercial Banks in order of Total Score
8. 8SecurityScorecard The Most Accurate Security Rating
Among the top 20 U.S. commercial banks, 19 have a Network Security
grade of ‘C’ or below.
yy Specific Issues:
yy 18 out of 20 commercial banks support one or more weak or
insecure TLS cipher suites
yy 15 out of 20 commercial banks have a SSL certificate that is
expired
yy 9 out of 20 commercial banks have open FTP ports found
yy 5 out of 20 commercial banks have open SMB ports found
These network security issues are all vulnerable attack vectors leaving
commercial banks open to man-in-the-middle attacks (MITM) and brute-
forcing credentials. In the case of expired SSL certificates, users are often
likely to click through security warnings that inform them of these expired
certificates, making them more susceptible to phishing sites. Due to the
large infrastructure banks tend to have, auditing networks are a tedious
process, but in order to reduce the total surface area of potential attack,
banks need to keep their networks audited, secured, and updated.
Among the top 20 U.S. commercial banks, 17 of them have an IP
Reputation grade of ‘B’ or below.
yy Specific Issues:
yy Generic Malware was found in 15 out of 20 commercial banks
yy Ponyloader was found in 14 out of 20 commercial banks
yy Vertexnet was found in 9 out of 20 commercial banks
yy Keybase was found in 8 out of 20 commercial banks
yy We detected malware events in all 20 commercial banks over
the past 365 days.
yy Over 422 malware events over the past year were detected in
just one of the commercial banks.
yy A total of 788 malware events were detected in all 20
commercial banks over the past 365 days.
All top 20 U.S. commercial banks received an ‘A’ in Cubit ScoreTM
.
We detected malware in
nearly half of the largest
20 US Commercial
banks over the previous
30 days*
9. 9SecurityScorecard The Most Accurate Security Rating
Top Performing
U.S. Investment
Banks and Asset
Management Firms
FIGURE 5 Top 10 Asset Management Firms with the Strongest Security Posture
FIGURE 6 Top 10 Investment Banks with the Strongest Security Posture
SECURITYSCORECARD RATING
SECURITYSCORECARD RATING
10. 10SecurityScorecard The Most Accurate Security Rating
Bottom Performing
U.S. Investment
Banks & Asset
Management Firms
The top performers for both investment banks and asset management
firms excelled in the Social Engineering factor, one of the more volatile
risk vectors for companies.
The top performing asset management firms struggled in the Network
Security factor, receiving a mix of A, B, and D grades across the top 10. As
mentioned earlier in our analysis of the top 20 commercial banks, a low
Network Security score is associated with open ports, weak SSL certificate
security, and insecure ciphers that may leave networks vulnerable to MITM
attacks and brute-force attacks.
Even top performing investment banks scored low in Patching Cadence.
While half received an ‘A’, three firms received a ‘D’, suggesting a lack of
priority on patching CVEs. As noted in the Verizon Data Breach report,
not only are CVEs being exploited sooner post-publication, older CVEs are
also commonly exploited by hackers. Any unpatched CVE poses a security
risk, one that increases as more time passes between publication and
patch implementation.
The top four most common vulnerabilities found in 399 investment banks
and asset management firms are:
yy CVE-2014-3566: Support of weak CBC ciphers in SSLv3.
Known as Padding Oracle on Downgraded Legacy Exports
(POODLE) is shared by 52 percent of U.S. investment banks and asset
managements.
yy CVE-2016-0204: Support of weak export-grade ciphers which can
allow for a downgrade attack.
Known as Factoring RSA Export Keys (FREAK) is shared by 29 percent
of investment banks and asset management firms.
yy CVE-2016-0800: Support of SSLv2, an obsolete protocol whose
encryption can be compromised.
Known as Decrypting RSA Using Obsolete Weakened Encryption
(DROWN) is shared by 27 percent of investment banks and asset
management firms.
yy End-of-life: 57 percent of investment financial organizations that were
breached were actively using end-of-life products at the time of the
breach.
Any unpatched CVE
poses a security risk
that increases as time
passes
11. 11SecurityScorecard The Most Accurate Security Rating
FIGURE 7 Top 10 Investment Banks with the Weakest Security Posture
FIGURE 8 Top 10 Asset Management Firms with the Weakest Security Posture
Network Security and Patching Cadence are also areas low performers
struggle with, whether they are asset management firms or investment
banks. Half of the lowest performing Asset Management Firms received an
‘F’ in Network Security, and only one received an ‘A’ in Patching Cadence.
Investment Banks fared similarly - 40% of the bottom performers received
an ‘F’ in Network Security and, again, only one received an ‘A’ in Patching
Cadence. However, it is worth noting that all the bottom performers have
high marks of ‘A’ across the board on the Cubit Score factor.
The struggle with patching cadence, which is a measure of how often
organizations are applying patches to fix vulnerabilities is an issue of patch
management. Existing standards require the organization to test patches
before pushing them out to the organization’s network. A high proportion
of organizations can have some CVEs outstanding or in test, leaving their
networks vulnerable.
Bank
Application
Security
DNS
Health
IP
Reputation
Network
Security
Endpoint
Security
Hacker
Chatter
Password
Exposure
Cubit
Score
Patching
Cadence
Social
Engineering
Total
Grade
Total
Score
Bank 1 F A F F A A F A B F C 75
Bank 2 A D D F F A D A F F C 78
Bank 3 B C A D A A F A D F B 80
Bank 4 B C F D A A F A C A B 81
Bank 5 D B C F A A A A F B B 82
Bank 6 A C D F A A A A F D B 82
Bank 7 A B C D B B A A F F B 83
Bank 8 D A D C A A C A D A B 84
Bank 9 A B F D F A D A A A B 86
Bank 10 B C D C A A A A D A B 87
Bank
Application
Security
DNS
Health
IP
Reputation
Network
Security
Endpoint
Security
Hacker
Chatter
Password
Exposure
Cubit
Score
Patching
Cadence
Social
Engineering
Total
Grade
Total
Score
Bank 1 F A D F B A F A B A B 81
Bank 2 D B C D F A D A D A B 82
Bank 3 C B B C B A F A F A B 85
Bank 4 B C F D F A A A C D B 83
Bank 5 F C B F A A A A C A B 85
Bank 6 A B A F B A A A F F B 85
Bank 7 B A B F C A C A D A B 86
Bank 8 A C A F F A C A C B B 87
Bank 9 A A A C A A F A A F B 87
Bank 10 C C C B C A A A C A B 88
Half of the bottom
performing Asset
Management firms
received an‘F’in
Network Security
12. 12SecurityScorecard The Most Accurate Security Rating
Maintaining ongoing patch management is necessary for a successful
vulnerability management program because unpatched systems are a
leading source of vulnerabilities leveraged by cybercriminals. Patching
issues arise when legacy systems are no longer supported by application
providers, when mainstream operating systems reach end-of-service,
and when organizations fail to keep up with the upgrade cadence set by
manufacturers. Cybercriminals will constantly test a network’s external
perimeters seeking detectable weaknesses. When a weakness is found,
it can be exploited through simple but persistent infiltration techniques.
Audit requirements demand that organizations test patches on larger
systems prior to implementation, adding to the tester’s workload despite
the requirement that patches be implemented in a timely manner.
Firewalls and other security devices on the perimeter of networks
are regularly found to be unpatched due to a lack of registration,
which causes the device’s security capabilities to expire. This could
be a result of the IT refresh cycle shrinking from three years to
18 months. As manufacturers develop faster and more reliable servers
and other computer hardware, companies are pressured to replace
older hardware in order to reap the benefits. However, manufacturers
are releasing these updates more frequently, which increases the risk for
human error or for IT managers to skip an update and wait for the next
one.
SecurityScorecard analyzed 7,111 financial services for adherence to
compliance standards in May 2016. The standards analyzed for include:
yy ISO 27000 Series
yy Standard Information Gathering Questionnaire (SIG)
yy Standard Information Gathering Questionnaire subset (SIG Lite)
yy Payment Card Industry Data Security Standard (PCI DSS)
Financial institutions that fail to adopt standards such as ISO and SIG
can find themselves facing significant fines if breached due to a lack of a
formal Information Security Management System (ISMS). Each regulatory
board has its own way of determining fines, which can include fines for
noncompliance per regulator, fines per record lost for each standard such
as FFIEC, PCI or HIPAA, the costs of a forensic audit, remediation costs,
audits by regulators that are conducted with a higher level of scrutiny, and
Financial Industry
Not Compliant With
SIG, SIG Light, PCI
and ISO Security
Standards
Cybercriminals
will constantly test
a network seeking
weaknesses
13. 13SecurityScorecard The Most Accurate Security Rating
FIGURE 9 The most common non-compliant ISO, SIG, and SIGLITE responses from finance companies
Common issues linked to the compliance questions such as SIG 1 and
SIG-LITE 1 that impacted the financial industry were the detection of
open ports, which can increase the attack surface of an organization
and is an indicator of improper network maintenance and DNS and SPF
misconfiguration, which puts organizations at risk for spoofing.
Overall, these questions correspond to issue types report by the the
Network Security, IP Reputation, and DNS Health factor scores, which is
not surprising as Network Security and IP Reputation are the factors that
the finance industry are struggling with the most. Our platform found a
number of open ports, misconfigured email SPF, which can be exploited
by attackers to send emails from spoofed addresses, malware events, and
improper DNS configuration on a large majority of the financial industry
domains as seen in the graph above.
LEGEND
ISO 1 Security mechanisms, service
levels and management requirements
of all network services shall be
identified and included in network
services agreements
ISO 2 Detection, prevention and
recovery controls to protect against
malware shall be implemented,
combined with appropriate user
awareness.
SIG 1 May not have an information
security policy based on detected
open ports, SPF issues and/or DNS
misconfiguration
SIG 2 Is there an approval process for
the ports allowed through the network
devices?
SIG-LITE 1 Issue types associated with
having external network connection
(Internet, Intranet, Extranet, etc.)
Numbers at the right of each
bar indicate the number of
non-compliant domains
lawsuits from data owners such as employees, customers, partners, and
class action lawsuits. Regulatory standards are more stringent than the
organization’s own ISMS, but in the highly regulated financial industry,
such standards are the norm.
14. 14SecurityScorecard The Most Accurate Security Rating
For questions such as PCI 1 that are wide-reaching, we associated issues
linked to email and domain configuration such as SPF, DNS, and DKIM
setup. Missing or improperly configured email and domain setup weaken
the authenticity of an organization, allowing hackers to use spoofed email
addresses in spam or spear-phishing campaigns.
The majority of the issues found within the PCI standard involved many
of the same security factors as the other standards as well as Patching
Cadence, Application Security, and more Network Security vulnerabilities
such as weak cipher support, expired or self-signed SSL certificates,
and a detection of a slow patching cadence suggesting these financial
institutions are not updating vulnerable programs or software as soon as
they should be.
LEGEND
PCI 1 Issue types associated
with authentication for use of the
technology [general information
security]
PCI 2 Ensure that all system
components and software are
protected from known vulnerabilities
by installing applicable vendor-
supplied security patches. Install
critical security patches within one
month of release.
PCI 3 Use strong cryptography and
security protocols (for example,
TLS, IPSEC, SSH, etc.) to safeguard
sensitive cardholder data during
transmission over open, public
networks, including the following: •
Only trusted keys and certificates
are accepted. • The protocol in use
only supports secure versions or
configurations. • The encryption
strength is appropriate for the
encryption methodology in use.
PCI 4 Implement additional security
features for any required services,
protocols, or daemons that are
considered to be insecure—for
example, use secured technologies
such as SSH, S-FTP, TLS, or IPSec
VPN to protect insecure services such
as NetBIOS, file-sharing, Telnet, FTP,
etc.
PCI 5 Review custom code prior to
release to production or customers in
order to identify any potential coding
vulnerability (using either manual or
automated processes) to include at
least the following: • Code changes
are reviewed by individuals other
than the originating code author,
and by individuals knowledgeable
about code-review techniques and
secure coding practices. • Code
reviews ensure code is developed
according to secure coding
guidelines • Appropriate corrections
are implemented prior to release. •
Code-review results are reviewed and
approved by management prior to
release.
FIGURE 10 The most common non-compliant PCI responses by finance companies2
Numbers at the right of each
bar indicate the number of
non-compliant domains
2
As of 07/13/2016
15. 15SecurityScorecard The Most Accurate Security Rating
SecurityScorecard assessed 7,111 financial services companies and
determined the most commonly used third-party vendors, their grades,
and their most significant vulnerabilities.
yy 18 percent of financial services companies use a popular email service
that has received a grade of ‘F’ in Patching Cadence, Network Security,
and IP Reputation; and a grade of ‘D’ in Hacker Chatter and Social
Engineering
yy 16 percent use an enterprise cloud storage provider that has received
a grade of ‘F’ in Patching Cadence and a grade of ‘D’ in Network
Security and IP Reputation.
yy 14 percent use a domain registering and web hosting provider, among
other things that has received a grade an ‘F’ in Patching Cadence and
‘D’ in Application Security, Password Exposure and Cubit ScoreTM
All three third party vendors provide essential services to these banks and
replacing them would be an arduous task given the amount of users and
dependencies for each third party vendor. Due to the critical nature of
these providers, replacing them may take years or impact the institution
too negatively for a replacement to be worth the effort.
Instead, banks and other enterprises utilizing these services and others
like them should vet their vendor’s security posture and understand what
systems and data will be integrated or hosted with these vendors to ensure
access is as minimal as possible and that there are processes in place to
react quickly should a data breach occur.
Financial Industry
Susceptible to Breach
Through Third-Party
Vendor Ecosystem
Common essential
service providers
used by financial
institutions have
received an‘F’in
Patching Cadence
16. 16SecurityScorecard The Most Accurate Security Rating
1. Central Bank of Russia
2. Citizens Bank
3. Coast Central Credit Union
4. Educators Credit Union
5. E*TRADE Financial Corporation
6. First National Bank of Omaha
7. FXCM
8. Golden 1 Credit Union
9. Hawaii First Federal Credit Union
10. Invest NI
11. Woodbury Financial Services
12. Lloyds Bank
13. Moneytree
14. Nationstar Mortgage
15. Permanent TSB
16. Santander Bank
17. Charles Schwab
18. Scient Federal Credit Union
19. Scottrade
20. TD Bank
21. The Money Shop
22. Bangladesh Bank
Financial Institutions
Suffered 22 Major
Publicly Disclosed
Data Breaches Over
the Past Year
Data Breach Analysis
Scottrade disclosed details of their breach in October 2015. Contact
information, email addresses, and Social Security numbers, in some
cases, were compromised for over 4.6 million customers. A check on their
SecurityScorecard grade reveals details on Scottrade’s security flaws.
We found multiple SSL and TLS network issues, detected an out of date
browser in use, and found that one of their domains lacked an SPF record.
These are all vulnerable attack points that a malicious actor can take
advantage of to infiltrate a system. However, we should note that over the
past six months, Scottrade has improved their security score from a low B
to a high B.
Charles Schwab recently suffered through a small data breach in
May 2016 when an unauthorized person logged into a number of user
accounts, exposing client’s names, account numbers, stock positions, and
transaction history. Charles Schwab has maintained that the credentials
used to log-in were not the result of a vulnerability within Charles Schwab
and instead were likely taken from a different source.
This is an issue that is becoming more and more common since the
massive 2012 LinkedIn data breach recently surfaced again, where over
100 million user accounts and passwords were leaked. Because of the
17. 17SecurityScorecard The Most Accurate Security Rating
huge amount of user account and password details being released,
malicious actors may be able to use the leaked data and attempt to log
into other company databases using an automated system. For this reason,
many companies have pre-emptively reset user passwords that may
be linked to the data breach. Unfortunately, for companies that haven’t
done so, they remain vulnerable to similar attacks that led to the Charles
Schwab breach.
The Central Bank of Bangladesh was hacked by a sophisticated team
of hackers who infiltrated the bank’s network, installed credential-stealing
malware, and were able to obtain log-in credentials to the Society for
Worldwide Interbank Financial Telecommunications network (SWIFT) a
messaging network used by financial institutions to transmit information.
This allowed the hackers to steal over $80 million dollars.
Details surrounding the hack have been emerging every week and
SWIFT maintains that their systems have not been compromised. But as a
response, SWIFT will lay out a collaborative five-step plan aimed to bolster
security for all parties involved. However, there have been a number
of new security incidents involving banks that have the same pattern
of attack as the Bangladesh Bank hack and SWIFT has warned that if
financial institutions do not improve their security, more attacks will occur.
While financial institutions are often the most up to date and focused
on information security, this report shows that there is a lot of room for
improvement, especially for larger financial institutions and their third
party vendors. Financial institutions have a high risk of data breaches due
to the increase in targeting and because successful attacks reap huge
benefits. As the 2016 Verizon Data Breach noted, the finance industry
ranked #1 for security incidents with confirmed data loss.
Unfortunately, the financial industry has a lot to catching up to do when it
comes to cybersecurity risks. Ransomware is evolving quicker than ever,
the use of legacy IT systems will continue to hurt financial institutions
and new attack methods related to third party vendors and partners pose
different risks financial institutions need to account for. The Bangladesh
Bank Hack resulted in over $100 million lost to hackers and the ensuing
fallout continues to afflict banks and breaches as seen in the Charles
Schwab case will increase given the large amount of leaked data that
resulted from the resurfaced 2012 major LinkedIn data breach.
Conclusion
The finance industry
has suffered the most
security incidents with
data loss
2016Verizon Data Breach Report
18. 18SecurityScorecard The Most Accurate Security Rating
Our data shows that the financial industry still needs to improve basic
security hygiene such as keeping a consistent patching cadence, support
proper SSL security, and improving their overall network and application
security. Not only do these issues not adhere to security standards, they
present a real increase in potential breach risk when hackers become
aware of their vulnerabilities.
However, there is promising news in the financial sector. As noted before,
SWIFT is already making efforts to improve cybersecurity and educate
banks on how to maintain a secure network. The OCC has increasingly
focused on third-party vendors in its standards on security and the
SEC chair, Mary Jo White, famously announced that cybercrime is the
most pressing threat to global financial systems at the Reuters Financial
Regulation Summit in May. The increasing focus on cybercrime and
information security will spur financial institutions to take a stronger look
at their security posture, their vendor’s security and make strides in third
party risk management and proper security assessments.
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20. 20SecurityScorecard The Most Accurate Security Rating
Application Security
SecurityScorecard uses security testing techniques to scour for
vulnerabilities in applications that leave an organization open to
exploitation. Web servers and services used to host applications and
versions of those services are identified to ensure they are up to date. By
combining a detailed knowledge of software vulnerabilities with service
versions, SecurityScorecard can identify insecure technology being used
to host applications.
CubitTM
Score
Cubit Score is SecurityScorecard’s proprietary threat indicator. It rates
organizations based on a targeted collection of security issues specific
to that business. Cubit reviews all security signals and identifies the
ones most vulnerable to hackers, including examples such as admin
subdomains exposed by public-facing DNS records, blacklisted IPs, spam-
generating IPs, IPs hosting malicious executables and configurations
displaying personal information about system administrators.
Common Vulnerabilities and Exposures (CVE)
An international catalog of publicly known information security
vulnerabilities and exposures.
IP Reputation
To evaluate if malware is active in a system, SecurityScorecard reverse
engineers the source code of an infection and determines how the
malware communicates back to its control. Researchers can then intercept
the communication, which can be traced back to an IP address from
which it’s emanating, indicating an infected network.
Password Exposure
Passwords that are exposed as part of data leaks, key logger
dumps, database dumps and other types of exposure are identified.
SecurityScorecard ties the credentials back to companies that own the
exposed email accounts, allowing clients to see where employees have left
their organizations exposed.
Key Terms
21. 21SecurityScorecard The Most Accurate Security Rating
Network Security
SecurityScorecard identifies potential vulnerabilities in network security
by identifying open ports and examining whether or not an organization
uses best practices such as staying up-to-date with current protocols, or
securing network endpoints to ensure external access to internal systems
are minimized.
Patching Cadence
SecurityScorecard surveys scans ports and crawls sites to gather
information relative to the versions of software and hardware in use by an
organization. If there are vulnerabilities, such as an end-of-life software
that can no longer be patched, or unpatched CVEs such as POODLE,
FREAK, DROWN, or Heartbleed, SecurityScorecard notes and tracks the
vulnerability.
Social Engineering
SecurityScorecard identifies multiple factors related to social engineering
such as employees using corporate account information in social
networks; employees exposing an organization to phishing attacks and
span; and employees posting negative reviews of the business to social
platforms.
ISO
The International Standards Organization publishes the leading
information security standard ISO 27001, used by Financial Organizations
as an (ISMS) Information Security Management System. ISO is the basis
from which many other standards are based such as NIST and PCI. ISO
standards are updated infrequently.
Standardized Information Gathering
The Standardized Information Gathering (SIG), another standard by
which IT risk is assessed for internal projects and third-party vendors. SIG
standards are updated annually in both a Lite and Full version.
22. About SecurityScorecard
SecurityScorecard provides the most accurate rating of security risk for any organization
worldwide. The proprietary cloud platform helps enterprises gain operational command of the
security posture for themselves and across all of their partners and vendors. The platform offers
a breadth and depth of critical data points not available from any other service provider and in
a completely self-service and automated tool. The platform provides continuous, non-intrusive
monitoring for any organization including third and fourth parties. Security posture is assessed
and measured non-intrusively across a broad range of risk categories such as Application
Security, Malware, Patching Cadence, Network Security, Hacker Chatter, Social Engineering and
Passwords Exposed.
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