Top 5 reasons to automate Incident response
Several business leaders have called Cyber Security as an expensive war. Various surveys and reports have showed that 90% of the companies reported cyber incident with an average per incident cost of around $500.000.
This is a growing concern for many organizations as the volume of security alerts is frequently the prevailing factor. According to a survey by IDC, 37% of cyber security professionals reported facing 10,000 alerts per month of which 52 percent are false positives.
NJ Bankers roundtable conference event take away
On June 14th at the Annual Operations & Technology Roundtable conference, Jayen Godse, CEO of ComplyScore, addressed NJ bankers on the topic of cyber incident management .
He addressed wide range of topics that included cyber threat intelligence, incident detection, incident response as well as reporting and communicating internally and externally. Jayen emphasized the growing significance of Machine Learning in threat management. He also presented an analysis of the Bangladesh bank heist and its lessons.
Cyber threats to supply chain is on the rise
Cyber threats to supply chains have become increasingly frequent due to extensive sharing of digital information between organizations and their suppliers.
Attackers start somewhere in the supply chain and work their way up to the target through a trusted supplier. Not having a good understanding of cyber security, and what the risks are, can make anyone the weak link in supply chain.
Companies need to rethink their risk management strategies
McKinsey, in conjunction with the World Economic Forum, came to the conclusion that “Despite years of effort, and tens of billions of dollars spent annually, the global economy is still not sufficiently protected against cyberattacks.
Techno-centric and compliance driven solutions are not going to work against the steadily increasing number of attacks. Companies need to evaluate the data that they store and assess the risk associated with it through systematic approach.
Financial advisors face cyber security nightmare
Chair of SEC Mary Jo White reaffirms our biggest fear. In her recent speech, she mentioned that the biggest threat to the financial system “was and is” Cyber security.
This sentiment has been backed by top security experts of the industry and general sentiment is that smaller institutions are at far greater risk than the bigger ones. Cyber-thieves are not only after your money, they are after your identity as well. Invest in a good security infrastructure or you will end-up paying more than just money.