With cyber attacks against financial and banking institutions now a daily occurrence, cyber threats have become the biggest risk to the global financial system, according to Federal Reserve Chairman Jerome Powell. During an interview on CBS News’ 60 Minutes, Powell said cyber risks surpass even the types of lending and liquidity risks that led to the Great Recession in 2008. The chances of a financial collapse akin to 2008 are “very low,” he said. “But the world changes, the world evolves, and the risks change as well. The risk we keep our eyes on the most is cyber risk.” If hackers succeeded in shutting down a major payment processor, which would seriously disrupt the flow of money between financial institutions,

In 2020, ransomware was the most widely-used method of delivering cyber attacks, accounting for 23% of security events handled by the IBM Security X-Force. One attack alone scored profits of more than $123 million for the perpetrators, according to an IBM report. A distant second to ransomware, the report says, was data theft (13%), followed by server access (10%). All three types of attack increased in comparison to 2019 numbers: +3% for ransomware, +8% for data theft, and +7% for server access. Meanwhile, scan-and-exploit attacks emerged as the top initial attack vector, and were used in 35% of attacks, up from 30% in 2019. Scan-and-exploit threats knocked phishing from the top spot, which accounted for 33% of attacks, up 31%

In 2020, as the world grappled with a fast-spreading global pandemic, the FBI received more than 2,000 complaints each day, totaling 791,790 for the year. This represents a 69% increase from the previous year and a total of U.S. $4.2 billion in losses, according to data collected by the FBI’s The Internet Complaint Center (IC3). Cybercriminals employed all manner of schemes to target businesses and individuals, including phishing, spoofing and tech support fraud, the FBI reported. The costliest cybercrimes were against businesses, involving Business E-mail Compromise (BEC) schemes that added up to U.S. $1.8 billion in losses from 19,369 reported complaints. Phishing attacks topped the list of all cybercrimes, totaling 241,342 incidents – more than double the 2019 total of

By Diana-Lynn Contesti, CISSP-ISSAP, ISSMP, CSSLP, SSCP John Martin, CISSP-ISSAP, CISM Richard Nealon, CISSP-ISSMP, SSCP, SCF In part one of this blog series, we discussed privacy, remote access (aka Work from Home), insider threats, data leakage, Zero Trust Architecture (ZTA) and security architecture. To continue this discussion, we believe that 2021 will still see folks working from home; thus, the risks due to insider threats and data leakage will continue to grow. However, we believe that there are other concerns for information security professionals, including edge computing, 5G, IoMT/IoT, AI and ransomware.   Edge Computing Edge Computing is a distributed computing framework that brings enterprise applications closer to data sources such as IoT devices or local edge servers. This proximity

By Diana-Lynn Contesti, CISSP-ISSAP, ISSMP, CSSLP, SSCP, John Martin, CISSP-ISSAP, and Richard Nealon, CISSP-ISSMP, CISSP, SSCP, SCF, CISM, CISA 2020 was a year of change. It changed the way that folks work and how they interact with each other. Wondering what 2021 might look like for information security professionals? This is the first in a series of posts where we will discuss what we believe 2021 may have in store for information security professionals. Some of the issues faced by security professionals in 2021/2022 will include (but are not limited to) the evolving landscape of privacy, and the ongoing necessity for remote access. The advent of 5G and AI, and the question of whether we will continue to be plagued