Top Threat Intelligence Tools You Need To Know About

Threat intelligence is a critical piece of any organization’s security posture. Without it, you’re flying blind when it comes to defending your systems and data. But what are the best threat intelligence tools available today? And which ones should you be using? Here we’ll look at some top threat modeling tools and discuss their importance.

What is Threat Intelligence?

Threat intelligence (TI) is evidence-based knowledge, including context, about an existing or imminent threat to assist in organizational decision-making to mitigate or manage the threat. TI and threat modeling analysis helps secaurity teams answer three critical questions:

1. What are we up against?

2. How do we prioritize our defenses?

3. How can we take action to defend ourselves?

Organizations today face a vast and ever-changing array of threats. To effectively defend themselves, they need to understand the technical details of specific attacks and the attackers’ methods, motives, and goals. This is where threat intelligence comes in.

Threat intelligence can be generated internally or externally. Internal threat intelligence sources include data from security devices and systems, such as intrusion detection and prevention systems, firewalls, and web servers. Organizations can analyze this data to identify trends and patterns indicating a potential threat. External sources of threat intelligence include public information, such as news reports and social media postings, as well as commercial databases and services (Recorded Future, 2022).

Common Cybersecurity Threats

There are many types of threats in terms of cybersecurity. Here are some of the most common:

• Malware: Malware is a type of malicious software that can cause harm to your computer or device. It can come in the form of viruses, Trojans, spyware, and more.
• Phishing: Phishing is an online scam where criminals trick you into giving them your personal information, such as your passwords or credit card numbers.
• SQL Injection: SQL injection is an attack where malicious code is injected into a website’s database.
• Denial of Service (DoS) Attack: A denial of service (DoS) attack is when a perpetrator tries to make a website or service unavailable by overwhelming traffic from multiple computers or devices.
• Man-in-the-Middle Attack: A man-in-the-middle attack occurs when a perpetrator intercepts communication between two parties and secretly eavesdrops or alters the communication. (University of North Dakota, 2020)

Top Threat Intelligence Tools

Threat intelligence and threat modeling tools have become increasingly important in recent years as the cybersecurity landscape has become more complex and sophisticated. There are several types of threat modeling tools available, each with its unique features and benefits, including:

• BitDefender is a leading provider of security solutions for businesses and individuals worldwide. The company offers various products and services, including antivirus software, internet security, malware removal, and threat modeling tools. BitDefender provides several threat intelligence services, including a real-time global threat map and an online threat scanner.
• ThreatConnect is another leading provider of threat intelligence services. The company offers many tools and services, including a threat intelligence platform, an incident response platform, and a malware analysis tool. ThreatConnect also provides several resources for security professionals, including training materials and a blog.
• Recorded Future Fusion: This tool provides users instant access to the latest threat intelligence worldwide. It helps organizations make better decisions about protecting themselves by providing real-time data on the latest threats.
• SolarWinds: This tool comprehensively views an organization’s security posture. It allows users to see all potential threats and then take steps to mitigate them.
• CrowdStrike: This tool provides organizations instant visibility into all activity on their network. It helps them identify and respond to threats quickly and effectively.

Knowing about the common threat modeling tools can go a long way in identifying your IT infrastructure’s security needs or measures and mitigating the risks. Threat Intelligence professionals need to be at the top of their game and acquire the relevant training and skillset to apply the correct security techniques.

Source: eccouncil.org

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Role of Forensics in Making a SOC Ready (C|HFI)

Organizations are under near-constant cyberattacks and must prepare to respond to any type of incident. One key piece of an effective security operations center (SOC) is having skilled forensic analysts who can quickly identify and mitigate incidents. Here we will discuss the role of forensics in making a SOC ready and explore the benefits of having a dedicated forensics team in your organization. In addition, we will provide tips on getting started in forensics if you want to become a forensic analyst.

How Does Forensic Readiness Help a SOC?

Forensic readiness is critical for any organization that wants to respond effectively to a security incident. A SOC that doesn’t prepare for forensics will likely struggle to collect the necessary data and may even miss important evidence.

When an incident occurs, the first step is to identify what happened and where. This information then determines the type of forensic analysis needed. The next step is to collect the evidence, which can be challenging, as many organizations do not clearly understand what data needs to be collected. In some cases, organizations are unaware of all the data within their network.

Once the evidence is there, the analysis must begin. This process can be time-consuming and require specialized skills. However, ensuring that the correct information is gathered and following any potential leads is critical.

Organizations should make forensic readiness a priority for their SOC. By doing so, they can ensure that they prepare properly to respond effectively to incidents and collect the necessary data. Doing so will also help to improve the overall security of the organization. (Isaca.org., 2014)

Factors To Consider for Forensic Readiness

Many factors contribute to a strong forensic readiness posture. One of the most important is having a robust incident response plan, which helps an organization rapidly identify, contain, and resolve security incidents. It should also include provisions for collecting and preserving evidence so that professionals can analyze it later.

Another important factor in forensic readiness is the right tools and technologies. This includes hardware and software tools that collect, preserve, and analyze evidence from a security incident. For example, many organizations use digital forensics tools to help them understand what happened during an incident. These tools can examine system logs, network traffic, and other forms of data to reconstruct what occurred.

Finally, having the right people to respond to incidents is also important. This includes having trained staff who are familiar with the organization’s incident response plan and know how to properly use the available tools and technologies. By having the right team in place, an organization can ensure that its response to incidents is swift and effective.

By taking these steps, an organization can be ready to respond quickly and effectively to any security incident.

The Cost and Benefits of Forensic Readiness to An Organization

The benefits of being forensic-ready are numerous. Most importantly, it can help an organization avoid or mitigate reputational damage in the event of a data breach. Additionally, it can help ensure that any legal requirements are met, and that critical evidence is not lost. Furthermore, being prepared can help speed up the forensic investigation process and improve the chances of a successful prosecution if criminal activity occurs.

The cost of being forensic-ready can vary depending on the size and complexity of an organization, but it is typically not overly expensive. The most significant costs are usually associated with setting up the necessary systems and processes and training staff members to use them. However, these upfront costs are typically more than offset by the benefits of being prepared for a digital forensic investigation (Sachowski., 2016).

All organizations should carefully consider the cost and benefits of forensic readiness. While the initial investment is required, the long-term benefits of being prepared far outweigh the costs. Organizations that don’t prepare may find themselves at a significant disadvantage if they ever face a digital forensic investigation.

Forensics is a critical piece in the puzzle of making a SOC ready. By understanding and implementing forensic readiness, you are taking an important step in protecting your organization against cybercrime. The benefits of being forensic-ready far outweigh the costs, so it’s important to consider all factors when deciding.

Source: eccouncil.org

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The Role of an Information Security Analyst in Safeguarding Your Digital Assets

In the fast-evolving digital landscape, the security of sensitive data has become paramount. Cyber threats and attacks are on the rise, making it imperative for businesses to fortify their defenses. This is where Information Security Analysts step into the spotlight. In this comprehensive guide, we'll delve into the crucial role played by Information Security Analysts and how they safeguard your digital assets from potential threats.

Understanding the Information Security Analyst

Information Security Analysts, often referred to as Cybersecurity Analysts, are the unsung heroes of the digital world. Their primary responsibility is to protect an organization's computer systems and networks. They meticulously plan and implement security measures to ensure the integrity, confidentiality, and availability of data. This involves continuous monitoring, vulnerability assessments, and proactive threat detection.

The Key Responsibilities of an Information Security Analyst

1. Risk Assessment: Information Security Analysts begin by assessing the vulnerabilities within an organization's network. This involves identifying potential weaknesses and evaluating their potential impact on the business.
2. Security Implementation: After identifying potential threats, analysts proceed to implement security measures. This can include the installation of firewalls, antivirus software, and encryption protocols.
3. Continuous Monitoring: Security doesn't end with implementation. Analysts constantly monitor the network for any suspicious activities, ensuring that any threats are detected and neutralized in real-time.
4. Incident Response: In the unfortunate event of a security breach, Information Security Analysts take the lead in managing the incident. They work to minimize damage, recover lost data, and investigate the root cause.
5. Compliance: Analysts are well-versed in legal and regulatory requirements related to data protection. They ensure that their organization complies with all relevant laws and standards.

The Importance of Information Security Analysts

Protecting Sensitive Data

In today's digital age, data is often referred to as the "new oil." Organizations store vast amounts of sensitive information, from customer details to financial records. Information Security Analysts are the guardians of this data, ensuring it remains out of the reach of malicious actors.

Safeguarding Reputation

A data breach not only results in financial losses but can also irreparably damage a company's reputation. Analysts work tirelessly to prevent such incidents, maintaining trust with customers and stakeholders.

Maintaining Business Continuity

In the event of a cyberattack, business operations can come to a grinding halt. Information Security Analysts play a pivotal role in ensuring that systems and data are quickly restored, minimizing downtime.

The Skills and Expertise Required

Information Security Analysts are highly skilled professionals. They possess a combination of technical and analytical skills that enable them to effectively secure digital environments. Some key skills and expertise include:

Technical Proficiency

• Network Security: Analysts are well-versed in configuring and maintaining firewalls, intrusion detection systems, and encryption protocols.
• Penetration Testing: They understand how to simulate cyberattacks to identify vulnerabilities within the system.
• Software Knowledge: Proficiency in security software such as antivirus programs and intrusion detection systems is a must.

Analytical Skills

• Critical Thinking: Analysts can assess complex situations, identify patterns, and make informed decisions.
• Problem-Solving: They are adept at finding innovative solutions to security challenges.

Communication Skills

• Reporting: Analysts must communicate security risks and incidents to both technical and non-technical stakeholders.
• Documentation: They maintain detailed records of security incidents and measures taken to mitigate them.

The Evolving Landscape of Information Security

The role of an Information Security Analyst is not static. It constantly evolves to keep pace with the ever-changing threat landscape. New challenges, technologies, and attack vectors emerge regularly. Analysts must stay ahead of the curve by engaging in continuous learning and professional development.

Emerging Trends

1. Cloud Security: With the proliferation of cloud services, analysts must adapt their strategies to protect data stored in the cloud.
2. IoT Security: The Internet of Things introduces a new array of devices, all of which require secure integration into the network.
3. Machine Learning and AI: Analysts are increasingly using artificial intelligence and machine learning to detect and prevent threats.
4. Zero Trust Security: This approach involves verifying the identity of anyone trying to access a network, regardless of their location.

The Information Security Analyst in Action

To truly understand the significance of Information Security Analysts, let's consider a hypothetical scenario:

Imagine a financial institution that houses a treasure trove of customer data, including personal information and financial records. In the digital age, this information is constantly under threat from cybercriminals seeking to exploit any weaknesses in the system.

The Information Security Analysts at this institution work diligently to protect this valuable data. They implement cutting-edge security protocols, monitor the network round the clock, and conduct regular security assessments. In a world of constant cyber threats, these experts are the first line of defense.

Conclusion

In a world where cyber threats are as real as physical ones, Information Security Analysts are the unsung heroes who ensure that your digital assets remain safe and secure. Their expertise, technical prowess, and unwavering dedication are the bedrock of a secure digital environment. As the threat landscape continues to evolve, these professionals stand ready to defend and protect, ensuring that your data remains yours, and yours alone.

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The Top 5 SOC Security Measures in 2023

As the world increasingly moves online, security operations centers (SOCs) play a vital role in keeping individuals, businesses, and organizations safe from cyberattacks. As an SOC is responsible for monitoring and responding to security incidents, it must constantly evolve to stay ahead of the latest threats.

In this blog, we will discuss the top five security measures in 2023 that SOCs need to employ.

Introduction to Security Operations Center

A security operations center (SOC) is a team of security experts responsible for managing an organization’s security posture. These experts work to identify and mitigate security risks and respond to incidents. A SOC is a combination of effort from people, technology, and processes that work together by continuously monitoring, detecting, investigating, preventing, and responding to cybersecurity threats in real-time.

Security operations centers can help organizations respond quickly to security incidents. They can also investigate and understand the root cause of incidents, implement preventative measures to stop them, and improve an organization’s overall security. Here are some of the key benefits of a dedicated SOC team for organizations:

• Reduced risk of security incidents
• Increased data and network security
• Reduced cost and severity of security incidents
• Improved ability to meet compliance obligations
• Improved efficiency of an organization’s IT department

What Does an SOC Security Analyst Do?

An SOC security analyst is part of the SOC team. As they are first responders in any cyber incident, their function is to constantly monitor and defend an organization’s network, servers, website, and database from any threats.

SOC analysts typically have a solid technical background and can quickly understand and interpret complex data. They need to be able to share information and collaborate with others to ensure the security operations center is operating effectively. This means they should have excellent communication skills, as they must constantly coordinate with other team members.

What Are the Top 5 Measures for Organizational Security in 2023?

A security operations center is integral to any organization’s cybersecurity strategy. There are many SOC security measures, but not all will be equally effective in every situation. To help you choose the best security measures for your organization, here is a list of the top five security measures for 2023.

1. Implement a Comprehensive SOC Security Program

This should include all the elements of a successful security program, such as risk assessment, incident response, and threat intelligence. The different types of SOC security programs are advanced and traditional. You could use both or go for the advanced option for more effectiveness.

Consider deploying advanced SOC security technologies such as SIEM (Security information and event management), UEBA (Trillex 2022a; 2022b), and SOAR (Crowdstrike, 2022). Some of these tools include:

• Splunk Enterprise Security helps SOC teams collect, correlate, and investigate data from various sources.
• IBM Security QRadar Soar (formerly Resilient) helps SOC teams automate incident response and orchestration.
• Demisto helps SOC teams automate incident response processes.

Traditional SOC security programs generally include four main components:

• A perimeter defense system that provides firewalls and intrusion detection and prevention systems.
• An endpoint security system that includes antivirus and anti-malware software.
• A network security system that has encryption and access control.
• A data security system that incorporates backups and disaster recovery plans.

You must deploy the four components to implement a traditional SOC security program. However, you might consider adding advanced security programs such as a SIEM system to further strengthen your SOC security posture.

2. Define Clear SOC Security Objectives and Metrics

Security operations center jobs must have clearly defined objectives and metrics.

The first step is identifying what the organization wants to protect and developing objectives and metrics around those assets. All members of the SOC team should be aware of these objectives and metrics so that they can work together to achieve them.

Next, an SOC should consider the threats that it is trying to defend. Finally, a regular review and update of objectives and metrics are also necessary to ensure that the security operations center is always prepared for new threats. 

3. Build a Team of Skilled SOC Analysts

To build a team of skilled SOC analysts, you need to find individuals with the required skills for the position.

They should have experience in security and data analysis because they will need to understand and interpret the data they are collecting. Your SOC analysts also need strong communication skills because they will have to communicate effectively with other team members and management. Most importantly, SOC analysts should have the required certifications that set them apart as professional SOC security analysts.

With a top-notch SOC analyst team, you’ll quickly identify potential issues, rapidly respond to incidents, and prevent them from becoming full-blown security breaches.

4. Invest in the Latest Security Trends for a Security Operations Center

You should know the latest SOC security trends to protect your business against cyberthreats.

• Cloud-based SOC solution: With more businesses moving to the cloud, it’s crucial to have an SOC solution that can protect your cloud-based data. Cloud-based SOCs are also becoming more popular because they offer several advantages over on-premises SOCs, such as scalability and flexibility (Checkpoint, 2022).
• Artificial Intelligence (AI): AI can help SOC analysts identify and respond to threats more quickly and effectively.
• User and Entity Behavior Analytics (UEBA): UEBA helps SOC analysts to detect unusual or suspicious activity and act immediately.

5. Improve Employee SOC Security Awareness and Training

Organizations must ensure their employees are adequately trained on SOC security awareness and procedures. Employees should be aware of the potential threats to the organization and how to report suspicious activity. Security training should be an ongoing process that is reviewed and updated regularly.

SOC security training can be delivered in various ways, including online courses, classroom instruction, or a combination of both. The objective should be to provide employees with the knowledge they need to safeguard themselves and the organization.

Organizations can help keep their employees safe, and their data secure by training them on SOC security procedures. An excellent way to facilitate this outcome is to ensure their employees complete SOC security training. Ample resources that help employees understand SOC security should also be provided.

Source: eccouncil.org

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Guide to Cryptanalysis: Learn the Art of Breaking Codes

What is Cryptanalysis?

Cryptanalysis is the field of studying a cryptographic system, learning to decipher and understand hidden messages without having the original decryption key. Cryptanalysis involves observing the properties of encrypted messages and discovering weaknesses and vulnerabilities in the encryption protocol that can be exploited to reveal the original contents.

The terms cryptography and cryptanalysis are closely linked and often even confused. Cryptography is the practice of hiding or encoding information so that only its intended recipient(s) will be able to understand it. Cryptography is related to other fields, such as steganography, which attempts to hide information “in plain sight” (disguising not only the message but also the fact that there is a hidden message, to begin with). On the other hand, cryptanalysis attempts to decode the messages that have been encoded using cryptography. Cryptanalysis and cryptography, therefore, play complementary roles: cryptography turns plaintext information into ciphertext, while cryptanalysis seeks to convert this ciphertext back into plaintext (Bone, 2023).

Cryptanalysis plays a crucial role in evaluating the security of cryptographic systems. In general, the more difficult it is to crack a cryptographic system using cryptanalysis, the more secure the system is.

How Does Cryptanalysis Work?

Cryptanalysis uses a wide range of tools, techniques, and methodologies to decode encrypted messages. These include:

◉ Mathematical analysis: The use of mathematical principles and algorithms to find weaknesses in a cryptographic system. This may involve using mathematical properties to find certain patterns or relationships in the encrypted message and detect vulnerabilities in the encryption protocol itself.

◉ Frequency analysis: The study of the frequency of different letters and symbols in an encrypted message. This technique is particularly effective against so-called “substitution ciphers,” in which each letter or symbol in the original message is simply replaced with another.

◉ Pattern recognition: Identifying repetitive sequences or patterns within an encrypted message. Recurring patterns may correspond to common words or phrases (such as “the” or “and”), helping cryptanalysts partially or fully decrypt the message.

Cryptanalysis techniques vary depending on the type of cipher being used. As mentioned above, for example, basic substitution ciphers can be attacked by calculating the most common letters in the message and comparing the output with a list of the most frequent letters in English. Transposition ciphers are another cryptography method in which the letters of the message are rearranged without being changed. These ciphers are vulnerable to “anagramming” techniques: trying different permutations of letters and hunting for patterns or recognizable words in the results.

What Are the Types of Cryptanalysis?

Cryptanalysis is a tremendously rich and complex field with many different approaches. The types of cryptanalysis include:

◉ Known-plaintext attack: In a known-plaintext attack (KPA), the cryptanalyst has access to pairs of messages in both their original and encrypted forms. This allows the attacker to analyze how the encryption algorithm works and produce a corresponding decryption algorithm.

◉ Chosen-plaintext attack: A chosen-plaintext attack (CPA) is even more powerful than a KPA—the cryptanalyst can choose the plaintext and observe the corresponding ciphertext. This allows the attacker to gather more information about the algorithm’s behavior and potential weaknesses.

◉ Differential cryptanalysis: In differential cryptanalysis, the cryptanalyst has access to pairs of messages that are closely related (for example, they differ only by one letter or bit), as well as their encrypted forms. This allows the attacker to examine how changes in the original text affect the algorithm’s ciphertext output.

For relatively basic ciphers, a so-called ”brute-force attack” may be enough to crack the code (Georgescu, 2023). In a brute-force attack, the attacker simply tries all possible cryptographic keys until the right combination is discovered.

The efficacy of brute-force attacks is highly dependent on the computational complexity of the encryption algorithm. The more complex the algorithm is and the more keys to analyze, the harder it will be to crack the code.

As computers become faster, however, cryptographic algorithms that were previously secure have now become more vulnerable. For example, organizations such as NIST have retired their use of SHA-1, one of the first widely used encryption algorithms, in favor of its more complex successors, SHA-2 and SHA-3 (NIST, 2022).

What Are the Challenges in Cryptanalysis?

Cryptanalysis is a dynamic and challenging area of study. Below are just a few of the major difficulties for today’s cryptanalysts:

◉ Key size and algorithm complexity: The larger the key used to encrypt information, the higher the number of possible keys used in the encryption algorithm. This makes algorithms more complex and brute-force attacks more difficult or even impossible (at least on a human timescale).

◉ Encryption protocols: Cryptanalysis focuses not only on the mathematical properties of the encryption algorithm but also on how the algorithm is implemented in real-world encryption protocols. Vulnerabilities in this implementation are often easier to attack than the algorithm itself.

◉ Lack of KPA or CPA attacks: Known-plaintext and chosen-plaintext attacks are often the best-case scenarios for attackers seeking to understand an algorithm’s behavior. In the real world, however, cryptanalysts rarely have access to large amounts of this data — for example, they may only have ciphertext and not plaintext to analyze.

Organizations seeking to keep their information safe should follow a number of tips and best practices to make cryptanalysis harder for an attacker. For one, they should choose robust cryptographic algorithms that are computationally difficult to solve. In addition, they should store their encryption keys in a safe location using strong access control to prevent them from being compromised.

What Are the Ethical Considerations in Cryptanalysis?

Like many other topics in IT security, cryptanalysis comes with its own set of issues, controversies, and considerations. Would-be cryptanalysts need to obey ethical boundaries and responsibilities, following guidelines such as:

◉ Getting authorization: Cryptanalysis should only be carried out with the target’s permission, which is a best practice observed in ethical hacking. Attempting to break encryption schemes without authorization is often considered illegal.

◉ Privacy and data protection: Information is often encrypted because it is sensitive or confidential (such as personal data, healthcare records, or financial details). Cryptanalysts must preserve data privacy even when the encryption algorithm is successfully cracked.

◉ Responsible disclosure: When cryptanalysts discover a weakness in a cryptographic system, this vulnerability should be appropriately reported as soon as possible. For example, responsible disclosure typically involves notifying the affected parties so they can discreetly fix the issue rather than making a public announcement.

Source: eccouncil.org

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Securing the Future of Banking – Exploring the Synergy of Blockchain and Cybersecurity

Human error is one of the biggest reasons behind data breaches, and by significantly removing this factor, organizations are making their transactions tamper-proof and less susceptible to interceptions. Blockchain is becoming synonymous with every industry vertically and is sweeping the globe as it integrates with essential business operations.

Blockchain technology is fully decentralized and uses a ledger-based system to record data and process transactions using multiple computers over networks. The best part about blockchain is that you can put any digital asset onto the chain and initiate a transaction. Unlike traditional banking systems, the data will always stay secure, and no intermediaries will be involved.

In this blog, we will explore how the banking and financial services industries are exploring various applications of blockchain. We will discuss its benefits, cybersecurity implications, and what lies ahead.

Use Cases of Blockchain in Financial Services

Blockchain is expected to revolutionize the banking business, and it’s no surprise that it is changing how customers conduct transactions. It replaces and streamlines the traditional banking processes with innovative approaches that are more secure, efficient, cost-effective, and transparent. The following are some of the ways that blockchain is revolutionizing digital banking.

1. Blockchain expedites international transfers.

Capital markets comprise issues and investors matched according to corresponding risk and return profiles. Firms suffer from a lack of stringent monitoring and regulatory practices and have liquidity risks, interest rate volatility, and other financial issues. Blockchain shows potential in transforming capital markets by eliminating operational hazards responsible for fraud and human error and reducing overall counterparty risks. The digitization and tokenization of financial products and assets make it much easier to trade, promote global inclusivity, increase connectivity, and practice fractionalized ownership, all of which reduce capital costs and increase liquidity (Consensys, 2023).

2. Blockchain creates an audit trail.

Blockchain can improve the security of banking transactions by eliminating financial fraud and data redundancies and by maintaining a clear audit trail. Thousands of ledgers protect blockchain networks; data cannot be changed unless all network users approve it. This makes it exceedingly difficult for hackers to penetrate and compromise sensitive information, thus saving victims from losses of hundreds or thousands of dollars.

Organizations may add an extra layer of protection by using VPN services to enhance security alongside blockchain services (Originstamp, 2023).

3. Blockchain reduces costs for customers and banks.

Blockchain can automate banking processes, translating to faster processing of payments, loans, and seamless transactional workflows. Poor record-keeping and reconciliation costs are very high and can potentially lead to cases of fraud. Many facets of digital transactions may be automated using blockchain, which increases productivity and reduces vulnerability to cyber threats. Financial institutions can address most of the challenges associated with speed and costs by implementing blockchain ledgers. The technology significantly reduces overheads and additional expenses by eliminating traditional paperwork involved with banking. There is no need for third parties or intermediaries.

4. Blockchain ensures compliance.

Blockchain improves network governance by standardizing processes and automating compliance. It is necessary for financial institutions to ensure that they stay compliant in the landscape of complex regulatory changes, especially when operating beyond borders. Regulatory compliance is crucial in trading and eCommerce spaces as well. Blockchain simplifies financial operations in real-time and streamlines reporting and transaction verification. Its immutable ledgers and asset digitization eliminate the risk of fraud and enable faster settlements.

5. Blockchain secures private messaging and cyber-physical infrastructures.

Hackers increasingly turn to social media to attack users and target platforms like Facebook and Twitter. Millions of accounts get breached every year due to information falling into the wrong hands, and messaging systems get intercepted. Blockchain can be used to standardize communications across various messaging channels and enhance security for enterprises. It can encrypt communications between parties and ensure that data doesn’t get intercepted.

When properly implemented, it can prevent unauthorized parties from tampering with financial transactions, eliminate identity impersonation, and safeguard digital interactions. Blockchain can be used for cyber-physical infrastructure to ensure authentication, security, and traceability. It can also simplify payment flow and prevent fraud and counterfeiting. This can help combat internal threats and prevent unauthorized access to data by ensuring overall trustworthiness and integrity.

We have seen many cases where hackers infiltrated networks and gained complete control over critical functions. Such incidents can be avoided by verifying data on blockchains for adding new entries or editing them.

Can Blockchain Help Reduce Cyber Risk?

Organizations can address potential security gaps by shifting their focus from enterprise to network-level cybersecurity. Several industry regulators can enjoy the open dialogue, and policymakers acknowledge the unique advantages of blockchain technologies, including their cybersecurity benefits. Cyber threats plague the financial industry, and as new threats emerge, it is imperative to safeguard personal information. Retail banking sectors are investing significantly in blockchain frameworks, and most new initiatives haven’t been rolled out at scale. The regulatory requirements are demanding, and the future regulation of blockchain technology will stay uncertain.

The UK’s Financial Conduct Authority (FCA) is formulating policies for using blockchain, while the United States is convinced it has inherent risks. Blockchain-based ETFs have been blocked by the Securities and Exchange Commission (SEC) in the U.S., though traditional banks lose up to USD 20 billion due to identity fraud, and blockchain ledgers help combat fraud by protecting data and preventing money laundering through automation and standardization.

Blockchain enables customers to use a unique identifier via a digital fingerprint and helps prevent the overlap of KYC and AML checks. Individual management of private keys can help customers safe keep their data and control with whom they share it (Higginson et al., 2019).

Furthermore, blockchain decentralizes financial exchanges and promotes greater interconnectedness among global financial ecosystems. While banks explore the use of permissioned blockchains, the technology’s distributed architecture increases overall cyber resiliency. This prevents sensitive information from being compromised via a point of failure or single access point.

A key feature of blockchain is its various consensus mechanisms, which improve the integrity of shared ledgers. Blockchain enhances the robustness of financial systems and makes consensus a prerequisite for network participants. All blocks in chains must be validated before new information is added or edited. It’s challenging to corrupt blockchains since participants are given enhanced transparency, and blockchains hosted on the cloud come with additional cybersecurity protections. The takeaway is that blockchain technology can improve an organization’s overall cybersecurity posture by enhancing cyber resiliency against emerging threats.

What Does the Future Hold?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is working with banks worldwide on global payment initiatives and trying to improve the cross-border payments experience. SWIFT implements blockchain technologies by working with active providers and enabling banks to allow customers to pay with fiat currencies and cryptocurrency. Blockchain technology is being leveraged to significantly reduce the number of participants needed to resolve banking-related queries and to ensure compliance, which means we are already seeing some significant improvements.

The growth of blockchain-based payment solutions will continue to progress, and enterprises will witness the adoption of the technology at scale. Several companies are experimenting with “tokenization” to encrypt digital assets for secure transactions, though this is still in its early stages of development. Banks are using blockchain for digital fingerprinting and universal customer identification due to its decentralized nature. They will continue to disseminate information while it is updated and reduce the information burden during the authentication and verification processes. Blockchain will be used to verify firmware updates and patches and prevent unauthorized access or attempts to install malware.

Smart contracts show users the potential to automate payments by using predetermined conditions and automatically reducing fraud by reducing human interference. The technology manages complex reconciliation activities like invoice creation, financial decision-making, loan approvals, and application processing. A significant benefit of using blockchain is increased access to banking services and the opening of new economic streams to the global unbanked population (Baig, 2023).

The future of blockchain in cybersecurity for the banking industry is uncertain, but one thing is clear – it will continue to improve asset security and payment outcomes for organizations.

Source: eccouncil.org

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Decoding Cybersecurity 2023: An In-Depth Chat with CISO Graham Thomson

In the ever-dynamic domain of modern-day threat landscapes, the conventional approach to security is limited and needs transformation using the infusion of intelligence from security data nodes, accompanied by an exceptional degree of agility. A swift and resolute trajectory for agile security has to be charted to help steer cyber security capabilities in unprecedented changes. This interview with Graham Thompson delves into the current trends and challenges impacting security architecture, sheds light on the evolving cyber security landscape, and details his experience as a seasoned chief information security officer (CISO).

Graham J. Thomson is a CISO at Irwin Mitchell and has a proven track record in innovative information and cyber security leadership. With experience across multiple industries, he excels in creating risk-based security frameworks. Graham is a recognized thought leader in the field, dedicated to blending modern security theory with practical experience. Graham leads all aspects of information and cyber security for his company, while spearheading their client-facing cyber audit practice. He also volunteers for TechVets, bridges veterans into IT careers, and is a member of the advisory boards for EC-Council and the Cyber Resilience Centre. With exceptional leadership and strategic thinking, Graham empowers businesses to operate securely.

1. How would you describe your experience as a CISO at Irwin Mitchell?

My experience as a CISO at Irwin Mitchell has been both challenging and fulfilling. Starting from scratch, I’ve had the opportunity to build and shape a cutting-edge cyber security practice. This has involved assembling a talented team, implementing robust security measures, and fostering a culture of cyber awareness within the organization. The journey has been rewarding, as I’ve seen the positive impact of our efforts in safeguarding the firm and its clients from an ever-evolving threat landscape. The company has a genuine focus on people, and the culture is one that fosters trust and collaboration and really inspires people.

2. How did you end up as one of the founding partners of the North West Cyber Resilience Group, and what was the catalyst for that venture?

The National Cyber Resilience Centre Group is a not-for-profit company, funded and supported by the UK Home Office, policing, and business partners, set up to help strengthen the reach of the UK’s national cyber crime program. It was born out of a realization that cyber security is a shared responsibility and crowdsourcing expertise was an effective way to help local organizations be more cyber-aware and cyber-secure.

Along with a small number of security leaders in the North West of the UK, I was invited to help forge the collaborative platform where organizations, both public and private, could pool their knowledge and expertise to address the growing cyber threats in the local business community. It really plays into my passion for cyber security education and dedication to protecting businesses in the region.

3. Can you share your thoughts on how SOCs can evolve in the era of advanced cyber attacks?

In the era of advanced cyber attacks, security operations centers (SOCs) must evolve to become fully proactive, driven by intelligence and insights from security data points, and highly agile. This involves incorporating automated threat intelligence, automated detection and response, and applying threat-hunting techniques to enhance the protection of the business. Additionally, fostering collaboration between different teams in the business, such as project teams, and adopting a risk-based approach to incident prioritization is key to staying ahead of sophisticated adversaries.

4. Can you tell us more about your background in Molecular Genetics and how you’ve incorporated that credential into your cyber security career?

When I left school many moons ago now, I chose to study genetics at the university. It was a relatively new science, and I was really fascinated by it and what potential it had to benefit humanity. Although I never worked in that industry after graduating—I joined the army instead and became a military intelligence operator for a few years, which was immensely challenging and fascinating in its own inimitable way—it has provided me with a unique perspective on the complexity and dynamism of cyber security. Just as genes provide the code for life and determine the traits of organisms, which interact together in an ecosystem, software code determines the traits of apps, websites, and devices we use, which all interconnect to create the global digital landscape. Where biological systems have viruses, diseases, and immune systems, the digital world mimics this with its own well-known problems and solutions: cyber security is like an immune system for the digital ecosystem. This understanding has informed my approach to building a holistic cyber security strategy, incorporating wider-ranging elements such as technical controls, user education, and continuous improvement based on data-led insights. What’s equally unexpected and amazing is that my divergent experiences of genetics and military intelligence have aided my journey through cyber security and given me a unique perspective for problem-solving in that space.

5. What is your opinion about the role of AI in cyber law, and do you think it will replace professionals?

AI has the potential to greatly enhance many industries, particularly in processes such as data analysis and pattern recognition. If there is one industry where AI has already had a massive and positive impact, it is cyber security. For several years, we’ve been using AI tools to detect and prevent cyber attacks and non-cyber breaches, and it works well. I foresee that AI will catapult many other industries to work even smarter. However, I don’t believe it will replace professionals. Instead, AI will augment their capabilities, automating repetitive tasks and allowing people to focus on more complex tasks that need human skills. Human expertise, judgment, and creativity are irreplaceable, and the role of AI should only be to empower professionals as a tool rather than replace them.

In my view, AI will not render us obsolete. Such assertions have accompanied every major development in technology and mechanization since the dawn of the Industrial Revolution, yet the workforce continues to grow. Instead, AI will contribute to an even more diverse employment market. And this is exactly what I’ve seen in cyber security: AI has taken away laborious data crunching processing from humans, allowing us to focus on other aspects that add benefit. There are still more jobs than people to fill them in cyber security. So as machines automate our previous responsibilities in many jobs, they enable us to explore and occupy novel niches that were once unimaginable.

6. What are the biggest challenges you faced as a CISO and technology leader, and how did you overcome them?

The biggest challenges I’ve faced as a CISO and technology leader include keeping pace with the rapidly changing threat landscape, securing executive buy-in for necessary investments, and establishing a security-aware culture within the organizations I’ve worked with. To overcome these challenges, I’ve focused on maintaining a forward-looking approach, building strong relationships with stakeholders, and continually emphasizing the importance of cyber security to the business’s success. Cyber security is a business risk; it’s not just an IT problem, and every colleague has a responsibility to work securely.

7. How would you advise upcoming companies to prepare for cyber security audits and emerging threats?

I would advise companies to start by making someone responsible for cyber security. Then create and execute a strategy, quickly establishing a solid foundation for their cyber security posture. This includes implementing a risk-based approach to security, tackling the biggest gaps and real-world risks first, ensuring adequate employee training, and adopting a defense-in-depth strategy. In addition, it’s crucial to stay informed about the latest threats and best practices, engage with industry peers, and invest in the right tools and expertise to support your security program. But if you must do one thing, get the basics right first. The basic cyber hygiene controls will mitigate most of the threats.

8. What are your favorite cyber security conferences or events, and do you have any plans for attending them next year?

Some of my favorite cyber security conferences include Infosecurity Europe, UK Cyber Week, CYBERUK, and DTX Manchester. These events provide valuable insights into the latest trends, research, and solutions in the field, as well as offering excellent networking opportunities. I need to manage my time carefully, so unfortunately, I can’t attend everything, but I make sure to attend something annually as they play a vital role in staying informed and connected within the cyber security community.

Source: eccouncil.org

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