An Inside Job: Looking For Cyber Criminals

Everybody in business, and especially in banking, embraces the need for aggressive and comprehensive defenses against hackers, right?

And then comes this report from KPMG with the discouraging headline: “12% of banking CEOs don’t know if their bank has been hacked.”

The audit, tax, and advisory firm surveyed 100 bank executives from banks that have more than $20 billion in assets.

Worse, researchers found that at these banks’ second tier of officers—including executive vice-presidents and managing directors—the level of awareness gets worse. KPMG reported that 47% said they didn’t know if their bank had been victimized by cyber-crooks. The next level—senior vice-presidents and directors—were even worse: 72% were unaware.

“Banks are under an onslaught of attacks from bad actors, so the fact that 12% of banking CEOs reported that they don’t know if they’ve been compromised is troublesome. Cyber is a business bottom-line issue: a true CEO issue,” says Charlie Jacco, financial services cyber leader at KPMG. “While CEOs may be more privy to information regarding the exact number of cyber technology deployments and hack attempts, all employees should know and be in lock-step on their bank’s greatest vulnerabilities and concerns as it pertains to how that bank views cyber security.”

Wait … what?

Before one jumps all over the C-suiters for their apparent lapse of knowledge about hacks close to home, there is this to consider: According to another recent KPMG International report, some of them might actually be the culprits.

This report analyzed profiles of 750 cyber-crooks investigated by forensic specialists across 81 countries, and produced what it calls “the new face of fraud”:

• 69% were between the ages of 36 and 55.

• 65% were employed by the company that was hacked.

• 35% were executives or directors.

• 38% had been with the company for at least six years.

• 38% described themselves as well-respected in their company.

• 62% colluded with others in their crimes.

While personal gain was the predominant overriding motivation for committing fraud (60%), the sense of “Because I can” was third at 27%, according to the report.

The exposure of being unaware

Again, you just have to scratch your head. Insiders, it seems, pose the biggest threat for cybersecurity forces to deal with. This includes not only the bad actors, but also otherwise innocent staff members who are unaware of the threats to their companies, and who don’t know what defenses their companies mount against cyber-threats.

This comes from a joint study by Experian Data Breach Resolution and the Ponemon Institute. They asked more than 600 individuals at companies that currently have a data protection and privacy training program to weigh in on the topic of negligent and malicious employee behaviors.

The study found that 55% of the companies surveyed have already experienced a security incident due to a malicious or negligent employee. Sixty percent of companies surveyed believe their employees are not knowledgeable or have no knowledge of the company’s security risks. Only 35% said senior management believes it is a priority that employees are knowledgeable about how data security risks affect their organization.

“Among the many security issues facing companies today, the study emphasizes that the risk of a data breach caused by a simple employee mistake or act of negligence is driving many breaches,” says Michael Bruemmer, vice-president, Experian Data Breach Resolution. “Unfortunately, companies continue to experience the consequences of employees either falling victim to cyberattacks or exposing information inadvertently.”

And the beat goes on …

To be sure, the usual reports about the growing magnitude of the threat and the certitude of being attacked keep surfacing. Here are just a few recent ones:

• Gartner: By 2020, 60% of digital businesses will suffer major service failures due to the inability of IT security teams to manage digital risk.

“Cybersecurity is a critical part of digital business with its broader external ecosystem and new challenges in an open digital world,” says Paul Proctor, vice-president, Gartner.

• CompTIA: Technology professionals see many steps that could be taken to improve their company’s security, according to a survey of 500 security professionals.

“Just under half (47%) say there’s a belief within their company that existing security is ‘good enough.’ For 43%, other technology needs take a higher priority than security,” according to the report.

• SANS Institute: Malware, unauthorized access, and advanced persistent threats remain the top threats, while a lack of expert staff is harming incident response.

“While automation and new tools are helping response teams,” says Matt Bromiley, SANS analyst, “65% of survey respondents see a skills shortage as an impediment to incident response efforts. Training and experience is the difference between breached and not breached.”

Does old culture not get it?

Interestingly, a recurring theme through some of these reports is the need for cultural change within the organization. That makes sense. If the threats are internal, the defenses also need to be internal.

• Gartner puts it this way: “With the acceleration of digital business and the power that technology gives individuals, it is now critical to address behavior change and engagement—from your employees to your customers. Cybersecurity must accommodate and address the needs of people through process and culture change.”

• Experian puts it this way: “Organizations need to foster a culture of security. The study found that companies are not currently implementing a number of simple incentives that could encourage positive security behaviors. Of the companies surveyed, 67% provide no incentives to employees for being proactive in protecting sensitive information or reporting potential issues.”

• CompTIA puts it this way: “The use of technology has outpaced cybersecurity literacy, so there’s also a growing need for the overall workforce to improve their knowledge and awareness of security issues.”

Banking Exchange:

« Email Scams: Criminals Try To Steal $3bn
Preliminary Agreement On Airline Cybersecurity »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Alvacomm

Alvacomm

Alvacomm offers holistic VIP cybersecurity services, providing comprehensive protection against cyber threats. Our solutions include risk assessment, threat detection, incident response.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

Zybert Computing

Zybert Computing

Zybert Computing provide server solutions with built-in security and information protection features for the SME market.

Digital Forensics Inc (DFI)

Digital Forensics Inc (DFI)

Digital Forensics Inc. is a nationally recognized High Technology Forensic Investigations and Information System Security firm

NextPlane

NextPlane

NextPlane provide secure real-time B2B unified communication and collaboration solutions within and across business systems.

Cast Software

Cast Software

CAST is a pioneer in Software Analysis and Measurement (SAM) to capture and quantify the reliability and security of business applications.

IoT Now

IoT Now

IoT Now explores the evolving opportunities and challenges facing CSPs, and we pass on some lessons learned from those who have taken the first steps in next gen IoT services.

Sasa Software

Sasa Software

Sasa Software is a cybersecurity software developer specializing in the prevention of file-based network attacks.

BTblock

BTblock

Blockchain and cybersecurity is a vital combination for Enterprise success. BTblock is a Force Multiplier for its clients.

SterlingRisk Programs

SterlingRisk Programs

SterlingRisk’s Cyber practice brings experience working with a wide array of clients across a broad spectrum of industries.

NetBlocks

NetBlocks

NetBlocks is a global internet monitor working at the intersection of digital rights, cyber-security and internet governance.

Sectyne

Sectyne

Sectyne is a full-stack cyber consultancy committed to providing tailored services, advisory consultations, and training.

Deutsche Gesellschaft für Cybersicherheit (DGC)

Deutsche Gesellschaft für Cybersicherheit (DGC)

As a leading provider of cyber security, DGC supports companies in taking advantage of the opportunities offered by the digital transformation – and in minimizing the associated risks.

Armolon

Armolon

Armolon provides comprehensive data breach and cybersecurity, as well cybersecurity audits and certifications, and disaster recovery/business continuity services to clients.

Forward Global

Forward Global

Forward Global designs and delivers services and technologies to manage digital, economic, and information risks.

Turngate

Turngate

Turngate simplify security investigations so you can see employee activities and entitlements in your enterprise in seconds.

Uptime Institute

Uptime Institute

Uptime Institute is an unbiased advisory organization focused on improving the performance, efficiency, and reliability of business critical infrastructure.

Queen Consulting & Technologies

Queen Consulting & Technologies

Queen Consulting & Technologies specialize in providing IT support, management, and Security to Gov’t Contractors, CPAs, and Nonprofits.