In this series, ProCircular’s team of information security specialists will break down the top cybersecurity risks for small and medium-sized businesses in 2023. How do SMBs prepare for cybersecurity threats and prevent security incidents? Trevor Burke lays out the special precautionsorganizations can take to lower the likelihood of incidents caused by internal threats.
Topics: Data Protection & Privacy, Security Awareness, Advisory & CAP
In 1999, Congress passed the Gramm-Leach-Bliley Act, which requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.[1] The Act mandated the passage of the Safeguards Rule, which was promulgated by the Federal Trade Commission (FTC) in May 2002 and made effective May 2003.[2] In 2019, the FTC began working on amendments to the Safeguards Rule, and on December 9, 2021, the FTC finalized these amendments.[3] Depending on the classification of their financial institution, clients will need to understand the following rule changes and properly abide by the new FTC regulations.
Topics: Penetration Testing, Advisory & CAP, Financial Services & Insurance
As online and at-home banking options become more accessible, more online activity increases the risk of theft. Since 2021, IBM reported that the average cost of a breach rose from $4.24 million to $4.35 million.
Topics: Incident Response, Company News, Monitoring & Detection, Advisory & CAP, Financial Services & Insurance
Cybersecurity is one of the main factors to incorporate into your organization’s recession planning. One notorious online cybercriminal group, the Cobalt Cybercrime Gang, has been operating since 2013, completing over 100 heists totaling over EUR 10 billion in losses to the European financial industry. In a time when attackers are highly motivated and financial and reputational losses can have significant effects, it is crucial to have a clear picture and action plan regarding your cybersecurity posture.
With new threats emerging daily, it is essential to identify and address technical and operational risks proactively. Ensuring reliable and uninterrupted function of your operations during an incident means preparing for, protecting against, responding to, and recovering from a cyberattack.
A recession can occur unexpectedly with little to no warning and leave companies vulnerable to opportunistic and persistent threat actors. The two-fold impact of an economic downturn would be that companies reduce spending, often cybersecurity spending, and highly skilled individuals across the globe become desperate for income, possibly turning to “black hat” or malicious hacking. Successful cyberattacks lead to significant financial and reputational losses. Businesses need a mature cybersecurity program that is resilient to today’s complex and often uncertain threat environment.
Topics: Vulnerabilities, Penetration Testing, Incident Response, Advisory & CAP
When Peter Drucker produced his seminal work, “What Makes an Effective Executive,” in the Harvard Business Review (Drucker, June, 2004), he may not have been writing with cybersecurity in mind. In fact, in 2004, the cybersecurity world had only begun to appear as the many-headed beast it’s become since then. Nonetheless, this text is an excellent guide for executives about incident response and breach management.
Topics: Incident Response, Advisory & CAP