CONTINUOUS THREATS IN A COMPLEX LANDSCAPE
As high-value targets for cybercriminals, organizations within the budgetary division continually confront security dangers from both inside and outside source.
Normally, external dangers are induced by people on the screen. They hope to obtain account data by keeping the funding website or VPN connection or by making confusion or understanding the input range to choose the method of entering the online management account framework. Disappointed staff, third-party merchant vulnerabilities or human errors in responding to phishing emails or other social building dangers often create internal security issues.
These modern hazards are focused on attacks to test the usability of education and security groups of budget management institutions. We support budget management organizations through advertising arrangements. Also, we help them easily distinguish, prioritize and supervise feelings of helplessness, and avoid danger in ever-changing security scenarios
Advancing Regulatory Compliance
There is pressure to maintain financial services regulatory compliance. Companies need to understand how to respond to changing economic cybersecurity regulations. Protecting data, effective management of sensitive information, controlling access to systems and payments are some of the challenges. Additionally, managing the viability of commercial enterprises through stress testing is necessary. Ensuring proper roles and relationships
between customers and key stakeholders are other requirements for the currency sector business.
The Sarbanes-Oxley Act of 2002 was created to shield investors by specifically improving financial accountability. SOX has established regulations for those economic institutions that have found violations to increase transparency, reduce fraud and describe the consequences.
Compliance with the “Payment Card Industry Data Security Standards” also played an important role in economic service regulations. PCI compliance guarantees that money providers accept and use price card records to protect account data. The importance of PCI compliance has proven to be a strategic imperative in the money supply sector, and companies are required to verify their compliance with annual vulnerability scans based primarily on the number and size of their card transactions. The ever-increasing needs of the currency service security team may cause pressure to maintain the best cyber attacks, but additionally assume the responsibilities of auditors at all levels of the government.
Cyberarch offers specialized solutions to the financial sector, including TIBER-EU based red teaming services. TIBER-EU (Threat Intelligence-Based Ethical Red Teaming) is a framework developed by the European Central Bank (ECB) to assess and improve the cyber resilience of financial institutions.
Our team of highly skilled and experienced cybersecurity professionals is equipped with the tools, techniques, and methodologies to conduct TIBER-EU-based red teaming exercises to identify vulnerabilities and improve the overall cyber resilience of financial institutions.
Our TIBER-EU-Based Red Teaming Services
The TIBER-EU Framework
The TIBER-EU framework is designed to simulate realistic cyber-attacks and test the effectiveness of an organization’s cyber defense capabilities. The framework is divided into four phases:
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Pre-engagement phase: This phase involves scoping the exercise, identifying the objectives, and agreeing on the rules of engagement.
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Intelligence-gathering phase: This phase involves collecting and analyzing threat intelligence to simulate a realistic attack scenario.
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Red teaming phase: This phase involves carrying out the attack simulation, identifying vulnerabilities, and testing the effectiveness of the organization’s cyber defense capabilities.
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Reporting phase: This phase involves providing a detailed report of the findings, including recommendations for improving the organization’s cyber resilience.
Our TIBER-EU-based red teaming services include:
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Scoping and planning the exercise: Our team works closely with our clients to understand their business objectives and identify the areas that need to be tested.
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Threat intelligence gathering: We collect and analyze threat intelligence to simulate a realistic attack scenario and identify vulnerabilities.
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Red teaming exercise: Our team carries out the attack simulation and identifies vulnerabilities in the organization’s cyber defense capabilities.
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Reporting and recommendations: We provide a detailed report of the findings, including recommendations for improving the organization’s cyber resilience.
Case Study: Cybersecurity Enhancement for FinSecure Services
Overview:
FinSecure Services, a premier financial security firm, has been safeguarding the assets and investments of millions for over three decades. In 2022, they faced a sophisticated cyber-attack that threatened to compromise sensitive financial data, shaking the trust of their clientele.
Business Needs:
In the aftermath of the cyber incident, FinSecure Services identified the pressing need to:
- Undertake a comprehensive analysis of the cyber-attack’s origin and ramifications.
- Bolster their cybersecurity infrastructure to protect against future threats.
- Train staff on the latest cybersecurity protocols tailored for the financial sector.
- Reassure clients about the safety and security of their investments.
Problems and Challenges:
- Complex Financial Systems: Their intricate financial systems, while efficient, had vulnerabilities that were exploited.
- High-Stakes Data: Being in the financial sector, the data they held was of immense value, making them a prime target.
- Employee Vulnerabilities: Despite having a tech-savvy team, there were gaps in their knowledge about advanced cyber threats.
- Regulatory Implications: The breach had potential regulatory implications, given the stringent financial data protection norms.
Solution:
FinSecure partnered with Cyberarch, a leading cybersecurity firm specializing in financial services.
- Breach Analysis: An in-depth forensic analysis was conducted to trace the breach’s source and understand its full scope.
- Infrastructure Overhaul: State-of-the-art cybersecurity solutions were implemented, including AI-driven threat detection and real-time intrusion alerts.
- Targeted Training: Employees underwent rigorous training, focusing on the unique cybersecurity challenges in the financial domain.
- Client Communication Strategy: A transparent communication strategy was adopted to keep clients informed about the measures taken to secure their data.
Benefits:
- Fortified Security: With the new measures, FinSecure’s systems became virtually impregnable, ensuring the utmost protection of financial data.
- Empowered Workforce: The staff, post-training, became adept at identifying and mitigating potential cyber threats.
- Regulatory Compliance: The proactive steps taken ensured that FinSecure remained compliant with all financial data protection regulations.
- Restored Client Trust: Through open communication and demonstrable actions, FinSecure was able to rebuild and even strengthen the trust of their clientele.
Conclusion:
FinSecure Services’ journey underscores the critical importance of robust cybersecurity in the financial sector. Their proactive approach not only safeguarded their clients’ assets but also reinforced their position as a trusted leader in financial security services.