The cybersecurity landscape has undergone fundamental shifts, with attackers targeting organizations of all sizes and deploying continuous, sophisticated tactics. In response, the industry is witnessing a movement towards continuous defense strategies, exemplified by the rise of XDR (Extended Detection and Response) and the paradigm shift embodied by concepts like zero trust. This blog explores these transformative trends, emphasizing the imperative for organizations, particularly financial institutions, to embrace continuous security measures to mitigate evolving threats effectively.
Here is the verbatim discussion:
there's some fundamental shifts one is it doesn't matter whether you're big or small ransomware guy can attack you and the second change is that these attacks are continuous unlike five years back today the attackers have gone continuous and the moment a new CV is out they're building scripts and scanning the entire internet today there is showan through which you can go and find out which are those vulnerable assets and then there are this bu Bounty programs which feeds this information to the Bounty Hunter so this information of your exposed assets are being continuously sent to them so attacks are continuous that's the second thing now because attacks are continuous our defense also has to be continuous so there is also a movement which is happening in the industry which is the continuous movement one is the xdr movement and the other is the continuous moving to continuous movement and that is happening in many different shapes and forms like if you look at the zero trust and zero trust I consider is a very bad name because most people misunderstand what zero trust is they consider it's like zero trust you don't trust I mean that's not the idea the idea about zero trust is continuous evaluation of trust so that means that you give the password and I'm trusting you right now but if you behave differently I'm going to remove my trust like your trust is going to change so trust is now evaluated continuously so zero trust a better name could have been continuous trust rather than zero trust so look at zero trust even though zero trust looks like something uh but on underlying theme is I and bs7799 Etc if you all remember just before the audit people used to go and get all these printouts and create all these artifacts and show like yes we have something I'm talking about very early days right but now The Regulators are much more mature and they just don't stop there they would like to see the program do you have it's not like you went to gym once do you have a program that you're going to gym every day that's what they want to see because they they're really kind of looking at the Health uh of the cyber security organization and from that perspective there are a lot of things which are essential so one thing which I would suggest is like of course build the program but then see how that program can be made very repeatable and also how can you continuously improve upon that that is another organization so absolutely a must and I would see in in some regions that this would become mandatory depending on um depending on your business it's already become mandatory in some some areas um so yes definitely a tool that needs to be put in place yeah that makes sense and how can financial institutions best demonstrate their actually adhering to security standards and and compliance Frameworks how are these standards maintained and updated and I know bash you said you're not a standards guy per se but would you like to kick off the answer and then we'll have uh Dave expand on that.
Highlights:
Continuous Threats: The evolution of cyber threats transcends organizational size, with ransomware attacks and continuous scanning becoming ubiquitous. Threat actors leverage automated tools and exploit vulnerabilities promptly, necessitating a paradigm shift in defense strategies.
Continuous Defense: In response to the relentless nature of cyber threats, organizations are adopting continuous defense mechanisms. Concepts like zero trust advocate for the continuous evaluation of trust, reflecting a departure from traditional perimeter-based security models towards dynamic, context-aware approaches.
Compliance and Standards: Regulatory bodies demand more than mere compliance; they seek assurance of robust security programs capable of withstanding continuous threats. Financial institutions must not only adhere to established standards and frameworks but also demonstrate the repeatability and continuous improvement of their security practices.
Maintaining and Updating Standards: While compliance with standards and frameworks is essential, organizations must go beyond checkbox exercises. They must establish processes for maintaining and updating standards, ensuring alignment with evolving threats, regulatory requirements, and industry best practices.
Demonstrating Adherence: Financial institutions face the challenge of demonstrating adherence to security standards and compliance frameworks effectively. Beyond documentation, they must showcase the operationalization of security measures, highlighting a culture of continuous improvement and resilience.
As cyber threats evolve in sophistication and frequency, financial institutions must adapt their cybersecurity practices accordingly. Embracing continuous defense strategies, such as those embodied by concepts like XDR and zero trust, is essential to thwarting relentless attacks. Compliance with security standards and frameworks is necessary but insufficient; organizations must prioritize the repeatability and continuous improvement of their security programs. By demonstrating operational adherence to security standards and fostering a culture of continuous improvement, financial institutions can bolster their resilience against the evolving threat landscape and enhance trust with stakeholders.
Speakers:
Bikash Barai is credited for several innovations in the domain of Network Security and Anti-Spam Technologies and has multiple patents in USPTO. Fortune recognized Bikash among India’s Top 40 Business Leaders under the age of 40 (Fortune 40-under-40).Bikash is also an active speaker and has spoken at various forums like TiE, RSA Conference USA, TEDx etc.Earlier he founded iViZ an IDG Ventures-backed company that was later acquired by Cigital and now Synopsys. iViZ was the first company in the world to take Ethical Hacking (or Penetration Testing) to
the cloud.
https://twitter.com/bikashbarai1
https://www.linkedin.com/in/bikashbarai/
Ms. Nasheen Liu strong reputation in the Technology community is built upon her proven track record as a leader who practices what she preaches. Results driven, focused, determined and creative, Ms. Liu approaches business management with integrity, sound common-sense principles and unconventional strategy. Ms. Liu’s expertise in technology marketing, C-suite conversations and executive branding in the digital age makes her a well-rounded knowledge expert, a skilled listener and an excellent communicator.
https://ca.linkedin.com/in/nasheenliu
https://twitter.com/CsuiteDialogue
Dave Lawy, based in Toronto, ON, CA, is currently a Managing Director at Quantum Smart Technologies, bringing experience from previous roles at Harvard Business Review and Gartner Research Board. Dave Lawy holds a McGill University. Dave Lawy has 6 emails and 1 mobile phone number on RocketReach.
https://ca.linkedin.com/in/davidlawy
Pritha Aash, managing parts of content strategy and marketing in a startup called FireCompass. The team has built things first time in the world and i'm overexcited to be part of it. I decided to share some of it and more. I'm an Information Technology Engineer. Prior to that I did my schooling from Sri Aurobindo, Loreto House, Loreto Convent Entally, Kolkata. I like to volunteer in interest groups, communities to help the world we live in be a better place. Currently volunteer at WWF, Khan Academy, SaveTrees.
https://in.linkedin.com/in/prithaaash
https://twitter.com/prithaaash
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