The cybersecurity landscape is undergoing profound shifts, marked by the recognition that complete protection is unattainable. Instead, the focus has shifted towards detection, response, and remediation, epitomized by the XDR movement. In this blog, we delve into the strategies adopted by financial institutions to provide continuous assurance of their cyber posture in response to these transformative trends, including the pivotal role of cyber insurance in mitigating risks.
Here is the verbatim discussion:
thank you bash I I really love your analogy and then the two trends that you've outlined are really bang on and at this point I also wanted to remind our audience please do chime in and comment in the chat window what are some of the trends that you have observed but more importantly what are some of the tactics you're implementing to provide continuous Assurance of your cyber posture and Dave you know speaking of risk mitigation cyber insurance is another strategy many FIS leverage with mitigating risk is cyber Insurance really that important given what BH just talked about and how does it best serve a organization and I generally kind of look for what are those kind of future directional changes so if I think from that perspective there are two major kind of fundamental shifts which are happening in the cyber security industry which is going to be very important for us um to kind of take us towards the moon now one um interesting change is that as as a industry we realize that we will not be able to protect ourselves whatever we do and that is the reason why came up this drive for detection response and Remediation right and nist came up with that and uh um then the entire set of Technologies also moved into that direction so that is if you look at the xdr movement it's part of that fundamental movement which is happening in the industry which is this realization we cannot protect ourselves always there'll be moments when US and Canada and so it's very clear what they have to follow what they need to do and they have steps to do that with with clear direction from from The Regulators both osie and US Regulators that's a really good uh high level overview Dave and Bash based on what Dave just said how have the financial institutions responded to these asks what are some of the ways financial institutions provide for continuous Assurance of their cyber posture you're on mute.
Highlights:
Embracing Detection and Response: Financial institutions acknowledge the inevitability of cyber threats and prioritize detection, response, and remediation. The XDR movement reflects a paradigm shift towards proactive threat detection and swift incident response, enabling organizations to thwart attacks effectively.
Regulatory Compliance and Assurance: Regulatory bodies, such as OSFI in Canada and various regulators in the US, mandate stringent cybersecurity requirements for financial institutions. To comply with these regulations and provide continuous assurance, institutions implement robust security measures, conduct regular audits, and demonstrate adherence to industry standards.
Cyber Insurance as a Risk Mitigation Strategy: In light of the evolving threat landscape, cyber insurance emerges as a crucial risk mitigation strategy for financial institutions. Despite debates surrounding its efficacy, cyber insurance provides financial protection against cyber incidents, complementing proactive security measures and enhancing organizational resilience.
Continuous Improvement: Financial institutions prioritize continuous improvement of their cybersecurity posture to adapt to evolving threats and regulatory requirements. This entails regular assessments, vulnerability scanning, and penetration testing, coupled with proactive measures to address emerging vulnerabilities and strengthen defenses.
Collaboration and Knowledge Sharing: Recognizing the collective nature of cyber threats, financial institutions actively participate in industry forums, share threat intelligence, and collaborate with peers to enhance their cybersecurity posture. This collaborative approach fosters a culture of resilience and adaptability across the sector.
In response to paradigm shifts in cybersecurity, financial institutions are embracing strategies for continuous assurance of their cyber posture. By prioritizing detection and response, complying with regulatory requirements, and leveraging cyber insurance as a risk mitigation strategy, organizations fortify their defenses against evolving threats. Moreover, a commitment to continuous improvement, coupled with collaboration and knowledge sharing, enables institutions to navigate the dynamic cybersecurity landscape effectively. As threats evolve and regulations evolve, financial institutions must remain vigilant and adaptive, ensuring the resilience of their cybersecurity posture in an ever-changing environment.
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.
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
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