This was the 7th series of WebForum which was in line with this year’s International CyberSecurity Awareness Month theme “See you in cyber – #becybersmart” held on 28th October 2022.
“We already have security challenges that we haven’t been able to adequately address,” said Kayne McGladrey, IEEE Senior Member and Field CISO at Hyperproof. “The metaverse is likely to inherit these challenges. For example, phishing and theft of credentials have carried over to the metaverse. We’ve seen NFT and cryptocurrency scams, too, in the metaverse.”
While homomorphic encryption can require lots of computing power, it has a few big upsides. For one thing, according to Kayne McGladrey, IEEE Senior Member, it allows companies in highly regulated industries, such as finance or healthcare, to store data on a public cloud. “As the data remains encrypted in all phases, even a data breach of a third party will not provide a threat actor with access to encrypted data,” McGladrey said.
Based on the Consent Order, firms in this space should be prepared to demonstrate to NYDFS how their compliance programs meet the standards outlined in DFS regulations, particularly the Virtual Currency Regulation, the Money Transmitter Regulation, the Cybersecurity Regulation, and the Transactions Monitoring Regulation. Firms should also ensure that they have documented policies and procedures required by the Cybersecurity Regulation.
In 2010, the Center for Strategic and International Studies (CSIS) published the report “A Human Capital Crisis in Cybersecurity,” which noted “there are about 1,000 security people in the US who have the specialized security skills to operate effectively in cyberspace. We need 10,000 to 30,000.” Twelve years later, the Cyberspace Solarium Commission 2.0 Workforce Development Agenda for the National Cyber Director observed that “in the United States, there are almost 600,000 open cybersecurity jobs across the private sector and federal, state, and local governments — a remarkable gap considering that the field currently employs just over a million professionals.” This is not an encouraging trend.
Identity management of users and devices is key for CISOs to manage the risks associated with unauthorized access to sensitive data and systems, according to Kayne McGladrey, Field CISO at Hyperproof and IEEE senior member. “From a control operations standpoint, the two most important capabilities are the ability to validate a user’s behavior when it deviates from the norm, and the ability to quickly de-provision access when it is no longer needed,’’ McGladrey told VentureBeat.
For example, if a user regularly logs in from Washington State using their Windows-powered computer to access a single program, there’s little reason to prompt them for a second authentication factor, he said. “But when the device changes, perhaps a new Mac computer that’s not configured correctly, or their location suddenly changes to Australia, they should be prompted for multifactor authentication as part of identity validation before being allowed to access those data,” McGladrey said. When a user leaves an organization, their identity access should be rapidly revoked across all platforms and devices. Otherwise, organizations run the risk of a threat actor using the older access and credentials, McGladrey added.
Financial institutions can avoid becoming the next victim of a costly cyberattack by leveraging automation and existing legislation. Automation can help to mitigate risk when handling personal client information by storing records efficiently and securely, Kayne McGladrey, field chief information security officer at Hyperproof, told Bank Automation News. “If you don’t automate, that has a cost, because now people are spending their time doing control testing,” he said. “The organizations that recognize that are going to probably spend a lot less time on compliance and have a happier team, because they’re not doing routine stuff that they should have automated.”
The updates to Noberus are concerning but expected. “This is the new normal. Criminal groups will continue to reinvest part of their profits in research and development to drive the innovation cycle of development and distribution of their unwanted products,” says Kayne McGladrey, field CISO at Hyperproof.
“Choosing the right GRC platform is hard, but knowing what’s most important for you and your organization is key to choosing the right one. Ultimately, what matters most is that you find a platform with all the features listed above that will enable your team to maintain compliance without the headache of manual processes or inflexible legacy solutions.”
Schools also contend with risk born of constant user shifts in the student population. This puts schools in an unusual and unenviable position, Kayne McGladrey, field CISO at Hyperproof, said via email. “Being able to apply real-time policies based on user and device behavior via zero-trust networking becomes critical in this environment,” McGladrey said. Absent these tools, strategies and adequate staff, schools will remain a frequent target for cybercriminals. They could also, at the very least, give schools the confidence needed to refuse ransom demands.
Another issue associated with connected vehicles is around the data they collect and transmit. ”We have seen nation states that want to conduct surveillance, whether on their own domestic population or on foreign populations, use telemetry from hotels, airports, and rental car carriers to determine where individuals are moving,” notes McGladrey. “If it is possible for a dedicated adversary to subvert that communications channel—either directly with a vehicle or by gaining a foothold inside of some telemetry aggregator service, probably the manufacturer—all of a sudden they can know where people are going within in a few feet. If you can associate a user’s identity with their vehicle or location, you have a high degree of fidelity to conduct attacks.”
“This means those organizations facing advanced persistent threats (from nation-states, in particular) now have guidance on how to select quantum-resistant encryption for their highest-secrecy data moving forward,” said Kayne McGladrey, IEEE senior member.