CYBER SECURITY. ADVISORY SERVICES Governance Risk & Compliance. Shemrick Rodney IT Specialist Consultant Antigua & St. Kitts

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1 CYBER SECURITY ADVISORY SERVICES Governance Risk & Compliance Shemrick Rodney IT Specialist Consultant Antigua & St. Kitts

2 The Financial Services Industry at Crossroads: Where to From Here? WELCOME What initiatives have your institution employed recently to address cyber attacks? Grant Thornton International Ltd All rights reserved.

3 Presenting today Shemrick Y. Rodney Consultant, Advisory Services IT Grant Thornton (Antigua & St. Kitts) Professional qualifications and memberships Certified Information Systems Auditor (CISA) Member - Information Systems Audit and Control Association (ISACA) Education B.Sc. Computer Science & Accounting (Double Major) University of the West Indies, Barbados

4 Agenda 10 Minutes 1. Introduction 2. What is Cybersecurity? 3. Why do we need Cybersecurity? 4. Who is responsible? 5. Questions the board should be asking. 6. Major Treats. 7. Cyber Crime 1. Slow to Respond 2. Failing to Act 3. Defending Yourself 8. Methodology & Steps to protecting assets 9. Conclusion

5 INTRODUCTION The Financial Services Industry at Crossroads: Where to From Here? Our view point currently for Cyber security is as follow: The increase in recent data breaches, successful hacking attempts, and compromised confidential and private information, highlights that conventional preventative controls, which provided robustness of systems, are no longer sufficient and requires an increase in detective and corrective controls to ensure resilience in a control environment.

6 INTRODUCTION International research shows: Attacks are becoming increasingly destructive and fully expects a business to fail in 2015 due to the financial consequences of a cyber-attack. Between 2006 and 2013 there was a five-fold increase in cyber-insurance purchases. Current estimates suggest the global cyber-insurance market is worth more than $1 billion.

7 WHAT IS CYBERSECURITY? It is helpful to think of Cybersecurity as a component of Information security. By definition: Cybersecurity is a critical component in any IT strategy and it encompasses technologies and processes specifically designed to protect data, computers and networks from UNLAWFULLY access or stealing data through the Internet. NB- Cybersecurity unlike Information security is concerned with protecting DIGITAL assets.

8 WHY CYBERSECURITY? KEY OBJECTIVES: (CIA) CONFIDENTIALITY, INTEGRITY AND AVAILABILITY NONREPUDIATION / ACCOUNTABILITY If business needs and technology are not aligned then cyber risk is introduced by the lack of or weak controls to the operational environment of our organizations.

9 WHY CYBERSECURITY? Cyber-attacks are set to grow in their number and nature. Contributing factors that converge to increase the risk of such attacks are: The push towards globalisation, the blurring of business and country borders and with the integration of technology systems;

10 WHY CYBERSECURITY?

11 WHO IS RESPONSIBLE? Cybersecurity is the responsibility of the entire organization at every level!!! The board, the CEO, and heads of business NOT just the IT department, EVERYONE across the organisation should be aware of and understand the role that they have to play in making their firm cyber-secure.

12 QUESTIONS THAT BOARDS SHOULD BE ASKING So what should the board be asking their cybersecurity teams? What do CEOs and other C-suite professionals need to know about? 1. What are the current cybersecurity threats that the organization faces and how could they affect the business? 2. How and when is the board informed about the current cybersecurity threats that the organization faces, and how they could affect the business? 3. How does the organization address cybersecurity threats? 4. How is the cybersecurity team supported by the board? 5. Is the organization s cybersecurity posture based on international best practices and industry standards?

13 CYBER THREATS Employees Lack of knowledge & training Every employee is a Potential Target - Employees (authorized or unauthorized) Affiliated with the organization and given system access based on job responsibilities, these individuals can cause significant harm to an organization. Cybersecurity is not an external issue with disgruntled employees who are behind our firewalls and have access to information.

14 CYBER THREATS Malware Viruses, Worms and Spyware/Malware These are bad software that gets injected from inside. Destructive Malware (Viruses & Worms): the kind that gets deposited unknowingly and then wipes out operating systems and causes ciaos. Traditional Spyware/Malware: is what comes in unapproved and steals information without you knowing and takes away credentials.

15 CYBER THREATS Denial of Service (DoS) DoS attack aims at preventing normal communication with a resource by disabling the resource itself. The most common form of DoS is to flood a victim with so much traffic that all available resources of the system are overwhelmed and unable to handle additional requests. Signs: Unavailability of a resource Loss of access to a website Slow performance Increase in spam s

16 MOTIVE OF CYBER CRIME New Grant Thornton research suggests the direct impact of cyber-crime is now costing companies more than $300 billion a year globally. Whilst financial gain is the main motive behind cyber-crime; hackers are also launching attacks for a number of other reasons. Other motivating factors include: a growing degree of political, economic, social and job opposition across the world.

17 CYBER CRIME - SLOW TO RESPOND Governments response to cyber-crime has, on the whole, been slow and inadequate. What's needed? Clearly, governments and regulators need to play a much bigger part in identifying cyber-attacks as a business risk, as well as educating their people of the dangers. Government agencies need to improve their collaboration with each other, while rules across different jurisdictions need to be harmonised. The private sector needs to play its part, too.

18 CYBER CRIMES IN THE REGION ]Jamaica, Credit card and debit card fraud cost commercial banks over J$34 million (US$300,000) during the first 5 months of this year. In 2010, a well known bank recorded losses of J$150 million (US$1.5 million) due to credit card and debit card fraud. In 2013, another Caribbean bank suffered a data breach when hackers were able to access the bank s records which potentially exposed the personal information of its customers. The island s government websites in 2014 also recently suffered from at least 10 attacks, weeks apart, which prompted the Government to implement a series of cyber security measures in a bid to prevent further attacks.

19 CYBER CRIMES IN THE REGION Barbados In 2013, two Bulgarian nationals stole over BDS $300,000 (US $150,000) from several ATMs on the island, affecting countless individuals. Most Caribbean Islands, there have been acts of ATM fraud, credit card security breaches, and multiple hacks on governmental websites, including Parliament s website, within the last 4 years.

20 CYBER CRIMES IN THE REGION FAQ: Cyber criminals are becoming attracted to our jurisdictions due to: lack of or inadequate cybercrime or computer crime legislation which would properly address new and more advanced cyber attacks. This makes the Caribbean a prime target.!!!!

21 CYBER CRIME - FAILING TO ACT What is at risk when systems are breached? The very survival of your organisation. Long-term reputational damage, and loss of trust. Operational damage can last for months. For example, when US entertainment giant Sony was hacked in 2014, it couldn t deliver audited financial statements at the beginning of 2015 because its systems were still down.

22 CYBER CRIME - FAILING TO ACT Why companies fail to address cyber security? The lack of experience and awareness at board and senior management level. We have nothing worth stealing.

23 CYBER CRIME DEFENDING YOURSELF Is Cyber-Risk in your enterprise risk management programme? Cyber-security should be in every organisation s top five, if not top three, business risks, as a matter of best practice. Organisations who fail to appreciate this risk are not prepared. With growing risks and no comprehensive strategy in place to prevent cyber-crime your organisation would be placing themselves in the firing line.

24 CYBER CRIME - DEFENDING YOURSELF There is no one-size-fits-all approach to cyber-security, but the strategies that work are built around three pillars: People Processes Technology Educate their people to be their first line of defence; Building a culture of security awareness; Organisations that get this right: Implement the right security processes; Use technology to enforce those processes, where necessary.

25 CYBERSECURITY METHODOLGY IDENTIFY PROTECT DETECT RESPOND RECOVER Grant Thornton s cybersecurity methodology leverages the NIST cybersecurity recommendations as the benchmark to your security program. Initial assessment Map the Framework to your organization s current risk management processes and procedures, Determine the organization s current cybersecurity profile and Leverage the framework as an overlay to your organization s existing practices.

26 KEY FUNCTIONS OF THE FRAMEWORK IDENTIFY PROTECT DETECT RESPOND RECOVER CYBERSECURITY FIVE (5) KEY FUNCTIONS 01 IDENTIFY Use organizational understanding to minimize risk to systems, assets, data and capabilities. 02 PROTECT Design safeguards to limit the impact of potential events on critical services and infrastructure. 03 DETECT Implement activities to identify the occurrence of a cybersecurity event. 04 RESPOND Take appropriate action after learning of a security event. 05 RECOVER Plan for resilience and the timely repair of compromised capabilities and services.

27 Conclusion Where to from here? Expect that it is going to happen. We are dealing with a changing set of criminals and risks. If your organization is not discussing cyber risk on an annual basis; they are not performing due care. It takes vigilance from every employee within our organization to ensure information security. When looking at Governance as it relates to cyber security, what mechanisms and assurances do we have in place? How do we prepare our employees as well as our clients and vendors to/from the possibilities of cyber crime?

28 Questions & feedback

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