Presented By: Corporate Security Information Security Treasury Management

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1 Presented By: Corporate Security Information Security Treasury Management

2 Is Your Business Prepared for a Cyber Incident? It s not a matter of if, it s a matter of when Cyber Attacks are on the Rise; Physical robberies are decreasing Not just an IT issue! Cyber security has shared ownership throughout the organization Cyber Security vs IT Programming 20% of all malware in existence created in 2013; average of 87,000 new strains of malware created each day Only 17% of companies are fully prepared (tools, processes, people) 77% of 360 business leaders surveyed sustained a security breach within the last two years Security is a process, not a solution 2

3 Data is more valuable than money Supply of cyber-attack tools and stolen personal, credit card, and account information is way up; cost is down Retail breaches up (Target, Neiman Marcus, Aaron Brothers, etc.) Rising tensions between U.S. and other nations such as Russia and Iran increasing risk of retaliatory cyber attacks towards U.S. interests

4 TARGET Customers' Encrypted PINs Stolen Encrypted debit card PINs, customer names, credit and debit card numbers, card expiration dates and embedded codes were stolen from over 40 million credit and debit cards used at Target stores between November 27 th and December 15 th, 2013 Security experts say it's the second-largest theft of card accounts in U.S. history Instead of using a PIN, shoppers should opt to use their signature to approve transactions because it is safer Source: Anderson, Mar and Barbara Ortutay. APBusinessWriters.com, accessed December 31 st,

5 Glut In Stolen Identities Forces Price Cut In Cyberunderground Cybercrime-as-a-service has arrived ID theft and bank account credentials are getting cheaper because there is just so much inventory. Supply vs. Demand Stolen identity has dropped as much as 37 percent in the cybercrime underground $25 for a U.S. identity ($40 for an overseas identity) $4 to $8 per stolen credit card account (with CVV numbers) $300 to acquire credentials for a bank account with a balance of $70,000 to $150,000 $400 to get a rival or targeted business knocked offline with a distributed denial-of-service (DDoS)-for-hire attack. Higgins, Kelly J., Dark Reading; November, 2013: 5

6 Modern Day Global Criminal Organization Fast Paced Well organized Leverage the latest in technology Hallmarks of organized crime 6

7 Everyone is Vulnerable Cyber criminals are looking for low-hanging fruit. No business, no individual is immune. 7

8 VIPs Victimized by Corporate Data Breaches is a Widespread Problem How easy is it? A hacker break-in of a limousine rental company has exposed the personal and financial information of more than 850,000 customers, including Fortune 500 CEOs, politicians and A-list celebrities: Tom Hanks, LeBron James, Donald Trump Optimal Target Personal preferences, addresses, and highly sought-after nolimit credit card details Data could be used for well-crafted phishing attempts and has high resale value in the cybercrime underground, tabloid industry, and can even compromise international security The Sunday Morning Herald, November, lebron-james-donald-trump-personal-information-taken-as-hackers-break-into-limo-service hv2cd.html

9 Cyber Security Updates from the FBI As part of its Next Generation Cyber Initiative, the FBI is dedicating more resources and building new tools to counter cyber threats FBI Executive Assistant Director, Richard McFeely, says virtually everyone connected to the Internet will at some point have their computer attacked. He urges businesses to report intrusions to the FBI For private citizens, he advises: Off-the-shelf antivirus software. Have good firewalls set up, and make sure you re downloading security updates 9

10 Technology: Then 10

11 Technology: Now 11

12 Profile of a Hacker Savvy in the technology arena Between the ages of Ability to optimize the use of social media 12

13 Popular attack types and methods include: Botnets (collection of compromised computers; a zombie army) Distributed Denial of Service or DDoS (disruptive attack) Advanced Persistent Threats (network breach and data exfiltration) Malware (SQLi, Trojans, key loggers, fake popups, MitB/ATOs) Social Engineering (phone cons/phishing s, scams, and sites) Ransomware (locked out of system, must pay fee to regain access) Internal Threats (poor data mgmt., system design, and hiring/training) 13

14 The Latest Financial Fraud Trends Compromised accounts Fake pop-up pages requesting user s token password Telephone impersonation of a financial institution's security area and/or client service area, as well as Vendor impersonation Cryptolocker ransom ware encrypts users files Extortion, taking control of your system and requiring payment to get it back Cross Channel Fraud 14

15 What you can do to Protect the Assets of the Business Accounts Risk Management Tools Cyber Fraud Liability Insurance Risk Management Services Protection against check fraud Payee Verify Positive Pay Protection against electronic transaction fraud ACH Positive Pay Multifactor Authentication Independent Review of current System Security Secure Log on, Multi-User Management Controls Daily Reconciliation 15

16 What is most important? Managing our risk exposure Important to Understand Risk cannot be eliminated; only managed and controlled to an acceptable level, as determined by management Ongoing Questions to Consider Include Understanding What is our current risk? Are we doing everything possible to prevent or be able to detect and effectively respond to a cyber attack? Is there anything else we should be doing? Are we and our clients protected as much as possible from the latest foreseeable threats? Are we in compliance? 16

17 Challenges regarding Collaboration Idea of increased cyberthreat disclosure prompts concerns The Securities and Exchange Commission and other regulators are being urged to be cautious in mandating that companies disclose cyberthreats or security breaches. Some executives are concerned that such disclosure could leave firms vulnerable to legal action or other hackers. Experts in financial-services cybersecurity encouraged educating employees and consumers. Cybersecurity "is a corporate issue," said Karl Schimmeck, SIFMA's managing director of financial-services operations. "...It's everyone's responsibility within a firm to maintain security. Make them a part of the exercises that are going on, and feed that into the continuous improvement." Reuters 17

18 Challenges regarding Collaboration Global Markets vs Traditional security Developing P3 s How to interact with Law Enforcement Protecting Data and sharing intelligence How to manage expectations of Clients, Colleagues, and Law Enforcement 18

19 Importance of P3 s Financial Services companies can greatly benefit rom building industry relationships and furthering P3 s CyberSecurity Collaboration to be extended beyond company walls to address common enemies Information Sharing between the private sector and the government is one of the most effective ways to combat cyber crime All Hazard Approach Support Law Enforcement The enemy of my enemy is my friend Leveraging organizational knowledge to build better defenses, Learn from each other, become More Secure Being Vigilant by detecting emerging threats Being Resilient to enable organizations to recover from attacks as quickly as possible Minimize both direct and indirect damages 19

20 TOP TAKEWAYS Create a Culture of Security Evaluate Vendor Cyber Security Controls Develop a Cyber Attack Plan Educate Your Entire Company, Clients/Your Industry Review all Cyber Fraud Liability Insurance Coverage Request a third party security audit of your IT systems Network, Maintain and Develop P3 s

21 We must remain poised and ready for all cyber attacks. Thank You Any Questions? 21

22 Questions? 22

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