Cybersecurity Trend for 2017

Week 11 Blog – Hai Pham

Cybersecurity Trend for 2017 that company will focus to increase security for customers.

Target attack on entry point is one of the most popular attack nowadays.  As we can see now that many organization growing their services and businesses by using the third parties.  It is due to the time and cost saving, having larger resource network, gaining more expertise from third party, company can focus on their core products, having more flexibility and scalability.  However, beside those good and strong points of using third parties, the third party often have many security holes or week protections that so vulnerable and would very easy to become the victims for hackers to take advantage and attack.  With that, companies when working with third parties, they should also require much higher of security level before they should work with.

The current trend on security threat is less sophisticated malware and more on social engineering threat is happening now.  Cybercriminals are changing the method of attack by using the less simple and work but still affect more by using social engineering to attack.  The trend on the leading back show 75% incident on fraudulent with social engineering now and only 17% with malware.  Hackers switch to use a simple way with less effort and cost less but still making the same “profit”.  With that, financial institution will change accordingly to adapt with the threats on social engineering.

Compliance and Penetration testing are another key fields that financial institution should focus on.  Both compliance and Pen test increase the security and eliminate the risk of attack.

We might never have thought but insider operatives are actually the big threats.  Many employee can be exploited by criminals or even the third party.  Employee leak out data or information or sometime sell access to the criminals.   Once the hackers can get inside the network, they can steal or damage big things.

References:

Karpersky.  Cybersecurity in financial institutions 2016 — and what 2017 holds.  (2017).  Retrievd on 5/15/2017 from https://www.mitchellsny.com/blog/the-advantages-of-outsourcing-logistics-to-a-third-party/