Intelligent CISO Issue 19 | Page 4

intelligent security intelligence that transcends borders A intelligent PUBLICATION Securing compa ny email Why busines ses should bolster their email securit y strateg ies. Tool sprawl Exploring how the ‘tool sprawl’ is fast becom problem for companies. ing a security intellig Disaster Recov ence that transc ery How Kuwait Credit Bank has enabled Disaster Recove a cloud-based ry backup system . ends borde rs issue 19 | www.int elligentciso.com HA RANSOMW LTING ARE ATTAC KS INTELLIGENT ENDPOINT SECURITY PARTNER GLOBAL CISO KNOWLEDGE PARTNER INTELLIGENT THREAT MANAGEMENT PARTNER DATA SECURITY PARTNER INTELLIGENT NETWORK SECURITY PARTNER INTELLIGENT BANKING & FINANCE PARTNER GLOBAL INNOVATION PARTNER INTELLIGENT ACCESS MANAGEMENT PARTNER Eliminating the blind spot 36. feature Sascha Giese, Head Geek at SolarWinds industry unlocked industry unlocked Public sector organisations are heavily targeted due to the rich quantity of data they hold. It’s crucial that citizens can trust government organisations not to let their personal information fall into the wrong hands. SIEM tools might just be the answer to this. Sascha Giese, Head Geek at SolarWinds, identifies exactly what a SIEM is and how public sector organisations, including governments, can make the right decision when choosing which SIEM tool is right for them. C Cybersecurity is one of the biggest challenges being faced throughout the public sector today. Keeping the data of the general public safe and inaccessible is not only crucial for maintaining the trust of citizens, but also for ensuring critical and sensitive data doesn’t fall into the wrong hands. The task of maintaining and advancing cybersecurity in a public sector organisation is complex and while no single tool or technology can solve this problem, Security Information and Event Management (SIEM) software might just be the answer to the biggest dilemmas. Spelling it out So, what is SIEM? SIEM tools blend Security Information Management (SIM) with Security Event Management (SEM) capabilities into a single solution, with the intention of providing comprehensive threat detection, incident response and compliance reporting capabilities. SIEM tools work by collecting data from event logs of most devices in an organisation, from servers and firewalls to anti-malware and spam filters. The software then analyses these logs, identifies any anomalous activity and issues an alert – or, in many cases, responds automatically. Specifically, with SIEM software, an IT professional can quickly identify potentially suspicious activity, learn who has been affected and implement automated mechanisms to stop an attack before it affects the organisation. And when the IT organisation in question is part of the public sector, protecting central government data from harm means protecting people across the UK. 44 36 Securing company email 41. expert opinion One tool too many? Getting past the tool glut of the modern enterprise One of the main advantages of SIEM software is how it pulls together data consolidation and centralisation. When data is coming from multiple places – for example, from different departments of a hospital, or across different sites – SIEM software consolidates and analyses this data in its entirety; the IT team can then view all the data from a single dashboard. A single, unified view can help find trends, spot any unusual activity and help establish a proactive (as opposed to a reactive) response. Making the right decision The range of SIEM tools from third- party businesses today is huge, with each offering its own benefits. These tools can provide everything an organisation needs, from Big Data analytics to centralised forensic visibility to Artificial Intelligence-driven behaviour analytics. However, it can be a real challenge to choose a tool to best fit the organisation’s requirements. There are multiple things to consider when choosing a SIEM solution. Some are more obvious than others, such as scalability; IT teams understand the importance of investing in a tool that will grow as the organisation’s needs grow. Cost is also always a major factor, particularly for the public sector where budgets are typically quite restricted. Issue 19 | www.intelligentciso.com HOW BANKS CAN COMBAT IDENTITY FRAUD WITH VERIFICATION 4 INTELLIGENT DATA PROTECTION PARTNER 33. predictive intelligence 33 48 Racing Post, a specialist print and online number of cybert hreats after deploy digital publisher, has protected agains ing a next genera tion endpoint securit t a growing y solution. ENTERPRISE FIREWALL PARTNER Other things to consider may be less obvious, but are just as important, such as: • Does the SIEM provide enough native support for all relevant log sources? It will be integrating a lot of data from a lot of different sources. Be sure the chosen toolset matches well with the types of devices from which it will be collecting and analysing information. • If the SIEM doesn’t have native support for a relevant log source, how quickly and easily can it be created, and can it support custom log sources for applications developed in the organisation? Government IT teams will often have to develop bespoke applications to handle their unique activities, so choose a tool that can easily be extended to support new data sources as needed. www.intelligentciso.com | • How well, and quickly, can the SIEM tool analyse data? The quicker the IT security team can identify and contain threats, the more secure the organisation and its data. Reducing the time to detection (TTD) is critical Choose a SIEM tool with the ability to provide advanced analysis quickly, with little security team intervention to free up their time for other tasks. to prevent exposure, data loss and compromise. Choose a SIEM tool with the ability to provide advanced analysis quickly, with little security team intervention to free up their time for other tasks. • Does the SIEM include useful, relevant, easy-to-use out-of-the-box reports? The value in the visibility provided through SIEM software is the ability to see one report or one chart encompassing a vast amount of data. Be sure the organisation’s chosen tool provides templates that can be easily implemented and just as easily customised where necessary. The quicker the tool is up and running, the quicker security threats can be identified and thwarted. • Does the SIEM make it easy to explore the log data and generate custom reports from this? Out-of- the-box reports are always useful, 44 45 Issue 19 use this information to takeover victims’ accounts or create new bank accounts in their name. Account takeover fraud (ATO) and new account fraud (NAF) saw a major spike last year, increasing 119%. After the 2018 Marriott attack which saw 5.3 million unencrypted passport numbers exposed, the hotel chain provided victims with free identity theft monitoring services, highlighting the threat PII can pose if left in the wrong hands. Despite the increase in identity fraud, banks and financial institutions are still relying on legacy methods of identity verification, such as manual ID verification and static credit agency data checks which are putting customers at risk. Once this data has been exposed, it’s near impossible to prevent it spreading and using it to successfully commit identity fraud becomes an easy task for fraudsters. Identity verification: Moving away from legacy solutions Given the serious implications associated with identity fraud, banks must keep pace with attackers and adopt more modern ways to verify their customers’ identities. But how do they achieve this in a constantly shifting cybersecurity landscape? Legacy verification methods blended with Artificial Intelligence and Machine Learning techniques can offer banks extensive, context-aware identity verification. This includes a multitude 44. industry unlocked SIEM: The solution to the public sector’s security problem? of checks, such as real-time account checking, ID document capture, biometric comparison verification (using a ‘selfie’ to cross-reference with an ID) and device geolocation. This means organisations can analyse in real-time an array of information from several different data sources and digital The days of tediously visiting bank locations to open new accounts are fading. 55. intelligent technologies Identity fraud is a major issue that’s costing the UK banking industry an estimated £1.2 billion, with a new incident of financial fraud being reported every 15 seconds in 2018. Tim Bedard, Director, Security Product Marketing, OneSpan, explores how banks can combat identity fraud by moving beyond legacy approaches to identity verification. T he UK banking industry is facing a million-pound fraud problem, with 2018 seeing new incidences of financial fraud being reported every 15 seconds. Identity fraud in particular has hit record levels in the UK according to national fraud prevention service Cifas, largely as a result of the increasing number of data breaches. However, although fraud cost the British banking industry approximately £1.2 billion in 2018, UK banks and financial institutions (FIs) continue to use outdated approaches to identity verification, which is giving cybercriminals the upper hand. The good news is that technology has evolved to the point where modern 74 identity verification tools are now available for banks to use in their fight against identity fraud. So what are they and what difference will they make? Identity fraud: A modern- day problem Digital banking and payments have revolutionised the banking experience, particularly with the rise of mobile and online banking. However, cybercriminals are quick to adapt their methods to new channels and exploit existing vulnerabilities in devices, illustrated by the 20% rise in mobile banking fraud compared to the previous year. Data breaches are also contributing to the rise in identity fraud, with a single breach having the potential to distribute vast amounts of personally identifiable information (PII) online – a gold mine for cybercriminals who can 62. business surveillance Tim Bedard, Director, Security Product Marketing, OneSpan Given the serious implications associated with identity fraud, banks must keep pace with attackers and adopt more modern ways to verify their customers’ identities. Issue 19 | www.intelligentciso.com www.intelligentciso.com | Issue 19 74 Taking action on cybersecurity: The incident response programme 75 67. decrypting myths 48. feature Kuwait Credit Bank has enabled a cloud-based Disaster Recovery backup system allowing it to respond robustly to unexpected emergencies and prevent loss of critical data. Why security has yet to move from beyond the ‘castle walls’ – and how to do it 71. go phish Paul Anderson, Head of UK and Ireland at Fortinet 74. end-point analysis How banks can combat identity fraud with verification Issue 19 | www.intelligentciso.com