Financial Crime World

Cybersecurity Threats Reach Critical Levels: Automation and Shared Responsibility Key to Mitigation

A recent cybersecurity conference highlighted the significant challenges facing organizations in the face of mounting threats. As automation becomes increasingly crucial in tackling these issues, companies are also shifting security responsibility to other parts of the organization and relying on third-party experts to run security operations.

Top Priorities for Security Teams

The conference heard that identity and access management systems, OT security, awareness training, and cyber resilience programs remain top priorities for security teams. However, the industry still lacks a universally accepted set of standards and regulations, leaving many organizations feeling lost in navigating the complex landscape of cybersecurity.

The Need for a Quantum Leap

Miguel De Bruycker, Managing Director General of the Centre for Cyber Security Belgium (CCB), emphasized the need for a quantum leap in the business world to stay ahead in the ongoing arms race against cyber threats. To support this effort, the CCB is publishing a guide to help organizations improve their cybersecurity maturity and comply with new regulations such as NIS2.

Enhancing Cybersecurity

The CCB’s efforts have been boosted by a recent announcement that Safeonweb will offer a browser extension to verify the identity of website publishers from October 16, 2023. This initiative aims to restore confidence in the internet among citizens and users.

Human Impact of Cybersecurity Incidents

A gripping account of a ransomware attack on TVH by Thierry Driesens, CIO of TVH, brought home the human impact of cybersecurity incidents. The company’s systems came to a complete standstill, causing uncertainty, anxiety, and stress among employees. However, the team remained cool-headed and implemented a plan to recover from the attack, which included setting up a task force, contacting external specialists, and making contact with authorities.

Lessons Learned

Thierry stressed the importance of having provisions in place for unexpected events, including alternative communication channels, adequate insurance, and a plan for crisis management. He also emphasized the need for basic security hygiene measures, such as multi-factor authentication (MFA), to prevent further infections.

Cooperation with Authorities

In conclusion, the panel discussion highlighted the need for cooperation with authorities and the police during cyber incidents. Caroline Frère, head ad interim of the Federal Computer Crime Unit, urged victims not to delay reporting crimes in order to recover quickly, as this can actually sustain the criminal industry. The challenge lies in striking a balance between individual priorities and community security.

Mitigating Cybersecurity Risks

As cybersecurity threats continue to escalate, it is clear that automation, shared responsibility, and a risk-based approach are crucial to mitigating these risks. Organizations must prioritize their cybersecurity efforts to ensure business continuity and protect against the ever-evolving threat landscape.

Bullet points:

  • Identity and access management systems
  • OT security
  • Awareness training
  • Cyber resilience programs
  • Automation
  • Shared responsibility
  • Risk-based approach