Strategic Link Partner, IP Services, Outlines Top Cybersecurity Predictions for 2020
January 28, 2020
Cybercrime is one of the biggest threats facing credit unions today. In fact, a recent report on internet security in financial services found that 50% of all unique organizations affected by cybercrime-observed phishing domains were from the financial services sector. Moving into the new decade, credit unions should continue to prioritize their cybersecurity and remain vigilant and up-to-date regarding best practices.
Strategic Link partner, IP Services, provides credit unions with ongoing research and development to proactively manage their critical IT and cybersecurity systems while ensuring compliance. IP Services’ Next Generation Cybersecurity uses scientifically proven best practices to keep credit unions and their members secure by monitoring and protecting the systems and applications that are the heart of modern business —managed cybersecurity services.
“IP Services offers Northwest credit unions a program that significantly reduces their cybersecurity risk and walks them through compliance and regulatory requirements at the same time.”
– Jason Smith, Vice President of Strategic Resources.
Below, IP Services CEO, Scott Aldridge, breaks down the top five most important cybersecurity predictions for 2020.
- Privileged access will become critical in securing the Internet of Things
We tend to hype certain things when they are new and interesting. Take, for example, the Internet of Things. It’s nothing new and has been around ever since the first computers became connected to all things, but its ability to create security risk is huge.
What has changed are the type of functions of the devices that get connected; the tasks they carry out. In the past, it was computers that had the ability to be programmed or changed to carry out different functions. Whether it be a web application or some type of financial application, today’s devices and hardware are carrying out more specific functions; more targeted, simple tasks, which opens up the door to risk for credit unions.
- Ransomware is set to cause even more sleepless nights
Ransomware is getting more sophisticated. It is evading even the most advanced email security solutions and creating more devastating consequences. What’s more, current security solutions start detecting ransomware attacks only hours after they are executed, which is often more than enough time for the damage to be done. The only defense is an effective offense, meaning near real-time data deduplication off-site is a must. This typically requires a project that consumes time, money, and resources, or partnering to outsource this function with someone that truly understands the financial technical requirements that credit unions must comply with and mitigate against.
- The risk associated with phishing attacks will be security executives’ top concern
We hear it all the time: Security professionals from across the board are looking for solutions to solve the growing risk of phishing attacks. A year ago, malware was generally perceived to be the greatest threat facing businesses. As we enter 2020, phishing attacks are the main concern.
Today, many credit unions look to enhance their email security with the goal of blocking phishing attacks before they infiltrate the perimeter. The bad guys can buy “phishing kits,” which are available on the dark web, along with lists of compromised credentials for targeted attacks, meaning that the volume and sophistication of phishing attacks will increase, too. Data breaches for financial fraud by a phishing attack can have dire consequences for credit unions of all sizes. To put this into perspective, according to Verizon’s 2019 Data Breach Investigations Report, phishing is the number one cause of all data breaches.
- The urgency of detecting threats will immediately rise
Once a threat is delivered, the clock starts ticking. It takes hours and often days for data-driven security solutions to detect never-before-seen threats.
The timeframe in which attacks have the most devastating impact on their victims is from the moment the malicious payload is released until the moment when security solutions detect it. Since it often takes a few hours (or sometimes much longer) for even the most sophisticated security solutions to detect new, never-before-seen attacks, the threat and severity of a successful hack is typically determined within the first few hours. An effective, fully curated Security Information Event Management (SIEM) system, an effective perimeter security intelligence, and an Intrusion Prevision System (IPS) will be imperative to block attacks.
- Known exploits and existing vulnerabilities will be used by hackers
Through 2020, 99% of vulnerabilities exploited will continue to be ones known by security and IT professionals. Credit unions must heed vulnerabilities and patch the systems and applications in a timely matter to avoid the imminent threat of being an easy target. Simply put, this should be mandated by any cybersecurity program or IT management a credit union has in place.
For more information regarding cybersecurity, credit unions can access Strategic Link’s Cybersecurity Resource Center, which is richly stocked with resources that credit unions’ compliance and IT teams can leverage, including:
- Guidance from regulators
- Government and public sector publications
- Operational best practices
- Cybersecurity insurance tips
- Relevant articles