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Cyber threat well understood but organisations lack ‘intelligence’ to deal with it

Posted on July 22, 2013December 30, 2021 by admini

Malcolm Marshall, KPMG partner and head of the firm’s Information Protection & Business Resilience team, said: “Increased awareness of cyber security threats is a positive trend, but indications are that organisations now need to focus on putting into place the fundamentals of intelligence management to gain real value from what they know. These revolve around creating an intelligence-led mindset within organisations, implementing an operating model similar to those employed by the intelligence community and building a decision-making process which is centred on a tightly controlled “information gathering programme”.

“Cyber threat: intelligence and lessons from law enforcement” argues that an intelligence-led mindset establishes a direct connection between the threats and vulnerabilities organisations face and the consequences of their compliance or inaction.

The report also goes on to argue that to embed intelligence-led decision-making, business leaders should follow the example set by law enforcement agencies. For example, rather than simply collating data, KPMG’s report urges organisations to set parameters for the type of information being gathered, so that haphazard approaches to analysis and actions can be avoided.

Link: http://www.investortoday.co.uk/news_features/cyber-threat-well-understood-but-organisations-lack-E28098intelligenceE28099-to-deal-with-it

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Big banks staged mega-cyberattack drill last Thursday

Posted on July 18, 2013December 30, 2021 by admini

An employee sitting at his desk might get a prompt saying, “this bank is having integrity issues with money,” or “you cant make trades over this technical system.” The employee then might role-play talking to an FBI agent — likely an actual one enlisted to help with the drill, said Dave Aitel, CEO of the security firm Immunity, who formerly worked as a research scientist for the National Security Agency.

The financial sector is hoping to prepare itself for a massive, disruptive attack — a growing concern lately, as “hacktivists,” organized cybercriminals and government-spnosored attacks become increasingly large and successful. Though still a far-off doomsday scenario, some security industry experts say the financial sector is vulnerable to cyber-terrorists aiming to damage the U.S. economy. That’s because banks and other financial institutions have to do deal with money flows in real time, with markets hanging in the balance.

Though some skeptical security experts dismissed Quantum Dawn as a PR stunt, SIFMA said the first run was useful in uncovering flaws in the industry’s cyberattack protocols. The trade group found that banks were largely good at sharing information with one another, but bad at making real-time critical decisions for mitigating the threats.

Link: http://money.cnn.com/2013/07/18/technology/security/bank-cyberattack/index.html

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As cyber attacks detonate, banks gird for battle

Posted on July 17, 2013December 30, 2021 by admini

JPMorgan and its peers like Bank of America, Citigroup and Wells Fargo have signed up for Thursday’s drill, which is being organized by Wall Street’s biggest trade group, the Securities Industry and Financial Markets Association, or SIFMA.

They’ll monitor a simulated stock exchange for irregular trading and will be pressed to figure out what’s going on and how to react while sharing information with regulators and each other.

But that was before a wave of cyberattacks last fall, when big banks were forced to temporarily shut down their websites after attackers bombarded them with traffic — akin to overwhelming a phone line with too many calls.

“If you went to banks three years ago, and said, ‘What are your top five risks?’, probably none of them would put cyber on there,” said Karl Schimmeck, SIFMA’s vice president for financial services operations.

The Office of the Comptroller of the Currency, which regulates national banks, recently held a call with community bankers to warn them that they’re not free from danger either: Since September, attacks have been increasingly aimed at businesses with fewer than 250 employees, the OCC says. Customers would have to go through certain steps to get their money back, like filing a claim, showing that they weren’t negligently tossing their account information around and giving the bank time to investigate.

A DRILL BY ANY OTHER NAME: As for the title of Thursday’s drill, the one that sounds more appropriate for an action movie than a bank security exercise, it came about during the creation of the original drill in 2011, which was organized by the Financial Services Sector Coordinating Council.

Link: http://www.seattlepi.com/business/technology/article/As-cyber-attacks-detonate-banks-gird-for-battle-4667972.php

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Companeis lack the ‘intelligence’ to deal with cyber threats

Posted on July 9, 2013December 30, 2021 by admini

Malcolm Marshall, KPMG partner and head of the firm’s Information Protection & Business Resilience team, says: “Increased awareness of cyber security threats is a positive trend, but indications are that organisations now need to focus on putting into place the fundamentals of intelligence management to gain real value from what they know. These revolve around creating an intelligence-led mindset within organisations, implementing an operating model similar to those employed by the intelligence community and building a decision-making process which is centred on a tightly controlled ‘information gathering programme’.

‘Cyber threat: intelligence and lessons from law enforcement’ argues that an intelligence-led mindset establishes a direct connection between the threats and vulnerabilities organisations face and the consequences of their compliance or inaction.

For example, rather than simply collating data, KPMG’s report urges organisations to set parameters for the type of information being gathered, so that haphazard approaches to analysis and actions can be avoided.

Link: http://www.actuarialpost.co.uk/article/companeis-lack-the—–039intelligence—-039-to-deal-with-cyber-threats-5096.htm

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Tackling cyber threats will require regional cooperation (AP)

Posted on June 26, 2013December 30, 2021 by admini

James Clapper, the United States’ director of national intelligence, also reports in the “US Intelligence Community’s Worldwide Threat Assessment” of March that there has been a significant increase in state actors’ use of cyber capabilities, and this could possibly lead to an increase in the probabilities of miscalculations, misunderstandings and unintended escalation. The CSIS report suggests that malicious activity in cyberspace, which could inflame existing tensions or increase misperception and miscalculation among governments of the intent and risk of cyber actions, poses the greatest cyber risk to security in Asia. Furthermore, there is no international or regional agreement on clear and harmonised definitions for what constitutes “cyber security”, “cyber attack” or “cyber defence” – lines between cyber crime, cyber espionage and cyber attack are also ambiguous.

In light of these developments, and in addressing non-traditional security issues, the ASEAN Political-Security Community seeks to promote the renunciation of aggression and of the threat or use of force or other actions in any manner inconsistent with international law.

Confidence-building measures and preventative diplomacy, such as exchanges among defence and military officials, can also be enhanced to ensure escalation does not occur between ASEAN member states or between ASEAN member states and third countries.

A joint EU-US Working Group on Cyber Ssecurity and Cyber Crime was created in November 2010, and the European Parliament Committee on Foreign Affairs report of 2012 calls for accelerating cooperation and exchange of information on how to tackle cyber security issues with third countries, such as its proposals to engage the BRICS countries. The Asia-Europe Meeting (ASEM), whose partners include the ASEAN Plus Three, 27 EU members and the European Commission, can also be engaged to explore these issues of common concern in an open and informal fashion in order to complement bilateral and multilateral cooperation efforts.

Cooperation in tackling cross-border cyber threats should also be included within the ASEM 2012-2014 work programme and placed on the agenda of the 10th ASEM summit, which is due to be held in 2014.

In the future, ASEAN member states should agree a common position on shared norms for responsible state behaviour in cyberspace and the applicability of international law for the use of advanced cyber capabilities and techniques.

Link: http://www.nationmultimedia.com/opinion/Tackling-cyber-threats-will-require-regional-coope-30209055.html

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New Computer Attacks Traced to Iran, Officials Say

Posted on May 24, 2013December 30, 2021 by admini

The Obama administration has been focused on Iran because the attacks have given the Iranian government a way to retaliate for tightened economic sanctions against it, and for the American and Israeli program that aimed similar attacks, using a virus known as Stuxnet, on the Natanz nuclear enrichment plant.

In a letter to the editor of The Times, responding to a May 12 article that reported on the new attacks’ similarity to the Saudi Aramco episode, Alireza Miryousefi, the head of the press office of the Iranian mission to the United Nations, wrote that Iran “never engaged in such attacks against its Persian Gulf neighbors, with which Iran has maintained good neighborly relations.”

American officials have not offered any technical evidence to back up their assertions of Iranian authorship of the latest attacks, but they describe the recent campaign as different from most attacks against American companies — particularly those from China — which quietly siphon off intellectual property for competitive purposes.

The White House would not confirm that Iran was the source, but Laura Lucas, a spokeswoman for the National Security Council, said that “mitigating threats in cyberspace, whether theft of intellectual property or intrusions against our critical infrastructure” was a governmentwide initiative and that the United States would consider “all of the measures at its disposal — from diplomatic to law enforcement to economic — when determining how to protect our nation, allies, partners, and interests in cyberspace.” But Homeland Security was able to issue a broader warning because of an executive order, signed in February, promoting greater information sharing about such threats between the government and private companies that oversee the nation’s critical infrastructure. It said the government was “highly concerned about hostility against critical infrastructure organizations,” and included a link to a previous warning about Shamoon, the virus used in the Saudi Aramco attack last year.

Government officials also say Iran was the source of a separate continuing campaign of attacks on American financial institutions that began last September and has since taken dozens of American banks intermittently offline, costing millions of dollars.

Link: http://www.nytimes.com/2013/05/25/world/middleeast/new-computer-attacks-come-from-iran-officials-say.html

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