To battle against a surge in cybercrime during the COVID-19 pandemic, enterprises need to take several steps, including periodic vulnerability and risk assessment tests and regular audits, says Rajan Pant, founder of IT-SERT of Nepal. Pant also is calling on the government to take action.
The identity and access management strategy for the remote workforce should ensure contextual authentication to establish the credentials of the users, apply risk-based authentication for measuring user risk profiles, and establish a multifactor authentication mechanism, a panel of experts says.
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To help prevent cyberattacks, Bangladesh is likely to launch a computer emergency response team, or CERT, for its financial sector this year, says Debdulal Roy, executive director of Bangladesh Bank. But the timing will depend on how long the COVID-19 crisis continues.
In a video interview, a panel of experts describes why implementing a "zero trust" architecture for the remote workforce during the COVID-19 pandemic requires redefining access control and security strategies.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
A sophisticated, highly targeted phishing campaign has hit high-level executives at more than 150 businesses, stealing confidential documents and contact lists, says security firm Group-IB. The campaign, which targets Office 365 users, appears to trace to attackers operating from Nigeria and South Africa.
The average ransom paid by victims to ransomware attackers reached $111,605 in the first quarter of this year, up 33% from the previous quarter, reports ransomware incident response firm Coveware, which sees the Sodinokibi, Ryuk and Phobos malware families continuing to dominate.
The notorious carder marketplace Joker's Stash is advertising a fresh batch of 400,00 stolen payment cards issued by both South Korea and U.S. banks, warns Group-IB. It says that on average, stolen APAC payment card data sells for five times more than stolen U.S. payment card data.
The lines are rapidly blurring between traditional fraud and rising cybersecurity threats. Financial services leaders are challenged to find ways to rapidly increase visibility across their environments while accelerating responses to threats effectively and efficiently.
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To deal with the problem of "shadow IT" during the COVID-19 pandemic, organizations should put in place redefined compliance and governance policies, take a multilayered security approach and adopt a security framework to prioritize risks, a panel of three experts advises.
Singapore's open banking effort has expanded the attack surface, and the only effective defense is to enhance threat intelligence sharing among banks, retailers and third parties, says Tom Wills, a Singapore-based cybersecurity practitioner who is a consultant for financial institutions.
To ensure business continuity, companies that support India's critical infrastructure need to validate the functioning of the security controls and other tools deployed to support the remote workforce during the COVID-19 pandemic, says Mumbai-based Shivkumar Pandey, group CISO at the Bombay Stock Exchange.
As CISOs in India scramble to deal with challenges related to the COVID-19 crisis, they're discovering effective strategies. For example, they're adopting the "zero trust" model for the remote workforce and devising ways to deal with the security issues raised by "shadow IT" and "free software."