Cybersecurity: Innovation in Business Security

Throughout the whole month of January, fintech times It will explore every dimension in one of the industry’s most pressing topics: cybersecurity.

The Internet industry is full of innovation, keeping pace with new threats and providing solutions for them. Companies, in particular, need to be especially vigilant, often because of the amount of customer data they hold.

Here we spoke to several cybersecurity experts to learn more about innovation in business security.

Elad, Head of Global Defense at Performanta

Elad Sharif, Head of Global Defense in performance He believes that compliance is key when considering business security.

He said, “Innovation in cybersecurity has always been seen as moving away from regular compliance measures in favor of tougher security practices. While security beyond compliance is important, compliance itself is still crucial.

“For business security, innovation must start with employee training and education. Awareness about cybersecurity must be assimilated as the culture within the organization. Mastery of this is at the core of business security innovation.

“As a leader, the responsibility is yours. Constantly ask how you can get creative for cybersecurity measures to work better and invest in the right people and suppliers to lead the way. By creating a security function, your innovation lies in a strong security strategy that you put in place.”

“Ultimately, great attack detection and response is the main goal of business security. Any innovative strategy must keep this in mind above all else.”

digital transformation

Ondato CEO and Co-Founder, Liudas Kanapienis
Leudas Canapenes, CEO and Co-founder of Ondato

CEO and Co-founder of Ondato, Liudas Kanapienis, Digital transformation remains a sticking point for many companies.

He said: “You might reasonably think that most organizations have a digital transformation that is now done away with. But it seems that old habits die hard — 82% of companies still rely heavily on old-fashioned paper-based processes.

“This is because true digital transformation is actually quite complex. It involves two different things: digitizing business services – to serve customers remotely – and digital transformation of business – reframing existing operations with existing or emerging technologies.

“Think of it this way – if something goes wrong, does your customer still need to drive to the bank and fill out forms? If yes, then the transformation is still a work in progress.

Reluctance to abandon the status quo is especially common in large financial institutions, where safety is the name of the game. If the system is working, even if it is outdated, they may prefer to stick with it rather than move on.

“There is no point in innovation just because everyone else is doing it, but how do you know if change is needed? Here are five questions to see if digital transformation should remain on your agenda:

Are your current processes ineffective? According to the Project Management Institute, global organizations waste nearly $3 million every minute due to poor project performance.

Are you using the best current technology? Everyone agrees that email is faster than fax. What about other areas?

“Do you seem innovative to your customers? Look beyond your direct competitors to see if anyone has really solved the challenges you face.

Are you making effective use of the data? Use it and test if you notice improvements. If you find something that works, upgrade.

“Are you still doing things that others do better? There are plenty of service providers that offer complete suites that solve specific business issues you might have.

“As these questions show, while digital transformation is more complex than just serving customers remotely, it is never far from Earth and we can never get to it. And the rewards justify the effort. Digital transformation makes your day-to-day operations more efficient, and increased profits and growth will follow. revenue soon.

There has been significant progress, of course. Surprised to discover how flexible they can be, many companies are faced with the choice of shutting down business operations entirely during the pandemic or finding ways to work digitally and remotely.

“To be clear, serving your customer remotely does not mean that you have achieved a digital transformation.”

ransomware threat

Sebastian Nolting, CEO of RNT . poisoning“In October for European Cyber ​​Security Month, European Cyber ​​Security Agency (ENISA) It published its annual report on the state of the cybersecurity threat landscape. For the years 2020 and 2021, ransomware has been identified as the main threat, especially since it is daunting as the average ransomware fee has doubled. I don’t think I would do anything by saying that 2022 will see this prolific threat unfold and accelerate further and companies should treat this as a question of when, not if, they will prepare accordingly.

“There are many ways to build defenses against ransomware, such as employee awareness and training on phishing, firewalls, and malware protection that build shields against ransomware. However, if these fail, and they fail many times, your last line of defense is persistent storage. I’m sure the new imperative should be that immutable storage should be added to the pool of storage and servers for any company that values ​​its data – and I know that no company can operate without access to its data.

“How your data is secured is a key factor in how much a security breach affects your business and valuable assets. Immutable: Hackers cannot modify, encrypt or delete your backup files, even with full access to the backup server. If your data cannot be tampered with They cannot be encrypted by ransomware, thus neutralizing the threat and reducing downtime as a business.

“As one can imagine, securing data statically is more expensive. However, in the case of ransomware, basing your decisions on a policy of no trust, securing your backups on drives in air-gaps vaults or immutable storage options offered by the major cloud providers (or some of the newer options I won’t address here) can simply eliminate having to choose between paying a ransom or staying in business.”

No need to innovate?

James Burr, Director borse counseling, She believes that “innovation is not really what we need in business cybersecurity.”

He continued, “The vast majority of accidents and attacks are the result of a failure to apply principles and models that have been within our reach for decades, such as least privilege, minimal functionality, asset management, and security by design. Adding more slick and slick technology on top does nothing. To fix the broken foundation underneath everything, except for keeping organizations away from the underlying issues.”

Edwin Bartlett
Edwin Bartlett, CEO of Hicomply

CEO Hycompli, Edwin Bartlett The ideas align with this to some extent, as business security is often thought of as an afterthought. He said:

“The highly regulated financial sector that controls the bulk of our economy’s asset base led to early and much needed technology innovations such as contactless payments and online banking. However, the impact of this technology adoption on business security has often been an afterthought, and in In many cases, it is not caught.

Moreover, the industry is becoming more decentralized, so we are now in a situation where many competing banks and payment gateways, such as Stripe, have opened the market. Obviously, this is great for the industry and the consumer, but it also creates many points of contact and more opportunities for detecting and exploiting business security issues. This is where innovation in finance really created a challenge!

“There is currently a lot of innovation in banking governance, with technologies like blockchain being used to allow identity verification between two institutions. However, for business security, the next big opportunity for innovation has to be internal and much more about people, processes and how they work. Many organizations have to adopt a robust information security framework, as it is seen as costly and time consuming.

“Innovation in solving this challenge has been rapid over the past 12 months, allowing a major step to be taken on how companies position themselves and get their entire organizations involved in and operationalizing their security processes, rather than a single department or person in charge of the whole organization — a nearly impossible task. big.

“For example, financial sector companies and fintech companies own many digital assets that need protection, whether it is IP, computers, networks, or personal data of customers. Consider conducting a comprehensive business risk assessment to determine if these assets are secure and identify Weaknesses and areas for improvement It is an area ripe for business security innovation, where you can anticipate and better understand what is likely to happen, using AI technology to predict those potential risks.

In line with this, AI can be used to understand which errors are most likely to go wrong from a business security perspective. Doing so will allow organizations to predict and prevent security incidents using predictive risk assessment.”

  • Polly Jane Harrison

    Polly is a North Wales journalist, content creator and opinion-maker. She has written for a number of publications, usually hovering around the topics of fintech, technology, lifestyle and body positivity.

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