Integrated Risk Management Archives - Infosecurity Outlook

SecurityScorecard forms Partnership with Tenable to Deliver Complete Cyber Risk Monitoring

Posted on August 24, 2021 by admin

SecurityScorecard, the leading security ratings firm, formed a partnership with Tenable, the Cyber Exposure company, to provide a holistic view of a company’s risk posture by combining Tenable’s visibility and depth of analytics into enterprise networks with SecurityScorecard’s external cyber monitoring. CISOs, IT directors, and security teams can now examine their SecurityScorecard rating, evaluate their external cybersecurity health, and analyze their risk posture from within the Tenable Lumin dashboard as a result of this partnership.

“Understanding your up-to-date risk posture has become a necessity in a world that’s increasingly more complex, dynamic and transient. We’re excited to partner with SecurityScorecard to give customers complete visibility into the risks that exist inside and outside their environment, and guidance for how to most effectively reduce that risk, all in a single platform,” said Ray Komar, vice president of technical alliances, Tenable.

Cybersecurity testing processes that are performed on a one-time or periodic basis have become obsolete. Today’s cyber threats vary by the minute, so businesses need a solution that can keep up with the fast-paced nature of cybersecurity by continuously monitoring for vulnerabilities and assessing the security posture and cyber resilience of the entire organization.

“Organizations must be proactive to address cyber breaches, and security ratings are the foundation to measuring and understanding security resilience in real time. “Together, SecurityScorecard and Tenable are advancing a new standard for continuous monitoring by blending external and internal risk assessments, which provide organizations with a holistic view into the risks that exist in their environments,” says Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard.

Tenable Lumin’s strong analytical capabilities for risk assessment are combined with SecurityScorecard’s real-time visibility of external vulnerabilities in this integration. Clients of Tenable Lumin may now use real-time updates to construct external risk management and threat detection playbooks, enabling them to properly identify and respond to threats and risks.

Clearlake Capital invests in RSA

Posted on August 13, 2021 by admin

The Clearlake Capital Group made strategic equity investment in RSA Security LLC. RSA is a worldwide provider of mission critical cyber security solutions, governance risk and compliance management tools to businesses. Clearlake joins Symphony Technology Group as an equal partner, having acquired the company from Dell Technologies in 2020 alongside Ontario Teachers’ Pension Plan Board. The Ontario Teachers’ Pension Plan continues to be a large minority shareholder. The transaction’s terms were not released.

The strategic equity investment in RSA Security LLC by Clearlake Capital Group, L. P. has been completed. RSA is a worldwide provider of mission critical cyber security solutions, governance risk

RSA offers enterprise risk, security and fraud teams to manage digital risk in a comprehensive manner, including threat detection and response, integrated risk management, identity and access management and omnichannel fraud prevention.

“Clearlake’s investment in RSA comes at an opportune time and will support the Company as it looks to accelerate innovation in the key cybersecurity and risk management markets in which we operate. We are thrilled to partner with Clearlake and look forward to leveraging their proprietary O.P.S.® framework to continue to deliver best-in-class software to a large and growing global customer base,” said Rohit Ghai, Chief Executive Officer of RSA.

“RSA is a pioneer in the cybersecurity and risk management markets and its mission critical software solutions are more relevant than ever in today’s marketplace. We believe the robust market growth and strong secular tailwinds underpinning RSA’s leadership position as well as STG’s successful efforts to establish RSA as a standalone company have positioned the Company well for continuing to serve its blue-chip customer base. We look forward to partnering with STG in transforming the business and investing to accelerate both organic and inorganic growth,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake.

William Chisholm, Managing Partner of STG said, “Clearlake’s distinguished track record of investing in leading software companies, as well as their deep understanding of the growing importance of RSA’s risk and cybersecurity solutions in the digital age, made them a perfect partner for us in helping RSA during its next phase of growth.”

CYE and OTORIO partners to offer a single-pane solution to tackle the rise of industrial ransomware

Posted on July 28, 2021 by admin

CYE, the industry leader in cybersecurity optimization platforms, announced a partnership with OTORIO, a company that provides next-generation OT cyber and digital risk management solutions, to offer an integrated solution to businesses with converged IT/OT/IOT environments looking for prompt ransomware protection. This collaboration intends to assist clients in turning more stringent US government laws for critical pipeline owners and operators into practical cybersecurity plans, as well as developing practical actions to improve their cyber hygiene and overall security postures.

Ransomware cyberattacks on industrial enterprise firms and essential infrastructure have increased significantly in recent months, notably the Colonial Pipeline attack, which created fuel shortages across the East Coast of the United States for almost a month and resulted in a $4.4 million ransom payment. Other essential industries, such as water utilities, hospitals, and financial organizations, have also been impacted by these accidents. In response, the US National Security Council released a report urging cyber leaders to help protect against the threat of ransomware, emphasizing the private sector’s unique role in supporting the federal government in securing critical assets against attack, and highlighting that no company, no matter how large, is immune to attack.

One of the most significant issues facing pipeline operators today is gaining a comprehensive awareness of network assets, including those who have access to their infrastructure. CYE and OTORIO give cyber visibility across all IT, OT, and IOT environments, assessing risks, identifying exposures, and developing long-term cybersecurity best practices, based on the principle that you can’t defend what you can’t see. The solution is fully automated, making compliance and risk management much easier. Furthermore, CYE and OTORIO enable enterprises to drastically minimize risks while lowering costs by proactively identifying exposure and potential attack vectors and fixing them before they become breaches.

“The partnership with OTORIO comes at a time when we see a significant uptick in ransomware attacks on companies providing critical services to the public. CYE aims to alleviate the burden on companies that can’t afford operational downtime, while giving them peace of mind that they are protected against any future need to pay a heavy ransom,” said Reuven Aronashvili, CEO and founder of CYE.

“Cybercriminals have become as powerful as nation-state adversaries, posing a real threat to operational continuity,” said Daniel Bren, CEO and co-founder of OTORIO. “Building on OTORIO’s extensive experience protecting industrial and mission-critical environments, our joint solution simplifies cybersecurity for converged IT/OT/IOT environments by adopting a proactive risk-reduction approach instead of traditional intrusion detection and response methods.”

Integrated Risk Management Platforms – All You Need to Know

Posted on April 23, 2021 by admin

Defining risk

A risk is defined as “the potential for loss due to uncertainty” or “the possibility of something bad happening due to lack of security”.

From these definitions, we can safely incur, that to reduce risk, organizations should not only be extremely risk-aware, but also have impeccable security measures in place. In order to make organizations guarded from various types of risk, (Material/Physical Risks, Cyber Risks, Reputational Risks, Legal Risks, or Operational Risks) there are several measures that can be put in place – one of them being ERM or Enterprise Risk Management.

ERM is the practice of analyzing potential risk and creating a plan to control risk-eliminating activities. It helps view risks from a bird’s-eye view – at an organizational level – and create strategies that ensure mitigation of risk.

However, with the digital revolution unfolding, information/data dependency has drastically increased. This also means that the IT or Cyber-risks are rapidly evolving and call for a comprehensive methodology to deal with them.
Integrated Risk Management (IRM) specializes in handling the risks prevalent in an organization’s technological infrastructure. While it still includes multiple elements of Enterprise Risk Management, it takes a more polished, all-encompassing approach to risk management. It equips an organization to acknowledge, understand, and curb their distinct risk scenarios.

The correct implementation of IRM is highly dependent on an organizations’ risk-awareness and ability to –

Create and implement governance, risk assessment, and risk ownership framework.
Identify upcoming risks internally and externally.
Create and implement a response strategy.

Continuously monitor business objectives, update governance policies in accordance with goals, remain updated on new types of risks and threats, and comply with regulations.
Adopt the correct IRM solutions to build a strong and unified risk management architecture.

What are Integrated Risk Management Platforms?

Traditionally, GRC (Governance, Risk, and Compliance) Platforms took a siloed approach to risk management. This often led to negligence of important details and increased vulnerabilities.

GRC Platforms helped manage –

Governance – The framework of rules and guidelines that create a foundation for all business practices.
Risk – The possibility of an organization facing losses due to negligence, breach, non-compliance, or poor governance.
Compliance – Following the framework of rules established to ensure governance and reduction of risk.

As time has passed, GRC platforms have morphed into being more flexible, less siloed platforms. They now view risk management as a whole – with governance and compliance being an integral part of the risk management process. These evolved Governance, Risk and Compliance (GRC) Platforms are now known as Integrated Risk Management (IRM) / Centralized Risk Management (CRM) Platforms.

Integrated Risk Management Platforms help organizations cope with their ever-increasing risk management needs. The various functionalities of IRM Platforms are listed below –

Manage risks across data security, cyber security and compliance areas spanning across various locations or sources.
Standardize risk assessment methods and risk management frameworks across siloes to unify risk management practices across business functions.
Provide visibility into threat exposure, risk interconnections, vulnerabilities and their impact on overall security measures.
Create an internal audit process to provide specialized risk assessments and insights.
Create a tracking framework dependent on business policies to make compliance and data usage ethics stronger. This tracking also helps locate and remedy violations.
Store all the data required to monitor risks securely on a centralized database.
Create risk libraries that catalog the most critical risks and provide accurate and actionable data pertaining to the threat history for an organization.
Analyze risk-related data and present comprehensive reports with heat maps, risk summaries and risk-control dashboards.
Automate risk management tasks, deliver reminders and record events.
Highlight compliance related risks through continuous monitoring and real-time updates.

Apart from these, IRM systems can also manage end-to-end third-party risk assessments by reaching out to external databases and gathering information continuously to help organizations mitigate risks.
Integrated Risk Management Platforms are advantageous because they help organizations to reduce the manual labor that goes into ensuring information security for an enterprise. Additionally, there are multiple other advantages that automating risk management can bring.

Identify and analyze risks at the organizational level and create a strategic plan for risk management.
Execute risk management and compliance policies.
Speed up decision-making by providing a comprehensive list of the risks and pain points involved.
Create a bridge between the planning and execution of governance and compliance policies.
Become and remain risk-aware and proactive in risk management.

How can Banks Combat & Mitigate the COVID-19 Fraud Attacks

Posted on April 14, 2020 by admin

Coronavirus is continuing to impact several lives of people and the economy worldwide; fraudsters are busily engaged in phishing and scamming mayhem. Both coronavirus and coronavirus scams can affect your health and finance. While the world is trying to deal with the threat of COVID19, cyber-criminals are coming with innovative ways to perform sophisticated frauds based on the continuing COVID – 19. Across the globe, people are working remotely with limited security features as opposed to working in the office. Everyone is in quarantine and following the social distance protocol. Owing to which everyone is shopping online for their daily needs. It is quite evident now customer shopping behaviors worldwide have changed and will persist in doing so in the times ahead. Doubtlessly, cybercriminals will keep following the trends of consumers and adapt their plans appropriately.

In most companies, fraud is identified post it happens; it’s imperative for financial organizations with the rise in technology, fraud detection, and mitigation takes place in real-time. They should adopt a real-time fraud management solution that can be tailored in accordance with their requirements. As online shopping continues to grow, even the security of online channels should become stronger and more advanced. Detecting frauds at a very early stage at the same time optimizing the customer experience should be the motto for banks. Various enterprises are plunging into a multifaceted method to combat and alleviate frauds. Acting recklessly with a haste plan can cause more damage than any good in the current COVID-19 situation.

Several types of fraud are hitting both the merchants and the consumers in these difficult times. Banks should conduct further authentication steps to access data, also adapt the limit for any fraud ranking models, enabling more false positives which support in preventing frauds. Banks or financial organizations should comply with regulatory compliance to alleviate risks. With a swift system in place, banks can be agile and smoothly alter algorithms or update models to safeguard their customers’ security.

Presently frauds are majorly attacking Business Email Compromise (BEC), Phishing, Gift Card Fraud, fake and fraudulent sites, eCommerce Fraud, Account Fraud, and such others. As It is easier to get distracted at home or be under different stress; hence such an audience becomes a soft target, and most people are falling prey to such fraudulent activities

COVID-19 phishing attacks – It started to rise in January 2020 and by the end of March 2020 it had a sudden surge. Most of the phishing attacks comprised of brand spoofing, scams, fraud emails, and business email compromise (BEC).

Disclaimer: Actual Numbers in the graph may vary as these are approximate figures.

Preventive measures to avoid frauds

Incorporate ML and AI-powered fraud detection solution

With the support of ML and AI, the fraud solution can consolidate data from all internal and external channels and analyze historical data, enabling the risk model to detect anomalies and abnormal behavioral patterns. Hence one of the best practices recommended is to integrate fraud management software coupled with intelligent automation, and advanced AI and ML.

Secondly, some fraud solution experts use risk scoring, device fingerprinting along ML and AI approach for detecting anomalies in payments and combating fraud attacks. The ML models can spot the probability of HTTP referrer is a phishing site and how to react to the phishing scams scenario. Sophisticated risk engine incorporated with AI and ML continuously monitors transactions and detects various fraud patterns along with the actual series of user behavior and continuously monitors and scrutinizes data. Whenever anomalies or fraud attacks happen, frauds can be detected by the fraud management solution in real-time, suggesting enhanced fraud protection layers.

In this rapidly evolving dynamics, the financial domain is facing a radical metamorphosis and customers expect banks to deliver a seamless experience. Smart banks advise today a comprehensive fraud approach demanding the intervention of human touch with sophisticated technology. Hence banks are embracing new technologies which help in flagging suspicious transactions and reducing false positives thereby minimizing losses and optimizing the customer experience.

Embracing multi-faceted and multi-layered security approach

A lot of sensitive information of entities and companies exists with banks. If hackers get access to such sensitive information, then the probability is higher to initiate a breach or fraud attacks. To combat such situations with stronger performance and response, it is becoming crucial for banks to embrace a multi-layered approach to cyber-safety.

Financial organizations must spend in data-ingestion from multiple channels enabling them to make a sound decision on fraud attacks and fraudulent activities. Integrating a series of valid tools like multi-layered approach, biometrics, behavioral analysis supports in minimizing frauds to a greater extent. It also helps in offering the right security level in accordance with the fraud levels.

Enhanced Protection for mobile payments

Many of us use mobile phones to shop online and pay through various channels and gateways. This is the reason cybercriminals are aiming the mobile platform in parallel with others. Whenever any person clicks on any unknown links or downloads any attachments, malware, trojans or virus can get downloaded which could steal sensitive and personal data, which may further lead to the malfunction of websites.

Hence banks should implement multifactor authentication, additional account verification, end-to-end cryptography, fingerprinting device, providing real-time messages, alerts, and emails, proper banking mobile application, investigating behavior analysis, and using secure access with safe online documentation. This can help in monitoring financial transactions continuously, ensuring safety, and blocking fraud threats.

Fraud Risk Management Solution

The fraud management solutions should help banks to safeguard from fraud attacks, detect and mitigate frauds and anomalies.

For an effective fraud management solution, you should bear the below pointers in mind –

Can the fraud management software be integrated with the prevailing software model to enhance the fraud mitigation layer?
Does the fraud management platform support multiple payment channels across different geographical locations?
Is your fraud management solution, providing a deep insight into model analytics or it is just merely a Black Box?
Does your fraud management program meet your expectations and appetite?
Is it possible for your fraud management solution to ingest data from any channel during the customer lifecycle?
Is your fraud management software coupled with intelligent automation, advanced ML, and AI?
Is the fraud management solution able to detect frauds, trigger the right alerts, provide the right investigation, offer recovery or backup plans with appropriate communications?
Is it improving the overall operational efficiency?

In difficult and uncertain times like this, we all are going through a tough phase. We are compelled to stay in isolation and work from home for our safety and protection. We must move slowly, watch out for minute details and refrain from taking hasty decisions. Banks should monitor coronavirus linked scams and implement a good fraud management solution to stay ahead of frauds. Stay vigilant and Be wise.

The Rise of Blockchain Technology in Risk Landscape

Posted on February 7, 2020 by admin

Blockchain is a database framework that is divided and shared within the network framework, maintaining a record of each cross-border payment transaction. All such transactions and data entries are recorded in a specific sequence and non-changeable order which are chained together in blocks, giving the technology its name.

Blockchain aids not only in identifying frauds but also safeguards the links within the blocks and contents by encrypted data, this way the prior transactions cannot be damaged or forged. The cryptographic format supports the early detection and mitigation of fraud in the risk domain. It’s a rapidly emerging solution for secure, swift, and cost-effective money remittance service. Markets that are distinguished by reduced penetration, heavy demands for banking services, increased level of mobile penetration, etc. should adopt Blockchain for enhanced remittance services.

It offers an array of benefits such as allowing peer-to-peer (P2P) transactions, ensuring safety and transparency, mitigating frauds, cybersecurity, and optimizing operational costs. Due to this financial sectors are allocating better resources to apply Blockchain technology into their systems. Blockchain technology has the ability to build faith and transparency in organizations. Furthermore, supporting in the verification of documents of various entities and products, providing automated transactions, and reducing forged remittances.

Emerging establishments are gearing up to take advantage of Blockchain technology in their flourishing payment markets. It also helps in swift and secured cross-border money remittances with minimal intervention of middlemen, thereby saving costs on money remittances and minimizing losses caused due to frequent fluctuation in currency value.

Blockchain technology has the potential to transform the conventional business model to modern systems thereby ensuring safer, swifter, and cost-effective transactions with minimized frauds. We all should be aware, Blockchain is here to transform the banking sphere.

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Tag: Integrated Risk Management