Guest Blog by Joe Weiss, Applied Control Systems, Inc Wednesday July 15, 2020 I gave a 1 hour presentation on control system cyber security for the Purdue University Summer Seminar Series. The statistics from the call include: There were 183 pre-registrations of which 119 attended. The registrations were from 16 countries – Australia, Austria, Brazil, China, Germany, India, Israel, Kuwait, Lithuania, Mexico, Netherlands, New Zealand, Saudi Arabia, Singapore, UK, US. Actual attendees were from India, Israel, Kuwait, Lithuania, Mexico, Netherlands, Saudi Arabia, Singapore, UK, US. For those unable to attend, the recording will be on the Purdue Cerias website at: https://ceri.as/weiss After 20 years, control system cyber security has made significant strides in monitoring and securing OT (control system) networks. However, after 20 years, control system cyber security has made minimal strides in monitoring or securing the actual control system devices (e.g., process sensors, actuators, drives, analyzers, etc.) and lower level device networks which is where you go “boom in the night”. Much of this is because of the culture clash between the engineering community who understand the devices but generally have been removed form control system cyber security efforts and the network security personnel who do not understand control system devices or control system processes. The impact of the culture gap is at least partially due to network security’s erroneous assumptions: Q&A There were 10 questions raised that I did not have a chance to answer on the webinar. I thought the questions and answers would be of general interest. 1). Q: Joe, this is great. You said “Our information sharing doesn’t work.” What do you think needs...
“Undertaking a detailed evaluation of all IT systems and network endpoints in the target enterprise will be vital for enabling the M&A team to identify how to effectively operationalise the entire environment, post-M&A” Mergers and acquisitions (M&As) offer firms significant opportunities to achieve fast-paced growth or gain competitive advantage, writes Anurag Kahol, CTO, Bitglass. The benefits on offer are wide-ranging. Everything from pooling resources, to diversifying product and service portfolios, entering new markets, and acquiring new technology or expertise. Despite the recent global coronavirus pandemic, the enthusiasm of dealmakers appears undiminished. According to a recent survey, 86 percent of senior M&A decision-makers in a wide variety of sectors expect M&A activity to increase in their region in 2020 – with 50 percent expecting to do more deals if a downturn emerges. Traditionally, M&A diligence has primarily been focused on finance, legal, business operations, and human resources. However, swiftly, recognition is growing that cybersecurity due diligence represents another fundamental element of the overall process. The Cost of Failing to Spot and Address Cyber Risk The Marriott acquisition of Starwood Hotels & Resorts worldwide underlines the potential impact of a cybersecurity due diligence failure. The 2016 deal, which created one of the world’s largest hotel chains, gave Marriott and Starwood customers access to over 5,500 hotels in 100 countries. However, a failure of due diligence during the M&A process meant that Marriott was unaware that Starwood’s systems had been compromised back in 2014. When Marriott finally uncovered the undetected breach of Starwood’s guest reservations database in November 2018, it found that the personal data of 500 million guests worldwide had been...
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Taking responsibility for cyber security in a truly virtual world Charlotte Walker-Osborn, international head of technology sector at Eversheds Sutherland, sheds light on cyber security responsibility Whose responsibility is cyber security in today’s climate? Covid-19 has made virtual working a true reality in 2020. Millions of workers are engaging with each other remotely in video conferencing meetings via various online platforms, including Skype and Zoom. The surge in usage of these platforms has been dramatic; Zoom, for example, is reported to have moved from 10 million users participating in daily virtual meetings in December 2019 to 300 million in April 2020, but with this success has come threats to cyber security, and a question of responsibility. Zoom’s cyber security issues have been reported extensively in 2020 but there were prior concerns raised in 2019 too. Whilst Zoom stated it would freeze certain features of its app to curtail the security issues and would address the issues, the PR coverage alone reminds us of culpability for cyber risk and breach. Who is legally responsible for cyber security? Legal responsibility varies significantly across countries. As most readers will be aware, an increasing number of countries have privacy and/or security legislation which specifically addresses responsibility for cyber security. Through 2020 and beyond, expect to see new cyber security specific laws and guidance, not least given the promulgation of artificial intelligence and the need for security in this area. How is the European Commission governing AI and trying to gain trust? Often, legislation puts legal responsibility on both the technology supplier and the company adopting the technology. In Europe and the UK, for...
How Banking Sector is using Cyber Security to protect your data by Piyush Jain The revolution in technology is increasing rapidly. Along with that, there has been a reported increase in cyber attacks. Hackers are using different ways to hack and steal the data. Cyberattacks have affected businesses that use technology for conducting their daily business. The banking sector has always been the center of attraction for thieves, firstly it was physical stealing and now it is computer fraud. The banks are rapidly adopting new technologies and digital platforms intending to increase their revenues and customers. The fast-growing technology has also changed the customer’s preferences. Cybersecurity is of great importance in the financial sector because of increased into the bank servers. The importance of cybersecurity to the banking sector: Here are a few points that describe why cybersecurity is important for financial institutes: Consumers can lose time and money When a bank’s data is hacked or stolen, the customers are most affected since they lose personal data, time and money. It will consume time for the bank to fully or partially recover fraudulently spent money. The bank customers have to cancel the cards, check their statements, and keep their eyes open for complications in case data is breached. Bank can lose its reputation If the data of the financial institution is breached because of weak cybersecurity strategy. It can cause serious issues to the bank as they can lose public trust, as well as causes customer insecurity. It is the responsibility of the financial institutions to communicate about cybersecurity with the customers. They should educate them about the measures...
The cyber security services market size will go up by three times to reach $13.6 billion in 2025 as against the current size of $4.39 billion, growing at 20-22 per cent annually. Interestingly, about 80 per cent revenue coming from global markets. The market size will go up to $9.3 billion by the end of financial year 2023, Rama Vedashree, Chief Executive Officer of DSCI (Data Security Council of India) has said, after releasing the Cyber Security Services Landscape report. Parallely, the cyber security services market globally clocked revenues of $64 billion in 2019-20, which is poised to be at $89 billion by 2022 and $116 billion by 2025. The Compound Annual Growth Rate (CAGR) of cyber security services market globally is pegged at 10 per cent. India, however, is expected to see a growth rate of 21 per cent. The report, which was released over a video-conference on Thursday, gives key data points on the growth of the cyber security industry in the country. Releasing the report, Ajay Sawhney, Secretary, Union Ministry of Electronics and IT, has said that cyber security held the key as the IT industry had let 95 per cent of its workforce to work from home. “Vulnerabilities creep in when you move faster than you are supposed to move. Issues related to cyber security will increase significantly,” he said. “The current employee base of the cyber security services companies is put at 1,10,000. This is going to be scaled up in the next few years,” the report said. The DSCI targets to achieve $35 billion in cyber security products and services sector, with 10...
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