Bengaluru Fraud & Breach Prevention Summit: Key TakeawaysFinding Ways to Fight New Threats
One of the key lessons offered at ISMG's Fraud & Breach Prevention Summit, held June 12-13 in Bengaluru, was the need for security practitioners to have a better perception of threats and risks so they can build successful detection and defense mechanisms.
With Indian enterprises witnessing increased insider threats, malware and ransomware attacks, ecommerce fraud, DDoS attacks, wesbsite defacements, IoT threats and disruptions resulting in information leakage, it's essential for security practitioners to build effective cyber defenses and leverage new technologies, keynoter Vishal Salvi, CISO of Infosys Ltd., emphasized.
"With Indian enterprises witnessing increased insider threats, malware and ransomware attacks, ecommerce fraud, website defacements, IoT threats and disruptions resulting in information leakage, it's essential for security practitioners to build effective cyber defenses and leverage new technologies"
Salvi emphasized eight essential steps security leaders should take to build a cybersecure environment:
- Involve the board: Explain the risks to business and progress in risk management;
- Take a leadership position in projecting the right ROI, strategy, optimal implementation, responsiveness, timeliness and recognition;
- Build team vision, engagement, decisions, clarity, content, learning, rewards and recognition;
- Share of best industry practices;
- Engage with partners and understand the roadmap;
- Build a comprehensive strategy with agility, automation, integration, orchestration, testing, then measure and improve;
- Take the right approach to defense with controls, strong governance, cyber defense and enterprise security architecture;
- Provide assurance and transparency to customers.
Another keynoter, Jayesh Ranjan, principal secretary to government of Telangana for IT and electronics, industry and commerce, highlighted how government databases are vulnerable to cyberattacks. Establishing a Security Operations Center with effective monitoring tools and a well-orchestrated security strategy would help in preventing such attacks, he said.
He also stressed the need to train cybersecurity warriors at centers of excellence to fight growing attacks. Also critical, he said, is government collaboration with the private sector to create an information sharing and analysis center to share actionable information, develop capabilities and analyze trends.
The plenary session by Vinit Goenka, governing council member CRIS, Ministry of Railways on " Privacy Lessons From Cambridge Analytica - Why India Needs a Strong Regulatory Framework," reviewed the key principles of data privacy and protection. Geonka stressed seven principles of privacy to ensure users' data is safe:
- Data minimization, share only what is required;
- Controller accountability;
- Holistic application;
- Informed consent of data to be shared;
- Structured enforcement of privacy rules;
- Technology agnosticism to be observed;
- Deterrent penalties to be understood;
In his presentation, Bharat Panchal, senior vice president and head of risk management at National Payments Corporation of India, discussed the risks and challenges facing the payments ecosystem in a cashless economy.
Sunil Varkey, CISO at Wipro Ltd., shared his insights on the relevance of cyber threat intelligence. He stressed that it's time to migrate from a reactive to a proactive approach to identifying, tracking and predicting attacks.
Addressing the hot topic of putting blockchain to use in the security sector, Prasanna Lohar, innovation head and technical architect at DCB Bank, showcased some use cases, including how DLT is used in improving confidentiality and data integrity, secure private messaging, preventing data manipulation, boosting or even replacing PKI and building a safer DNS infrastructure.
Another emerging technology discussed at the summit was artificial intelligence.
Sridhar Sidhu, head of information security at Wells Fargo, showcased how the threat hunting model is maturing and described using artificial intelligence to detect the insider threat through automated alerts.
In addition, Tamaghna Basu, CTO of neoEyed Inc., described how biometrics is used to authenticate the user and detect a pattern of attacks.
Here's a sampling of some of the best practices outlined by speakers at the summit:
- Focus on the risk management ecosystem and not on individual products;
- Define threat intelligence platform requirements and the results it should produce;
- Strive for deep visibility and insight into everything that happens on end points - not just blocked malware;
- Use next-generation deception technology to identify hackers.
So what do you see as the most critical best practices? Share your comments in the space below.
Be sure to look for numerous video interviews conducted at the summit, as well as webinars featuring the complete presentations, to be posted soon.