The Cyber Defense eMagazine November Edition for 2023

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Fostering Total Trust with A ‘Zero-Trust’ Approach in Financial Services By Stefan Auerbach, CEO, Utimaco Despite annual spending on cybersecurity by the financial services industry reaching $600 million annually – a figure which is growing every year – trust in financial institutions (FIs) remains relatively low. According to new research, which surveyed consumers in countries as varied as the United States, Mexico, Germany, and the UK, just 13% of people across the globe trust FIs completely, while 5% don’t trust them at all. The majority of people around the world say that they only have ‘some’ trust in FIs’ digital security. As a result, we found that cash remains the most trusted payment option and is believed to be secure by 36% of people. On the other hand, only 12% of respondents said that they believe credit and debit cards are secure. Being prudent about digital security is always sensible of course, but this wariness from customers can directly impact an FI’s bottom line. The tiny processing fees that FIs make on individual Cyber Defense eMagazine – November 2023 Edition 88 Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.
card transactions often comprise a huge part of their revenue, so customers using cash due to trust concerns can be problematic. It also poses an issue for companies trying to expand their capabilities and services: consumers in our research had the lowest levels of trust in cryptocurrency, for example, with only 2% worldwide citing it as secure. Trust plays a crucial role in whether new payment methods achieve mass adoption, regardless of their benefits for the end user. Although our own survey didn’t cover open banking, similar surveys have found that trust is a major factor in why it is not more widely adopted. What is Zero-Trust? Many modern-day security systems are not sufficient as hackers will have full access to a company if they breach the system. Meanwhile, while it may seem contradictory, a new security framework called zero-trust may in fact be the solution. With zero-trust, everyone has their own biometric profile or passcode that only permits them to enter the parts of the facility that are relevant to their work, and their identity must be verified every time they enter a new area. Zero-trust fundamentally uses robust access controls and continuous authentication mechanisms to ensure that sensitive financial systems and data are only accessed by authorized entities. This entails meticulous user identity verification through multifactor authentication (MFA) and the least privilege principle, which restricts user access only to the resources required for completing tasks. This approach is more formidable against modern threats. Everything from account takeover to sophisticated malware attacks make other forms of security inadequate. Banking trojans are capable of emptying customer bank accounts in seconds and, despite their strong security, banks are not immune from cyberattacks. In 2021, for example, Flagstar Bank lost its members’ social security numbers after it was breached by an attack. Malware attacks on FI companies are extremely frequent, which is why the sector could lose $700 million to cybercrime over the next five years. While zero-trust's segmentation strategy breaks the network down into distinct zones, each segment can be isolated and fortified to prevent specific threats. Network microsegmentation leverages firewalls, intrusion detection systems, and encryption to bolster these barriers. The zero-trust approach can be implemented by FIs to mitigate data breaches, safeguard customer financial information, and uphold regulatory compliance standards such as PCI DSS and GDPR. As digital channels and remote work arrangements become increasingly prevalent, zero-trust's holistic and adaptive cybersecurity approach emerges as a cornerstone for bolstering the industry's resilience against the evolving threat landscape. However, there are some costs or drawbacks associated with implementing this new security framework. Many FIs, including banks, are still using legacy systems, which means extra security checks are needed. This can hinder the customer experience and increase the possibility for user error. With FIs’ networks located in ‘the cloud’, having full control can also prove difficult. Although a rock-solid zero-trust environment can be created, the companies they work with might not have the same capabilities. Cyber Defense eMagazine – November 2023 Edition 89 Copyright © 2023, Cyber Defense Magazine. All rights reserved worldwide.
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OT Cybersecurity: Safeguarding Buil
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The Crumbling Castle --------------
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@CYBERDEFENSEMAG CYBER DEFENSE eMAG
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Artificial Deception: The State Of
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Human-in-the-Middle In creating AI
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Free Monthly Cyber Defense eMagazin
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The Cyber Defense eMagazine November Edition for 2023

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