Risk Assessment

4 Ways to Use Security Ratings Tools to Automate Risk Assessments

4 Ways to Use Security Ratings Tools to Automate Risk Assessments Your organisation is at risk of being attacked by cyber criminals. It's just a fact of life in this digital age. But how great is the risk you're facing and what can you do to mitigate it? Security ratings tools are an essential part of any good cyber risk management strategy. These tools help organisations understand, control and mitigate all forms of cyber risk. They are so vital, in fact, that they stand as critical components of an effective data protection and risk management strategy. With more and more businesses relying on digital systems for day-to-day operations, the potential for new vulnerabilities also grows — which means greater risks for everyone involved. Here are "4 ways to use security ratings tools to automate risk assessments" which will enable the minimisation of your cyber security risks. Introduction The way that

By |2023-03-30T17:09:14+00:00October 12th, 2022|Blog|Comments Off on 4 Ways to Use Security Ratings Tools to Automate Risk Assessments
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Using Cyber Risk Ratings for DORA Compliance

Using Cyber Risk Ratings for DORA Compliance The number of cyber attacks across the world is on the rise, and the European Union is taking steps to strengthen the IT security of financial institutions such as banks, insurance companies and investment firms. DORA, the Digital Operational Resilience Act, will help ensure that the financial sector in Europe can maintain operations even in the event of a severe operational disruption. The Council presidency and the European Parliament have reached a provisional agreement on DORA, which is a positive step forward in protecting Europe's finances. Continue reading to learn more about using cyber risk ratings for DORA compliance. Introduction In today's digital world, it is essential for companies and organisations operating in the financial sector to have robust security measures in place for their network and information systems. The EU's DORA sets out uniform requirements for such security, as well as for

By |2023-03-30T17:09:14+00:00September 26th, 2022|Blog|Comments Off on Using Cyber Risk Ratings for DORA Compliance
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Human Behavior. Your Biggest Cyber Security Risk?

Human Behavior. Your Biggest Cyber Security Risk? Data breaches, theft, and corruption are an unfortunate reality of the digital world. However, have you ever thought about human behavior? Could it possibly be your biggest cyber security risk? In this era, cyber criminals have created a perfect environment to access sensitive data and assets. They use many different techniques, such as social engineering and phishing, to gain information from unsuspecting people. In order to fight this, businesses need to take a person-centric approach to cyber security. In addition to technical measures for protection, they also need to have a process-based approach to security by educating their employees on the dangers of giving up private information too easily. At Elasticito, we believe employees are your biggest asset in preventing these crimes, but you do need to know how your employees handle data in order to minimise security risks. Understanding employees' data handling

By |2023-03-30T17:09:32+00:00September 22nd, 2021|Blog|Comments Off on Human Behavior. Your Biggest Cyber Security Risk?
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Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2

Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2 In this second part of our review of key cyber and security-related technology trends in banking in the post-pandemic world, we look at the top cyber threats targeting banking and financial services organisations in 2021. We also look at some of the emerging cyber technologies being adopted and considered by banking and financial services organisations around the world. Over the last decade, cyber attacks have become an ever-growing threat for banks. Technology has advanced rapidly and threat actors have learned that banks are a lucrative target. Threat actors have evolved their techniques to make it difficult for any company to fend off the attacks. Cybersecurity is not an issue limited to industries involving technology only. It holds a critical value in banking since banks make millions of transactions each day, most of which are done on digital payment platforms. Without

By |2023-03-30T17:09:33+00:00June 30th, 2021|Blog|Comments Off on Post-Pandemic Technology & Cyber Security Trends in Banking – Part 2
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Post-Pandemic Technology & Cyber Security Trends in Banking – Part 1

Post-Pandemic Technology & Cyber Security Trends in Banking - Part 1 The banking sector is in the midst of a digital transformation that is causing its attack surface to grow, exposing organisations to increased levels of cyber threat activity. As more organisations adopt digital banking solutions, having effective cybersecurity programs has become more important than ever before for the banking industry. In this article we explore the post-pandemic technology and cyber security trends in banking.   Elasticito was recently approached by a financial services firm to provide some analysis on new technology and cyber trends within the banking and financial services industry.  A summary of our findings make up this blog post, but one common theme that we observed was that, despite the pandemic, the unstoppable momentum of digital transformation is causing a huge impact in the way that banking services are and will be delivered to customers over the

By |2023-03-30T17:09:33+00:00June 23rd, 2021|Blog|Comments Off on Post-Pandemic Technology & Cyber Security Trends in Banking – Part 1
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Security Assessment Questionnaire Response Automation

Making the case for Security Assessment Questionnaire Response Automation Business partnerships require trust – without it, success is very difficult to attain. In the current business landscape, however, it's increasingly difficult to tell whether a vendor is trustworthy and deserving of that trust. As information technology becomes more advanced, so do the ways in which trust can be broken. Today, the potential for intentional or unintentional breakage of it has increased multifold. Assessing security risk with questionnaires is one method to effectively understand the security risk that a vendor may pose to the business, particularly if you entrust them with your data. If you are reading this article, you’ve more than likely handled your fair share of security assessment questionnaires. Like us, you are probably frustrated by the entire process too. We would like to make the case for automated security questionnaires in the article below. The traditional approach to

By |2023-03-30T17:09:33+00:00May 25th, 2021|Blog|Comments Off on Security Assessment Questionnaire Response Automation
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Ransomware: Facts, Risks, and Countermeasures

Ransomware: Facts, Risks, and Countermeasures Ransomware has been a major threat to cyber security in the past few years. The malware encrypts files, locking them and demanding a ransom to unlock them. These ransomware attacks have affected organisations, hospitals, schools, municipalities and enterprises. Ransomware is becoming more sophisticated and difficult to stop, with attackers increasingly encrypting data before demanding money to decrypt it. One thing is certain: ransomware attacks have many different appearances and come in all shapes and sizes. Continue reading to find out about the latest development in the fight against ransomware. Malware with a ransom note Ransomware is a type of malware that is used to encrypt files held on a computer in such a way that they can only be unencrypted by paying a ransom. Victims are told that they must pay the ransom, or risk to lose access to their files forever. Users are shown

By |2023-03-30T17:09:34+00:00May 4th, 2021|Blog|Comments Off on Ransomware: Facts, Risks, and Countermeasures
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The Ransomware Revolution

The Ransomware Revolution In recent years, we’ve seen a fundamental shift in how threat actors approach ransomware. Threat actors today are not as interested in taking credit for encrypting files and escaping with stolen funds or valuable data. They’re more focused on destroying backups and exfiltrating data before they can be recovered. According to Forbes, this significant alteration has increased the scope of cyber attacks, raising ransom payments much higher than prior averages. Forbes emphasises that average ransomware payments have steadily risen over the past five years, from less than $300 in 2015 to $6,700 in 2018 to $111,000 in 2020. Continue reading to find out more about the ransomware revolution. The State of Ransomware in 2021 Ransomware was the most common cyber threat to organisations in 2020. It is especially prevalent among finance, e-commerce, and healthcare companies. In addition to the costs of security incidents, ransomware also has a negative impact on victim companies'

By |2023-03-30T17:09:34+00:00April 20th, 2021|Blog|Comments Off on The Ransomware Revolution
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Risk Assessment vs. Risk Analysis: An Overview

Risk Assessment vs. Risk Analysis: An Overview The recent growth of the extended enterprise has reached a tipping point. That means more organisations are expanding their businesses into the Cloud, staying leaner, and taking advantage of third-party support. At the same time, data breaches are at an all-time high. According to the Ponemon Institute, the average cost of a data breach in 2020 was $3.86 million. Across the globe, there is a growing awareness that organisations need to proactively manage their cyber risk. Often used as synonyms and easily confused, risk assessment and risk analysis are two unique cyber security processes that IT leaders need to understand to effectively address security issues to prevent data breaches. Below, find out about the differences between these processes and how they fit into a successful cyber security programme. What is a risk assessment? A cyber security risk assessment is the process of identifying,

By |2023-03-30T17:09:52+00:00February 26th, 2021|Blog|Comments Off on Risk Assessment vs. Risk Analysis: An Overview
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