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24By7Security, Inc.

Biweekly Cybersecurity Newsletter - Feb 15th, 2017

Why Your Company Could Be Wrong About Cyber Risks?

Everyone is worried about the threat of cyberattacks to their business. But the people you'd expect to understand the threat best don't seem to be on the same page as those calling the plays on digital defense. According to BAE Systems, those in the C-Suite, including chief technology and chief information officers, often don't agree with their leading decision-making colleagues in IT on what the biggest threats are, how much a hack could cost their company—and worst of all, they can't even agree who's responsible for stopping a cyberattack.

"The biggest positive change any organization can make," the BAE report summed up, "is not necessarily to buy the latest and greatest security product, but to improve its own internal communications."

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Only 21% of FSIs think they can detect a data breach

A series of high-profile cyberattacks at major financial services institutions (FSIs) — most recently, at Tesco Bank and Lloyds — has drawn attention to the fact that many institutions’ cyber defenses are inadequate. According to the report, which surveyed 183 senior insurance and banking executives and 7,600 consumers in eight countries - only 21% of FSIs are “highly confident” in their ability to detect, let alone prevent, a data breach. This unpreparedness could have two major consequences for FSIs:

  • Loss of customer trust and attrition.
  • Penalties from regulators. As ONLY 32% of surveyed executives said their organization had made significant efforts to implement the GDPR draft guidelines which is due to be implemented in 2018. 

Find out more keypoints from the report.

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Over 300 Bn Passwords Will Be Prone To Cyber Attacks By 2020: Report

 A lack of awareness about password security could lead to compromise of billions on accounts in the coming years. According to one study, over 300 billion passwords will be vulnerable to cyber threats by 2020.

  • More than 3 billion user credentials and passwords were stolen in 2016,
  • 8.2 million passwords stolen every day
  • Approximately 95 passwords stolen every second.
  • Potential for up to $6 trillion in cybercrime damages by 2021.

It is a very scary truth that everyone, especially those running businesses, should aware of.  Our passwords are not safe which is concerning as they are literally the key to some of the most important information that businesses hold!

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30% of IT Pros Admit Their Org Are Extremely Vulnerable to Attack

A recent survey of 1,100 senior IT security executives at large enterprises worldwide found that 26% of respondents experienced a breach in the past year, and 30% classified their organizations as "very vulnerable" or "extremely vulnerable" to cyber attacks. It also found that 73% of respondents increased IT security spending in 2017. Organizations keep spending on the same solutions that worked for them in the past but aren't necessarily the most effective at stopping modern breaches. Data protection tactics need to evolve to match today's threats. It stands to reason that if security strategies aren't equally as dynamic in this fast-changing threat environment, the rate of breaches will continue to increase.

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Upcoming Events!

BSides Nova Security Conference - Feb 25, 2017

24By7Security Sponsoring the Inaugural BSides Northern Virginia Cybersecurity Conference at CIT - Center for Innovative Technology, Herndon, VA

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SFHHA Security Event - Mar 8, 2017

Founder Sanjay Deo of 24By7Security, Inc. Speaking at SFHHA Event on "How to better protect our data" - Cleveland Clinic of Florida, Jagelman Center. 

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SFISSA - Security Conference - Mar 10, 2017

24By7Security Sponsoring, and Founder Sanjay Deo Speaking at SFISSA - Security Conference at Signature Grand, Davie, Florida.

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HackMiamiCon5 Security Conference - May 19 - May 21, 2017

Michael Brown of 24By7Security, Inc. Speaking at HackMiami Security Conference, at Deauville Miami Beach Resort, Miami Beach, Florida.

More Information....

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About us

24By7Security, Inc. is a full service Cybersecurity strategy, implementation, operations and training firm.  We provide Cybersecurity and compliance related services across all functions of the enterprise. Our services include CFPB/DFA, FIPA, FERPA, GLBA, HIPAA, PCI, SOX, and others.

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24By7Security, Inc.

4613, N. University Drive, Suite #267

Coral Springs, Fl - 33067

(844) 55-CYBER

www.24By7Security.com