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Next-Gen CASB Blog

Teaming Up With FS-ISAC In The War Against Cyber Crime

By Annie Wang | May 7, 2015 at 8:00 AM

partnership

“FS-ISAC is making a substantial investment in the talent, the best practices and the technology to assist our members in detecting & responding to the latest risks and threats world-wide,” Bill Nelson, President and CEO, FS-ISAC.

Today we announced that we have joined the FS-ISAC community as an Affiliate, in efforts to assist the growing community of financial organizations, in learning about new cyber criminal techniques, and in achieving increased security of their member’s most sensitive financial data. The FS-ISAC has over 5,500 members in 45 countries located all around the world. And despite the cultural differences that exist in these countries, one thing is consistent. Cyber criminals are after financial data.

When it comes the financial industry, the majority of data breaches stem from malware, making compliance with regulations like PCI a nightmare. It’s not uncommon that we hear about a major financial organization falling victim to one of these schemes. JP Morgan, Morgan Stanley and HSBC all experienced breaches this year. The scary thing is that this will continue to occur, as its now only a matter of time until an organization experiences a breach.

The industry’s continued reliance on “trusted devices” continues to place organizations at risk. A common example of this is the following. X Bank gives out corporate devices to its employees. These employees then travel the world, connecting to risky websites, public Wi-Fi networks picking up all kinds of nasty malware in the meantime. These employees then return to the office, re-connect to the corporate network, still deemed a “Trusted device.” And voila, just like that, the malware is able to sneak past the bank’s corporate firewall like some kind of secret agent, ninja assassin and starts exfiltrating sensitive data out to remote locations owned by cyber criminals. This is only one of the many examples that must be addressed. It's time we get busy.

Our Mission – And yes we’ve chosen to accept it

We are excited to provide financial organizations with the techniques and tools that they need in order to limit the damage of breaches, control who can and can’t access sensitive data, and protect data as it travels down to mobile devices or rests within cloud applications.

We believe that by becoming an affiliate of the FS-ISAC we will be able to reduce the gap that exists between organizations and security vendors. With this new platform of information sharing we can help enable safe cloud application and BYOD usage, for both enterprise data, and the employees whose data is often at risk.

Cyber criminals have won the first series of battles, but the war is still on going. Now it’s a matter of equipping organizations with the best security gear. Gear that we are more than willing to provide.

 

 View Press Release

Chris Hines

Product Marketing Manager | Bitglass