Syllabus: GS3/Cybersecurity
Context
- Computer Emergency Response Team (CERT-In) and SISA launched the first Digital Threat Report 2024 to support cybersecurity in the Banking, Financial Services and Insurance (BFSI) sector.
About
- The report offers insights into current and emerging cyber threats, vulnerabilities, and adversarial tactics affecting BFSI.
- The findings offer a holistic understanding of the current cybersecurity landscape and guide organizations in preparing for future threats.
| About SISA – SISA is a global forensics-driven cybersecurity solutions company for the digital payments industry, trusted by leading organizations for securing their businesses. – SISA applies the power of forensic intelligence and advanced technology to offer true security to over 2,000 customers across over 40 countries. |
Major Highlights
- Sophistication of Cyberattacks: Over the past year, cyberattacks have grown more advanced, leveraging new techniques and persistent methods.
- Rise in Social Engineering: Business Email Compromise (BEC) and advanced phishing campaigns are more precise, often fueled by data from the dark web.
- Bypassing Traditional Defenses: Cyberattacks now effectively neutralize multifactor authentication using stolen credentials and session cookies.
- Supply Chain Breaches: Trust in third-party vendors and open-source repositories has led to an increase in supply chain breaches, exposing vulnerabilities at scale.
- AI-Driven Threats: Artificial intelligence is transforming cybersecurity, both driving innovation and empowering attackers to conduct highly personalized, evasive, large-scale attacks.
- Future Threats: AI-driven threats are expected to challenge existing defense mechanisms, requiring organizations to rethink their approach to threat detection and response.
Mitigation Strategies
- Multi-Factor Authentication (MFA): Enable MFA for VPNs, webmail, and accounts accessing critical systems.
- Regular Updates: Ensure all operating systems and applications are updated regularly. Use virtual patching to protect legacy systems and networks.
- Data Protection: Enforce data protection, backup, and recovery measures. Encrypt data at rest to safeguard against breaches and exfiltration.
- Network Segmentation: Implement network segmentation into security zones. Separate administrative networks from business processes using physical controls and VLANs.
Conclusion
- There is a need for unified technology, compliance, and threat intelligence to safeguard financial transactions.
- The report provides actionable steps based on audits and incident analysis to close control gaps, strengthen defenses, and build adaptive strategies.
- It advocates for a proactive, intelligence-driven cybersecurity strategy for financial institutions.
| What is Cybercrime? – Cybercrime refers to criminal activities that involve the use of computers, networks, and digital technologies. – Cybercriminals employ various techniques and tools to exploit vulnerabilities in networks, and they may target individuals, organizations, or even governments. Common types of Cybercrime include – Hacking: Unauthorized access to computer systems or networks to steal, alter, or destroy data. – Phishing: Deceptive attempts to acquire sensitive information, such as usernames, passwords, and financial details, by posing as a trustworthy entity. – Malware: Malicious software designed to disrupt, damage, or gain unauthorized access to computer systems. This includes viruses, worms, trojans, ransomware, and spyware. – Identity Theft: Stealing and using someone’s personal information, such as social security numbers or credit card details, for fraudulent purposes. – Cyber Espionage: Covert activities aimed at gaining unauthorized access to sensitive information for political, economic, or military purposes. – Cyberbullying: Using digital platforms to harass, threaten, or intimidate individuals. – Online Fraud: Engaging in fraudulent activities, such as online scams and financial fraud, to deceive and exploit victims for monetary gain. Cyber Security Initiatives – Cyber Fraud Mitigation Centre (CFMC): Aims to enable immediate action against online financial crimes. 1. Acts as a centralized response system for digital financial frauds. Promotes “Cooperative Federalism” in cybercrime law enforcement. – ‘Cyber Commandos’ Program: Establishment of a special wing of trained personnel in States and Union Territories – Central Police Organizations (CPOs): Enhances technical capacity of police and security forces in cyber investigations and digital forensics. – Samanvay Platform: A web-based module designed to serve as a one-stop portal for all cybercrime data. Facilitate data repository, analytics, mapping, sharing, and investigation. – Cyber Suspect Registry: Created using inputs from the National Cybercrime Reporting Portal (NCRP). Strengthens fraud risk management in the financial sector. |
Source: PIB
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