Category: data protection

Proxmox VE is mainly suitable for small and medium-sized organizations that require advanced virtualization capabilities but have limited budgets. Proxmox VE is an open-source solution with particular advantages and disadvantages. On one side, it offers flexibility and adaptability that allow you to build an efficient environment according to your needs. However, the advanced configuration and maintenance requirements can make it challenging to achieve the desired performance, compatibility, and security. 

The data that organizations process and store on Proxmox VMs can be critical to production and revenue. Additionally, that data can fall under compliance and legal protection requirements. Organizations can face financial fines and reputational damage in case of an IT incident leading to the loss of such data. Implementing a Proxmox backup solution and ensuring reliable VM data protection is key to avoiding such disasters, supporting production continuity, and generating stable revenue. 

NAKIVO a leader in data protection and disaster recovery solutions, has announced the recent release of NAKIVO Backup & Replication v10.11.2, featuring an advanced backup solution for Proxmox environments. You can try the free version and benefit from the Proxmox agent-based backup solution without any additional cost until the end of 2024. 

Read on to explore the main challenges to consider when integrating Proxmox backups into your environment. 

Proxmox Backup Challenges

Proxmox Backup Server, the native backup and recovery solution for Proxmox VMs can perform management, data deduplication, and encryption via the web-based interface and CLI to provide data protection, replication, and recovery. However, the tool has some limitations that push users to consider alternative solutions. 

Backup tiering 

The IT industry standard for backup data reliability is the 3-2-1 rule, which supposes at least three (3) data copies, stored in two (2) different repositories, one of which is offsite or in the cloud. Proxmox Backup Server allows users to configure cloud backup synchronization but the process involves manual setup. This process is prone to human error even before initiating the first workflow. 

Additionally, the overall level of native Proxmox backup automation can be insufficient for organizations with large data assets. In some cases, you can successfully tier backups after spending some time studying Proxmox’ extensive knowledge base. However, you may want your in-house IT specialists to focus on production instead.

Ransomware resilience 

Nowadays, hackers target backups along with production data when planning cyberattacks, which makes anti-ransomware protection of backup copies critical. Although Proxmox Backup Server provides some room to set up data security, configuring immutability for PBS to protect backups can require advanced knowledge and third-party integrations. This extends the supply chain and may lead to compatibility issues and can further complicate your environment.

Multi-platform support

Proxmox Backup Server is a native solution designed to enhance data protection in Proxmox VE infrastructures and Linux-based machines in general. If you build a homogenous Proxmox-based virtualization system, this can work well. But when your production environment spans multiple platforms, numerous issues might arise. 

If the native VM backup solution by Proxmox doesn’t suit you due to backup tiering flexibility, platform limitations and security concerns, finding an efficient and user-friendly alternative can be the best option.

The Proxmox VE Backup Solution by NAKIVO

With the backup solution from NAKIVO, you can create fast and efficient backups to protect Proxmox VM data and implement one of the essential points of a disaster recovery plan. The Promox agentless backup is currently in development. 

Integrating NAKIVO’s Proxmox backup solution into your infrastructure provides the following benefits: 

  • Fast, automated, incremental, and app-aware Proxmox backups that you can run by schedule and on demand.
  • Centralized web-based interface to maintain and monitor data protection workflows across your infrastructure. 
  • Onsite, offsite, cloud, and NAS storage options for backup tiering. 
  • Backup immutability and encryption for better security and ransomware resilience. 
  • Flexible recovery options to achieve tight RPO and RTO.

Fast operation, reliability, and qualified support are the main reasons customers choose NAKIVO. In addition, the solution is affordable: subscription licenses start at $2.50 per workload/month; perpetual licenses start at $58 per VM.

Benefits 

With the NAKIVO solution, you can ensure high-level automation of your data protection processes. NAKIVO Backup & Replication is designed with deployment and configuration simplicity in mind. You can easily install the solution and run the first Proxmox backup. 

you can also use the advanced set of features to optimize storage space and boost performance. Schedule and complete incremental Proxmox backups, dynamically balance the available network resources and cut backup windows using deduplication. By managing the available hardware resources and efficiently utilizing storage space, you can further reduce the total cost of your Proxmox backup system.

Initial Configuration

NAKIVO Backup & Replication uses agent-based backup and recovery. The agentless backup functionality is in development, the release is scheduled for later in 2024. To start integrating advanced data protection workflows into your Proxmox environment, you can use the Proxmox VM with Linux Ubuntu to deploy the solution and set the onboard backup repository. 

Check NAKIVO’s user guide for more installation instructions. You have local, shared, and cloud datastore options that you can use to tier backup repositories and enhance the system’s resilience. 

After that, add Proxmox virtual machines to the inventory in NAKIVO Backup & Replication. Note that you need to add Proxmox VMs as physical machines. Now you can create a backup job. Check this guide for additional Proxmox backup and recovery instructions.

Conclusion

NAKIVO Backup & Replication provides agent-based, incremental, and app-aware Proxmox backup. You can simplify both backup and recovery configuration and processes and configure the set of security features for optimal system performance. Lastly, you should apply the virtual machine backup best practices to enhance the resilience of your data and ensure the availability of your Proxmox environment.

 

The post Proxmox Backup by NAKIVO: Powerful VM Data Protection appeared first on Cybersecurity Insiders.

I am the Chief of Security Architecture at Inrupt, Inc., the company that is commercializing Tim Berners-Lee’s Solid open W3C standard for distributed data ownership. This week, we announced a digital wallet based on the Solid architecture.

Details are here, but basically a digital wallet is a repository for personal data and documents. Right now, there are hundreds of different wallets, but no standard. We think designing a wallet around Solid makes sense for lots of reasons. A wallet is more than a data store—data in wallets is for using and sharing. That requires interoperability, which is what you get from an open standard. It also requires fine-grained permissions and robust security, and that’s what the Solid protocols provide.

I think of Solid as a set of protocols for decoupling applications, data, and security. That’s the sort of thing that will make digital wallets work.

Protecting data both at rest and in transit is crucial for maintaining the confidentiality, integrity, and availability of sensitive information.

Here’s a comprehensive guide on how to safeguard data in these two states:

Protecting Data at Rest

Data at rest refers to information that is stored physically in any digital form, including databases, files, and archives. Here are essential steps to secure data at rest:

Encryption: Encrypt sensitive data using strong encryption algorithms such as AES (Advanced Encryption Standard). This ensures that even if unauthorized parties gain access to the storage medium, they cannot decipher the data without the encryption key.

Access Control: Implement strict access controls to limit who can view, modify, or delete data. Use role-based access control (RBAC) to assign permissions based on job roles and responsibilities.

Data Masking: Masking sensitive data can be helpful in scenarios where full data encryption is not feasible. This involves replacing sensitive data with fictitious but realistic data.

Regular Audits: Conduct regular audits and monitoring of access logs to detect any unauthorized access or anomalies promptly.

Data Backup and Recovery: Maintain secure backups of data and ensure they are regularly updated and encrypted. This helps in recovering data in case of accidental deletion, corruption, or ransomware attacks.

Secure Storage Solutions: Use secure storage solutions such as encrypted drives, databases, and cloud storage services that offer strong encryption and compliance with industry standards.

Protecting Data in Transit

Data in transit refers to information being transferred over networks, such as emails, file transfers, and online transactions. Here’s how to secure data during transit:

Encryption: Always use encryption protocols such as TLS (Transport Layer Security) or SSL (Secure Sockets Layer) for transmitting sensitive data over networks. This encrypts data during transmission, making it unreadable to unauthorized parties.

VPN (Virtual Private Network): Use VPNs to create secure and encrypted connections over public or untrusted networks. VPNs add an extra layer of security by masking IP addresses and encrypting all data traffic.

Secure File Transfer Protocols: When transferring files, use secure file transfer protocols such as SFTP (SSH File Transfer Protocol) or FTPS (FTP Secure), which encrypt data during transmission.

Network Segmentation: Segment networks to isolate sensitive data traffic from other less critical traffic. This reduces the attack surface and limits the exposure of sensitive information.

Authentication and Authorization: Implement strong authentication mechanisms (e.g., multi-factor authentication) to verify the identities of users and devices before allowing data transmission.

Data Loss Prevention (DLP): Deploy DLP solutions to monitor and control data transfers to prevent unauthorized transmission of sensitive information.

Conclusion

By implementing these best practices, organizations can significantly enhance the security of data at rest and in transit. A comprehensive approach involving encryption, access controls, regular audits, and secure transmission protocols ensures that sensitive data remains protected from unauthorized access and breaches. Prioritizing data security not only mitigates risks but also enhances trust and compliance with regulatory requirements in today’s digital landscape.

The post How to protect data at rest and in transit appeared first on Cybersecurity Insiders.

Every January, the global campaign Data Privacy Week heightens awareness about safeguarding personal data and instructs organizations on effective data protection strategies. What began as Data Privacy Day now lasts a whole week. However, a mere week is trite when considering that cybersecurity teams must prioritize data protection year-round. Despite notable progress in raising data privacy awareness, the persistent news of breaches and cyberattacks indicates that the quest for robust data protection is ongoing.

Exploring the Principle of Least Privilege

The foundation of data security is in the principle of least privilege: Each individual, service and application should be granted only the permissions needed for their specific roles, regardless of their technical expertise, perceived trustworthiness, or position within the organizational hierarchy.

To illustrate the principle of least privilege, consider the layered security measures that banks put in place to protect the cash and other valuable assets they hold. While a bank appreciates all its employees, it must strictly limit what each of them can do: General employees are permitted to access only public areas; tellers have specific rights to their own cash drawers; loan officers review customer credit histories; and certain managers may access safe deposit box rooms. Meanwhile, access to vaults containing gold bullion and other high-value assets is restricted to a highly select group.

A bank’s monetary assets are analogous to your organization’s sensitive data. Just as loan officers cannot access cash drawers and tellers cannot open safe deposit boxes, your IT teams should not be able to view your client databases, while your sales reps should not have access to your software repositories. And very few people should have access to your gold bullion, such as your vital intellectual property.

The Critical Need to Enforce Least Privilege

Failing to enforce the core principle of least privilege puts data privacy at risk in multiple ways. Users can misuse their access, either accidentally or deliberately, to view or modify content that they should not be accessing in the first place. An even greater risk is a threat actor compromising a user account since they can then abuse all the rights and privileges granted to that account.

The threat isn’t confined to human actors: Malware inherits the user account’s privileges that downloaded it. For instance, a ransomware package can encrypt all the data that the user account can modify, whether or not the user actually needed those access rights. Similarly, applications must be limited to only the functionalities essential for their operation in order to minimize the potential for their misuse.

A Multi-layered Approach

More broadly, enforcing the principle of least privilege is not a simple “set it and forget it” event. It requires a multi-layered approach with components such as:

Identity governance and administration (IGA) — IGA involves overseeing the entire lifecycle of identities, including ensuring that each user has only the access necessary for their roles.

Privileged access management (PAM) — PAM gives special attention to managing accounts with elevated access to systems and data since the misuse or takeover of those accounts poses an increased risk to data privacy, security, and business continuity.

Together, these components form a comprehensive framework for strictly controlling access to systems and data, strengthening the organization’s security posture.

Maximizing Operational Potential

Data privacy is a consistent, year-round priority that starts with cultivating a culture of security awareness throughout the organization from the top down. By enforcing the principle of least privilege with effective IGA, DAG, and PAM, organizations can secure data privacy, reinforce customer confidence, avoid costly breaches, and ensure regulatory compliance. This allows them to focus more on maximizing their operational potential and less on mitigating cybersecurity threats.

About the Author

Anthony Moillic is Director, Solutions Engineering at Netwrix for the EMEA & APAC regions. Anthony’s main responsibilities are to ensure customer satisfaction, the expertise of the partner ecosystem and to be the technical voice of Netwrix in the region. His main areas of expertise are CyberSecurity, Data Governance and Microsoft platform management.

The post Essential Data Protection Starts with Least Privilege appeared first on Cybersecurity Insiders.

New law journal article:

Smart Device Manufacturer Liability and Redress for Third-Party Cyberattack Victims

Abstract: Smart devices are used to facilitate cyberattacks against both their users and third parties. While users are generally able to seek redress following a cyberattack via data protection legislation, there is no equivalent pathway available to third-party victims who suffer harm at the hands of a cyberattacker. Given how these cyberattacks are usually conducted by exploiting a publicly known and yet un-remediated bug in the smart device’s code, this lacuna is unreasonable. This paper scrutinises recent judgments from both the Supreme Court of the United Kingdom and the Supreme Court of the Republic of Ireland to ascertain whether these rulings pave the way for third-party victims to pursue negligence claims against the manufacturers of smart devices. From this analysis, a narrow pathway, which outlines how given a limited set of circumstances, a duty of care can be established between the third-party victim and the manufacturer of the smart device is proposed.

Apple is rolling out a new “Stolen Device Protection” feature that seems well thought out:

When Stolen Device Protection is turned on, Face ID or Touch ID authentication is required for additional actions, including viewing passwords or passkeys stored in iCloud Keychain, applying for a new Apple Card, turning off Lost Mode, erasing all content and settings, using payment methods saved in Safari, and more. No passcode fallback is available in the event that the user is unable to complete Face ID or Touch ID authentication.

For especially sensitive actions, including changing the password of the Apple ID account associated with the iPhone, the feature adds a security delay on top of biometric authentication. In these cases, the user must authenticate with Face ID or Touch ID, wait one hour, and authenticate with Face ID or Touch ID again. However, Apple said there will be no delay when the iPhone is in familiar locations, such as at home or work.

More details at the link.

Method to an Old Consultant's Madness with Site Design

If it's your first time purchasing and setting up InsightVM – or if you are a seasoned veteran – I highly recommend a ‘less is more’ strategy with site design. After many thousands of health checks performed by security consultants for InsightVM customers, the biggest challenge most consultants agree on is site designs with too many sites not healthy. When you have too many sites, it also means you have too many scan schedules, which are the most complex elements of a deployment. Simplifying your site structure and scan schedules will allow you to better optimize your scan templates, leading to faster scanning and fewer potential issues from overlapping scans.

Weekly scanning cadence is the best practice.

The main goal is to use sites to bring data into the database as efficiently as possible and not to use sites to organize assets (data). For data organization, you will want to exclusively use Dynamic Asset Groups (DAGs) or Query Builder, then use these DAGs as your organized scope point for all reporting and remediation projects. Using Dynamic Asset Groups for all data organization will reduce the need for sites and their respective scan schedules, making for a much smoother, automatable, maintenance-free site experience.

For example, if you have a group of locations accessible by the same scan engine:

Site A, managed by the Desktop team using IP scope 10.10.16.0/20

Site B, managed by the Server team using 10.25.10/23

Site C, managed by the Linux team using 10.40.20.0/22

Instead of creating three separate sites for each location, which would require three separate schedule points, it would be better to put all three ranges in a single site (as long as they are using the same scan engine and same scan template), then create three Dynamic Asset Groups based on IP Address: ‘is in the range of’ filtering. This way, we can still use the DAGs to scope the reports and a single combined site with a single scan schedule. Example DAG:

Method to an Old Consultant's Madness with Site Design

Another reason why this is important is that over the last 10 years, scanning has become extremely fast and is way more efficient when it comes to bulk scanning. For example, 10 years ago, InsightVM (or Nexpose at the time) could only scan 10 assets at the same time using a 16GB Linux scan engine, whereas today, with the same scan engine, InsightVM can scan 400 assets at the same time. Nmap has also significantly increased in speed; it used to take a week to scan a class A network range, but now it should take less than a day, if not half a day. More information about scan template tuning can be found on this Scan template tuning blog.

Depending on your deployment size, it is okay to have more than one site per scan engine; the above is a guideline – not a policy – for a much easier-to-maintain experience. Just keep these recommendations in mind when creating your sites. Also, keep in mind that you’ll eventually want to get into Policy scanning. For that, you’ll need to account for at least 10 more policy-based sites, unless you use agent-based policy scanning. Keeping your site design simple will allow for adding these additional sites in the future without really feeling like it's adding to the complexity. Check out my Policy Scanning blog for more insight into Policy scanning techniques:

Next, let's quickly walk through a site and its components. The first tab is the ‘Info and Security’ tab. It contains the site name, description, importance, tagging options, organization options, and access options. Most companies only set a name on this page. I generally don’t recommend using tags with sites and only tagging DAGs. The ‘importance’ option is essentially obsolete, and the organization and access are optional. The only requirement in this section is the site Name.

Method to an Old Consultant's Madness with Site Design

The Assets tab is next, where you can add your site scope and exclusions. Assets can be added using IP address ranges, CIDR (slash notation), or hostname. If you have a large CSV of assets, you can copy them all and paste them in, and the tool should account for them. You can also use DAGs to scope and exclude assets. There are many fun strategies for scoping sites via DAGs, such as running a discovery scan against your IP ranges, populating the DAGs with the results, and vulnerability scanning those specific assets.

The last part of the assets tab is the connection option, where you can add dynamic scope elements to convert the site into a dynamic site. You can find additional information regarding dynamic site scoping here.

Method to an Old Consultant's Madness with Site Design

The authentication tab should only validate that you have the correct shared credentials for the site scope. You should always use shared credentials over credentials created within the site.

Method to an Old Consultant's Madness with Site Design

For the scan template section, I recommend using either the ‘full audit without web spider,’ discovery scan, or a custom-built scan template using recommendations from the scan template blog mentioned above.

Method to an Old Consultant's Madness with Site Design

In the scan engine tab, select the scan engine or pool you plan to use. Do not use the local scan engine if you’re scanning more than 1500 assets across all sites.

Method to an Old Consultant's Madness with Site Design

Mostly, I don’t use or recommend using site alerts. If you set up alerts based on vulnerability results, you could end up spamming your email. Two primary use cases for alerts are alerting based on the scan status of ‘failed’ or ‘paused’ or if you want additional alerting when scanning public-facing assets. You can read this blog for additional information on configuring public-facing scanning.

Method to an Old Consultant's Madness with Site Design

Next, we have schedules. For the most part, schedules are pretty easy to figure out; just note the “frequency” is context-sensitive based on what you choose for a start date. Also, note that sub-scheduling can be used to hide complexity within the schedule. I do not recommend using this option; if you do, only use it sparingly. This setting can add additional complexity, potentially causing problems for other system users if they’re not aware it is configured. You can also set a scan duration, which is a nice feature if you end up with too many sites. It lets you control how long the scan runs before pausing or stopping. If your site design is simple enough, for example, seven total sites for seven days of the week, one site can be scheduled for each day, and there would be no need for a scan duration to be set. Just let the scan run as long as it needs.

Site-level blackouts can also be used, although they’re rarely configured. 10 years ago, it was a great feature if you could only scan in a small window each day, and you wanted to continue scanning the next day in that same scan window. However, scanning is so fast these days that it is almost never used anymore.

Method to an Old Consultant's Madness with Site Design

Lastly, a weekly scanning cadence is a recommended best practice. Daily scanning is unnecessary and creates a ton of excess data – filling your hard drive – and monthly scanning is too far between scans, leading to reduced network visibility. Weekly scanning also allows you to set a smaller asset data retention interval of 30 days, or 4 times your scan cycle, before deleting assets with ‘last scan dates’ older than 30 days. Data retention can be set up in the Maintenance section of the Administration page, which you can read about here.

I am a big advocate of the phrase ‘Complexity is the enemy of security’; complexity is the biggest thing I recommend avoiding with your site design. Whether scanning a thousand assets or a hundred thousand, keep your sites set as close as possible to a 1:1 with your scan engines. Try to keep sites for data collection, not data organization. If you can use DAGs for your data organization, they can be easily used in the query builder, where they can be leveraged to scope dashboards and even projects. Here is a link with more information reporting workflows.

In the end, creating Sites can be easier than creating DAGs. If, however, you put in the extra effort upfront to create DAGs for all of your data organization and keep Sites simple, it will pay off big time. You’ll experience fewer schedules, less maintenance, and hopefully a reduction of that overwhelming feeling seen with so many customers when they have more than 100 sites in their InsightVM deployment.

Additional Reading: https://www.rapid7.com/blog/post/2022/09/12/insightvm-best-practices-to-improve-your-console/

In an era dominated by digital advancements and an ever-growing reliance on technology, the concept of data protection has become paramount. As businesses and individuals generate and handle vast amounts of sensitive information, the need for robust data protection design has gained unprecedented importance. Let’s delve into the intricacies of data protection design to understand its definition and significance.

Defining Data Protection Design:

Data protection design refers to the intentional and systematic integration of measures and mechanisms to safeguard sensitive information throughout its lifecycle. It involves the strategic planning and implementation of security protocols, policies, and technologies aimed at preserving the confidentiality, integrity, and availability of data.

Key Components of Data Protection Design:

1. Risk Assessment: Before crafting a data protection strategy, organizations must con-duct a thorough risk assessment. This involves identifying potential threats, vulnerabilities, and the impact of a data breach. Understanding these factors enables the development of targeted and effective safeguards.

2. Privacy by Design: An essential principle of data protection design is incorporating privacy measures from the outset of any system or process development. This proactive approach ensures that privacy considerations are integral to the design, minimizing the risk of privacy breaches down the line.

3.Encryption: Utilizing encryption is a fundamental aspect of data protection design. This technology transforms data into unreadable formats, rendering it indecipherable to unauthorized individuals. End-to-end encryption, in particular, ensures that data re-mains secure during transmission and storage.

4. Access Controls: Implementing stringent access controls is crucial in limiting data access to authorized personnel. This involves assigning specific permissions based on roles and responsibilities, preventing unauthorized users from compromising sensitive information.

5. Data Minimization: Adopting the principle of data minimization involves collecting only the necessary information required for a specific purpose. This reduces the potential impact of a data breach and lessens the amount of sensitive information at risk.

6. Incident Response Planning: Despite preventive measures, organizations must be prepared for potential data breaches. A well-defined incident response plan outlines the steps to be taken in the event of a security incident, facilitating a swift and effective response to mitigate damages.

The Significance of Data Protection Design:

1. Legal Compliance: With the increasing number of data protection regulations globally (such as GDPR, CCPA), organizations must adhere to legal requirements. Implementing a robust data protection design ensures compliance with these regulations, mitigating legal risks and potential fines.

2. Reputation Management: Data breaches can severely tarnish an organization’s reputation. A solid data protection design not only safeguards sensitive information but also fosters trust among customers, clients, and stakeholders.

3. Business Continuity: A well-designed data protection framework contributes to business continuity by minimizing the impact of potential disruptions. It ensures that critical data remains available and secure, even in the face of unexpected events.

In conclusion, data protection design is a proactive and strategic approach to safeguarding sensitive information in our digital age. By integrating security measures from the outset and continually adapting to emerging threats, organizations can navigate the complex landscape of data protection with resilience and confidence.

The post Demystifying Data Protection Design: A Comprehensive Overview appeared first on Cybersecurity Insiders.

The financial sector is among the most data-intensive industries in the world. Financial institutions deal with vast amounts of sensitive information, including personal and financial data of customers, transaction records, and market-sensitive information. As such, data protection is of paramount importance in the financial sector for several critical reasons:

1. Customer Trust and Reputation: Data breaches can irreparably damage a financial institution’s reputation and erode customer trust. When customers entrust their financial information to banks, insurance companies, or investment firms, they expect it to be safeguarded diligently. Any breach of this trust can lead to customer churn and a loss of business.

2. Regulatory Compliance: The financial sector is subject to a multitude of stringent regulations and compliance standards. Failing to protect customer data can result in severe legal and financial consequences, including hefty fines and legal actions. Compliance with regulations like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) is essential to avoid penalties.

3. Identity Theft and Fraud Prevention: Financial institutions are prime targets for cybercriminals seeking to steal personal information for identity theft and financial fraud. Effective data protection measures, such as encryption and multi-factor authentication, are critical in preventing unauthorized access to sensitive data.

4. Financial Stability: The stability of financial markets relies on the integrity of financial data. Accurate and secure data is essential for making informed investment decisions and ensuring the smooth functioning of financial systems. Any manipulation or tampering of data can have far-reaching economic consequences.

5. Insider Threat Mitigation: The financial sector faces threats not only from external hackers but also from insider threats. Employees or contractors with access to sensitive data can misuse their privileges or inadvertently cause data breaches. Robust data protection policies can help mitigate these risks.

6. Intellectual Property Protection: Financial institutions often develop proprietary algorithms, trading strategies, and financial models that are considered valuable intellectual property. Protecting this intellectual property is crucial for maintaining a competitive edge in the industry.

7. Operational Efficiency: Effective data protection measures can enhance operational efficiency. When data is well-organized, protected, and accessible only to authorized personnel, financial institutions can streamline their operations and reduce the risk of errors or data loss.

8. Cybersecurity Threat Mitigation: The financial sector is a prime target for cyberattacks due to the potential for substantial financial gain for attackers. Data breaches can lead to significant financial losses, not only in terms of stolen funds but also in costs related to investigating and mitigating the breach.

9. Trust in Digital Transformation: The financial sector is undergoing a digital transformation, with online banking, mobile apps, and fintech innovations becoming the norm. Trust in digital financial services depends on the ability of financial institutions to protect customer data. Without robust data protection measures, customers may be reluctant to embrace these digital services.

In conclusion, data protection is a cornerstone of the financial sector’s operations. It not only safeguards the interests of customers and shareholders but also upholds the integrity and stability of financial markets. Financial institutions must continually invest in data protection technologies and practices to adapt to evolving cybersecurity threats and regulatory requirements while maintaining trust in an increasingly digital world.

The post The Importance of Data Protection in the Financial Sector appeared first on Cybersecurity Insiders.

In today’s digital age, where organisations heavily rely on technology and data, ensuring strong Cyber Security practices is paramount, and one often overlooked aspect, is the departure of staff members.

The departure of an employee can introduce vulnerabilities and risks if not handled properly. Establishing a well-defined process for staff departures is crucial not only for maintaining operational continuity but also for safeguarding sensitive information from potential cyber threats. Chris White, member of International Cyber Expo‘s Advisory Council, and Head of Cyber and Innovation, The South East Cyber Resilience Centre (SECRC) offers his thoughts on the subject:

  1. When an employee leaves, their access to systems, networks, and databases must be immediately revoked. Forgotten or lingering access credentials can become a backdoor for cybercriminals to gain unauthorised entry. By following a process, organisations can systematically terminate an employee’s access to all relevant accounts and platforms, reducing the risk of data breaches and insider threats
  2. Employees often have access to sensitive company information, client data, and proprietary resources. Without a proper process in place, departing employees might retain copies of such data, putting it at risk of unauthorised exposure or misuse.
  3. By ensuring a comprehensive data inventory and implementing strict data retention policies, organisations can reduce the likelihood of valuable information falling into the wrong hands.
  4. When an employee leaves, all company-issued devices such as laptops, smartphones, and access cards should be collected promptly. These devices might contain sensitive data or access points that could be exploited by cyber attackers. An established process for equipment retrieval ensures that potential vulnerabilities are addressed and mitigated.
  5. A departure can result in a loss of organisational knowledge. If not managed properly, this loss could lead to security gaps in the organisation’s defences. By systematically documenting roles, responsibilities, and procedures, and by cross-training employees, organisations can maintain a well-prepared workforce that is capable of upholding cybersecurity standards.
  6. Insider Threats—threats posed by current or former employees—are a significant cybersecurity concern. Following a strict process during staff departures minimises the risk of disgruntled employees intentionally causing harm to the organisation’s digital infrastructure. Proper off-boarding procedures, including exit interviews, can help identify potential insider threats and pre-emptively address any concerns.
  7. Organisations are often subject to various legal and regulatory requirements concerning data protection and privacy. Failure to properly manage staff departures could result in non-compliance and legal repercussions. Following a process ensures that the organisation adheres to all relevant regulations, safeguarding both its reputation and legal standing.
  8. A departure can disrupt ongoing projects and operations, potentially creating opportunities for cyber threats to exploit the chaos. By having a clear process in place, organisations can ensure that essential tasks are transitioned seamlessly, and critical cybersecurity measures remain intact. Get in touch with The South East Cyber Resilience Centre for some assistance in this area.
  9. A good solution is Cyber Essentials which is an effective, Government backed minimum standard scheme that will help you to protect your organisation, whatever its size, against a whole range of the most common cyber attacks. For example, How do you ensure you have deleted, or disabled, any accounts for staff who are no longer with your organisation? We can provide the resources to achieve a suitable solution to answer this.

In conclusion, the departure of a staff member should not be taken lightly, especially when considering the potential harm, it poses to cyber security. Establishing a well-defined process for staff departures is vital for protecting an organisation’s sensitive data, maintaining operational continuity, and mitigating cybersecurity risks.

Chris White will be in attendance at International Cyber Expo 2023, so do stop by London Olympia on the 26th and 27th of September 2023!

To register for FREE, visit: https://ice-2023.reg.buzz/eskenzi

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