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Myra’s monthly security highlights present IT decision-makers and security specialists with the most relevant topics from the world of cybersecurity. Hacker trends, defense strategies, and reports on cyber attacks, hacker campaigns, and more are available here in a clearly laid out format.

Data breaches and cyber attacks often cause immense damage to companies. Losses in the millions are not uncommon. Particularly in the finance industry, where banks and payment service providers process a lot of sensitive information, the costs of data breaches and hacker attacks are particularly high. At the same time, the industry has been among the most popular targets of cybercriminals for years.

Financial supervision is also aware of this fact. For this reason, BaFin is increasingly raising the regulatory hurdles for IT security in the banking sector. Particularly when it comes to outsourcing central IT services, far-reaching specifications for IT security, data protection, compliance, risk management, and reporting must be ensured.

Viewing digitization as a process

In view of increasingly high-performance technologies, it is absolutely necessary to strive for the most comprehensive IT security and data protection possible. Companies that are already deeply involved in AI, IoT, or quantum computing can assess the opportunities and risks of these technologies at an early stage and position themselves competitively for the future. Digitization is not a project that ends with the implementation of new hardware and cloud solutions – the digital transformation must instead be seen as a continuous process encompassing all areas of our modern society and causing a disruptive transformation in many places.

The top IT security topics in August

IT security trends

Data breaches are costing the German financial industry dearly:

According to a study by IBM, no other industry has recorded such high levels of damage related to data breaches and cyber attacks as the finance sector.

Hospital law of the future: German government focuses on IT security:

The German government plans to spend three billion euros to advance the digitization of hospitals. The funding requires that hospitals focus on IT security during the digital transformation.

There is no IT security without awareness:

If you want to strengthen cybersecurity in your company, you cannot rely on technical solutions alone. Employees must also be brought up to speed on the subject so that the right strategic response is made in the event of an attack.

The challenge of IT outsourcing in the financial sector:

The trend toward outsourcing IT security to specialist providers is continuing. Especially in the financial sector, however, the regulatory requirements for outsourcing of this kind are being increasingly scrutinized by BaFin. This will also have an impact on insurance companies.

Quantum computing entails opportunities and risks:

Innovative quantum systems calculate the complex risk models and optimization tasks of banks and insurance companies in the shortest possible time. However, the Federal Association of German Banks (BdB) warns that the technology can also be used to defeat commonly used encryption methods.

Cybercrime

Encryption Trojan with affiliated leak platform:

The novel Conti ransomware not only encrypts the data of its victims but also threatens to publish the victims’ data on a publicly accessible platform.

Travel operator CWT pays $4.5 million to get its data back:

As part of a ransomware attack, the US business travel operator was forced to pay the equivalent of US$ 4.5 million in Bitcoin.

A million-dollar bribe for an attack on Tesla:

Cybercriminals offered an employee at the Tesla factory in the US state of Nevada a million-dollar bribe. In return, he was to infect the factory’s systems with malware. However, the employee demonstrated loyalty and reported the incident to his employer. The FBI is now investigating the incident.

Best practises, defense & mitigation

Catching up on the backlog of IT security in hospitals:

In healthcare, another critical infrastructure (KRITIS), BSI attests to weaknesses in organizational measures for cybersecurity. There is nothing to criticize in the technical implementation of security measures, but an IT-specific security culture is lacking. This manifests itself in incomplete risk management, insufficient network segmentation, and outdated Windows operating systems.

Checking IT service providers more closely:

Raimund Röseler, Executive Director of Banking Supervision, is in favor of direct control rights and sanctions against IT service providers. This is the only way BaFin can ensure that strict compliance guidelines are adhered to in the ongoing trend toward IT outsourcing:

Things to know

The Myra platform at a glance: Web Application Security:

Web Application Security: Injection attacks, malware attacks, manipulative bot requests, and more: Online services today are exposed to a wide range of threats that need to be systematically addressed. As an upstream protective wall, Myra Website Application Security protects the web applications of companies and government agencies from all of these kinds of attacks.

The Myra platform at a glance: Web Intelligence:

Web Application Security: Injection attacks, malware attacks, manipulative bot requests, and more: Online services today are exposed to a wide range of threats that need to be systematically addressed. As an upstream protective wall, Myra Website Application Security protects the web applications of companies and government agencies from all of these kinds of attacks.

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