Tag Archives: Multi Factor Authentication

New York’s Cybersecurity Requirements for Financial Service Companies are a real game changer

1 November 2016

In post ‘Learn How the NYDFS Cybersecurity Regulations Will Impact Your Company‘ Shawn E. Tuma talks about the impact of the New York Department of Financial Services Cyber Security Regulation on the daily business.

Negotiating service contracts and working with third parties will require considerably more effort after the entry into force of the regulation. But a regulation has long been overdue, at least since the details of the Target data breach in December 2013 come to be known.

From a security point of view the Cybersecurity Regulation is a real game-changer. Some concepts are borrowed from the ISO 27001, but in some areas the NYDFS Cybersecurity Regulation goes much further than the ISO requirements.

The scope of the regulation, Nonpublic Information, is clearly and sufficiently broad defined in section Definitions (500.01). In my opinion, the focus on Nonpublic Information might create blind spots because significant damage can be caused by compromised Public Information as well.

Section 500.02 demands the implementation of a Cybersecurity Program. The program shall be designed to

(3) detect Cybersecurity Events;

(4) respond to identified or detected Cybersecurity Events to mitigate any negative effects;

The requirement to mitigate any negative effects‘ is new, and will have a major impact on IT security operations.

Section Audit Trail (500.06) requires the implementation of a Privileged Account Management (PAM) solution.

Section Multi-Factor-Authentication (500.12) states, where Multi-Factor Authentication (MFA) is required. Unfortunately, MFA is not mandatory for the access to non-web applications. I would prefer so secure all applications with MFA.

The strict application of the Principle of Least Privilege, which is demanded in section Access Privileges (500.07), for access to Nonpublic Information is a big step forward.

All in all, the Cybersecurity Requirements for Financial Service Companies are a big step forward towards increased cyber security. If implemented well, the likelihood of data breaches will decrease dramatically.

If your company is implementing a cyber security program currently, it makes definitely sense to take a closer look at this regulation. It can be easily adapted to whatever type of business.

Have a good day.

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SearchSecurity: Multifactor authentication key to cloud security success

12 July 2014

Multifactor authentication key to cloud security success

In this great post Brandon Blevins provides a brief summary about the Code Spaces attack, the progression of the attack and the catastrophic consequences for the company and the customers. Moreover, he makes clear that Multi Factor Authentication is an essential requirement for running a successful business in the cloud. With Two- or Multi Factor Authentication in place this attack would not have been possible.

The attack pattern in the Code Spaces case differs only slightly from the patterns in the eBay, Target, and Office attacks. In all cases the attackers used stolen credentials of employees for unauthorized access to the company network and the data.

One Euro Cent Coin

From my point of view, Two or Multi Factor Authentication (MFA) would have prevented most of the published data breaches, irrespective of whether the services are hosted on premise or in the cloud.

Multi Factor Authentication is worth every Cent!

The main difference between the attacks exists in the amount of the damage, in the eBay case data theft and loss of reputation, irreversible destruction and discontinuation of Business in the Code Spaces case.

But a third, more important type of damage must be considered:

Integrity loss, caused by tampering of data.

Small changes to software products, to the formulation of drugs, or a bill of material could lead in the worst case to a catastrophic impact on people, businesses and the environment.

How often does this happen, without you ever noticing?  At this very moment? And, are you able to recognize such integrity losses to prevent larger damage?

We should ask ourselves these worrying questions. The statement “I always call it the Wal-Mart-Target competition … to see who can get to the lowest price and still provide good service. Security is what gets lost” gains a new meaning from the integrity point of view.

I would strongly recommend, that all businesses, in particular in the manufacturing industries and in the pharma sector, should decide about implementing MFA to prevent damage caused by integrity loss.

That will make our world a somewhat safer place.