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September 14 2017

Comment: Argentine Equifax Security Breach

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The latest Equifax security breach in its Argentine operations further highlights the industry’s outdated approach to cyber security. The financial services industry is a high profile goldmines for hackers, so why are organisations still exposing their – and their customers’ data – to risk through basic security protocol lapses.

It’s not just a case of using more complex login and password details – though the simplicity in this caseis arguably negligent; it’s a case of changing current security models that place so much emphasis on application based security.

The problem is that rather than looking to innovation as a way to address the problem, the cyber security industry as a whole continues to deploy the same protection methods and technology, yet expects a different result – a cycle of insanity.

The “protect”, “detect”, “react” approach doesn’t include a step to contain the breach, which means incidents such as this can escalate very quickly. By using segmentation to break the infrastructure down into smaller chunks or ‘risk domains’ that are underpinned by policy driven encryption, an organisation can stop a hacker roaming freely and unchallenged across the entire network. The result is not only can financial institutions severely limit the impact of a breach, but the moment a breach occcurs, the organisation can also already answer two fundamental questions:  what the scope of the breach is and yes, the breach has been contained.

Mindset must change before technology. Current solutions are flawed and follow an outdated approach to security. Companies must change to a Zero Trust security posture so that when updating their technology, it follows a new, innovative mindset, rather than continuing the insanity cycle with the next generation of flawed technology.

– Dan Panesar, VP EMEA, Certes Networks

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