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CAMP IT Data Breach Discussion: Impact on Security/Risk Strategy

Posted by Olivia Mandell on 6/28/17 10:07 AM
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                 Over the past year, cyberattacks have infiltrated hundreds of thousands of security systems, devastating government and infrastructure in more than 150 countries—including Spain’s telecommunications, Britain’s hospital system and Germany’s railways. Organization’s in the private sector aren’t left unscathed, as several Fortune 500 companies have experienced data breaches as well, such as FedEx and Nissan. Following the series of high profile attacks, organizations have become increasingly conscious of their own vulnerabilities.

Government leaders and company executives are eagerly pushing initiatives to improve and update their own security measures against cyber threats including the U.S. White House. Industry analysts asses that approximately 50% of organizations have had to re-evaluate their information security standards as a result of recent well-publicized data breaches. 

Data breaches are happening daily

At the CAMP IT Chicago Panel Discussion, Anders Norremo of ThirdPartyTrust moderated a panel of IT executives to address these recent attacks, analyze trends in cyber security, and to instruct attendees on how to best update their own security and risk strategies. IT executives participating on the panel included Fred Kwong, CISO of Delta Dental Plans Association; Jason Ruger, Chief Security Officer of Motorola; and James Mountain, the Director of Information Security at Palmer College.

The panel explored the implications of specific, high profile data breaches on their organizations. For example, Norremo asked executives to explain the extent that WannaCry pushed their organizations to patch its servers, how many servers needed to be patched and restarted, and what challenges the company confronted in the process. Additionally, IT executives discussed how the Ongoing Vault 7 NSA toolkit release by WikiLeaks affected their risky strategies. Lastly on this this topic, the panel examined how these high-profile breaches affected their security budget.

The conference analyzed the current nature of security threats and cyberattacks. Panel members shared what they perceived as the biggest threat to their organization. IT executives debated whether the greatest security concern stemmed from a breach within the organization, or rather one originating from a third-party-vendor. Moreover, the panel explored how the frequency and complexity of cyberattacks have changed over time. 

The panel concluded the conference by providing direct suggestions to CAMP IT attendees. Anders Norremo asked panel members to inform the audience on the most effective methods for improving security systems. Moreover, the panel discussed means to educate non-security executives on cyberattacks and the importance of risk strategy.  

CAMP IT events often talk about data breaches

As cyberattacks continue to become increasingly complex and pervasive, it is critical that organizations, both in the public and private sphere, prioritize and improve their risk and security strategies. Measures such as CAMP IT, which sought to educate attendees on the importance of data security, represents a step in the right direction.           

Topics: Data Breaches

ThirdPartyTrust is a vendor risk management platform strengthening cyber risk intelligence and simplifying the management process for enterprises performing vendor risk assessments.
 
By analyzing both third and fourth party vendor cyber risk using a network-based solution, like 3PT, trust is built and mapped within your vendor eco-system.

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