Today, United States Treasury Secretary Jacob J. Lew visited Verizon’s campus in Ashburn, Va. to highlight the importance of cybersecurity to financial institutions. Meeting with Verizon’s cybersecurity experts in the technology company’s newly renovated Executive Briefing Center, Secretary Lew also received a first-hand look at Verizon’s state-of-the-art Security Operations Center, global IP Network Operations Center and [enterprise technology] Solutions Center all housed within the Ashburn building. Secretary Lew’s visit comes ahead of his keynote remarks on cybersecurity and the U.S. financial sector at CNBC's and Institutional Investor's Delivering Alpha conference on Wednesday - a who's who of the investor and hedge fund community.
Bryan Sartin, director of RISK at Verizon Enterprise Solutions weighs in.
“It used to be that security especially in the finance sector was a chief information security function and these days it’s no longer a backburner thing that we also do, it’s no longer a CIO function anymore, [instead] it’s a CEO function.”
According to the Verizon 2014 Data Breach Investigations Report, less than 25 percent of data breaches were discovered by victims in only days or less. Sartin says that it takes victims seven months on average to discover that they’ve been breached after the point of entry – a “cyber innovation gap” he says which demonstrates that criminals are becoming even more sophisticated when compared to the victim’s ability to detect that they have been compromised in a timely manner. He emphasizes that mitigating data breaches starts with superior intelligence.
“It’s no longer about one size fits all. Intelligence-driven security uses a multilayer approach to protect customers against attacks by understanding, integrating and applying insights from global threat and attack patterns.”
Sartin says that a more intelligent driven security approach helps victims
- Prepare: know how to protect critical data, understand vulnerabilities, minimize their attack surface and ensure control and compliance
- Recognize: monitor/analyze attacks and break chains early
- Respond: immediate and effective responses are required to minimize the impact of a breach
For more on Sartin’s insights on the global security threat landscape facing financial institutions, watch the video below.