Cisco’s cybersecurity report predicts DeOS attacks that shut down organisations permanently
Recent global cyberattacks such as WannaCry and Petya have impacted on companies and organisations in a way that has not been seen before on that scale – now, Cisco is predicting that new threats could cause fatal and permanent damage to systems.
Cisco’s 2017 Midyear Cybersecurity Report has forecasted “destruction of service” attacks which could destroy backups and safety nets, whilst the Internet of Things is offering more potential targets.
Security weaknesses in IoT are offering cybercriminals an opportunity too good to miss, as recent botnet activity is suggesting that some attackers “may be laying the foundation for a wide-reaching, high-impact attack that could disrupt the Internet itself,” according to the report.
Techniques are evolving to create the biggest potential for revenue for hackers, but tried and tested methods of spreading malware like spam emails and adware are “significantly increasing” as well.
In 2016, ransomware brought in more than $1bn, whilst business email compromise led to a loss of around $5.3bn between October 2013 and December 2016.
Figures released in the report show that industries are reacting slowly to the threat, despite 32% of retail security leaders saying that they had lost revenue due to attacks in the past year.
Less than two-thirds of organisations say that they actively investigate security alerts, whilst healthcare is a particularly vulnerable target – 37% say that targeted attacks are “high-security risks.”
Steve Martino, Vice President and Chief Information Security Office at Cisco, said: “WannaCry and Petya illustrate that our adversaries are becoming more creative with how they orchestrate their attacks.”
“Many organisations are in a constant race against the attackers to sure up their security and close the obvious gaps, but they need to make security a priority.”
The Ashley Madison hack and subsequent data leak in 2015 cost them $11m, which should emphasise how attacks can have a “serious and long-term impact” on value, according to Fujitsu EMEIA’s VP Head of Enterprise & Cybersecurity Rob Norris.
“Cybersecurity is the single most alarming threat to businesses across Europe, with recent incidents only reinforcing the need for a robust security strategy,” commented Norris.
“Technology such as IoT, AI and big data opens up new potential for cyberattacks, as criminals become smarter and utilise technology that could halt a business in its tracks.”
CPQi x Finastra: Creating a dynamic partner ecosystem
Finastra is a fintech company that builds and deploys innovative, next-generation technology on its open Fusion software architecture and cloud ecosystem. Its scale and geographical reach enable it to serve customers effectively, regardless of their size or location - from global financial institutions to community banks and credit unions.
Formed in 2017, Finastra has US$1.9bn in revenues, 9,000+ employees, and around 8,600 customers, including 90 of the top 100 banks globally.
At Finastra, they make it no secret that partnering is at the core of everything they do. The pace at which the industry is transforming and the rate at which customer’s demands are changing means that partnering is a necessity. Its mission is to develop the world’s most successful, dynamic, and engaging partner ecosystem. In a bid to drive this mission to the next level, its approach to partnering has entered a new realm.
Partnering with CPQi
One of its partners is CPQi, a leading provider of digital transformation and managed services in the Americas, focused exclusively on Financial Services.
At CPQi, its developers can help you customise and integrate Finastra so it fits in with your business. “CPQi has the privilege of partnering with Finastra - one of the top three Fintechs in the world today,” said CPQi’s CEO, Terry Boyland.
CPQi can help ensure long-term scalability by helping move Finastra onto the cloud with its platform-specific digital transformation offerings. Migrating Finastra onto a cloud-based infrastructure can ensure speed of delivery and faster innovation.
They provide full-scale ongoing support of your Finastra platform and can maintain your Finastra platform with our high-quality onsite resources, ensuring the successful outcome of every project.
“We’ve worked with Finastra since the early days when its Kondor system was part of Thomson Reuters,” adds CPQi’s CEO Terry Boyland. “Kondor has been merged into and built on via a suite of financial services applications from Finastra deployed under the Fusion banner. We believe the Fusion fabric is a tremendous product enabling organisations to use modern development methods through the cloud to access some of their legacy platforms and their existing engines underneath. We’ve worked with Finastra on a number of applications, both in Latin America and in North America. They're great to work with and deservedly viewed as one of the top three financial technology firms in the world.”
Read the feature in Technology magazine.