Answer To: 1 | P a g e ACCG8086 Cybersecurity, Governance Frameworks and Ethics Strategy Cybersecurity...
Kuldeep answered on Apr 04 2021
Cyber Security
Finastra
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Contents
Selected the case study, who was responsible for the breach, the consequences and actions were taken 2
Ransomware Attack 2
Consequences 3
A cybersecurity roadmap/plan for the case study organization 4
ISO/IEC 27000, 27001 & 27002 6
NIST CSF 7
Case study organization could have avoided the breach 9
Conclusion 11
References 12
Selected the case study, who was responsible for the breach, the consequences and actions taken
The company’s chief executive said that London-based large financial services software provider Finastra continues to recover from the ransomware attack, which forced the company to take its IT business offline on Friday to prevent further damage to its corporate network damage. Founded in 2017, Finastra is one of the world's largest fintech companies, with revenue of $ 1.9 billion in 2019 (Finastra, World’s Third Largest Fintech, Hit by Ransomware, 2020). The company's website states that its software has been used by some of the world's largest banks. It has offices in 42 countries/regions, has 10,000 employees, and serves more than 9,000 customers. Finastra sells cloud-based local financial software, including mobile banking tools, financial institutions, investment companies, and retail stores.
Ransomware Attack
CEO Tom Kilroy, who published a series of announcements on the company’s website on Monday, pointed out that Finastra is still struggling to "restore full IT operations. As mentioned earlier, our solutions have their details. The process from available to operational Life; we are working closely with the affected customers to complete these important steps safely (Jain and Tripathi, 2019). An online update revealed that the program began on Friday, forcing Finastra to take its servers offline to prevent further spread of malware within its network. Kilroy did not provide details on the type of ransomware used to attack the company's infrastructure but noted that no customer or employee data was improperly accessed or leaked. Finastra, a company that provides a range of technology solutions to banks around the world, said today that it will shut down critical systems due to a security breach discovered this morning (Jongmo Yang, 2019). The company's public statements and notices to customers did not mention the cause of the interruption, but so far, their response has been entirely a script for handling ransomware attacks. On March 20th, sources from two independent financial institutions in the United States warned cybersecurity writer Brian Krebs that they had received notice from Finastra that they expected the “blackout” to immediately interrupt the main service of the fintech company Especially for North American customers. The notice also states that the disruption was due to "potential security breaches" and that the fintech company is investigating its origins (Malecki, 2019). Hours after communicating this news to customers, Finastra issued another statement, which provided more detailed information about the nature of the violation, indicating that the fintech company was subjected to a ransomware attack due to the incident.
Consequences
London’s Finastra has offices in 42 countries, and last year’s revenue exceeded $ 2 billion. The business has more than 10,000 workers and more than 9,000 clients in 130 countries-almost including the top 50 banks worldwide. Brian Krebs reports that a security breach disrupted the operations of London-based fintech company Finastra, which serves the world's top 50 banks. Finastra has more than 9,000 customers in 130 countries; sources at two different financial institutions in the United States forwarded the notifications they received from Finastra, saying that a power outage would disrupt certain services, especially for North American customers. The financial technology company Finastra has taken some of its servers offline after learning about "potentially unusual activity on our system." Chief Operating Officer Tom Kilroy said in a brief statement that Finastra has called an independent forensic company to investigate the scope of the incident. Finastra is a high-profile target of cybercriminals. It is the third leading fintech business in the whole world, with offices in 42 countries/regions, more than 10,000 employees and 9,000 customers. In 2019, the company's revenue exceeded $ 2 billion, and its customers include 90 of the world's top 100 banks. In addition to the company's status, Finastra's appeal to hackers also stems from the fact that there are many shortcomings in the track record related to network security and data protection. For example, according to threat intelligence company Bad Packets, the fintech company has long been running unpatched servers, which has made its system more vulnerable to various attacks and may be responsible for recent ransomware attacks. According to Bad Packets, this was determined by the entire Internet scan conducted last year. Bad Packets also noted that Finastra has been running outdated Pulse Secure VPN servers in 2019 and that they are still running outdated Citrix servers at the beginning of the year. As we all know, both server technologies have inherent vulnerabilities and have suffered cyber attacks in the past few months, and maybe attributed to Finastra's recent ransomware attacks. The use of ransomware attacks to exploit corporate security vulnerabilities, once considered an isolated niche data type, has recently become an increasingly standard technology among cybercriminals. According to ZDNet, this trend is because active ransomware groups have exploited the vast amount of data obtained from victims before launching ransomware attacks on their systems. After the attack, some or all of the stolen data is then posted on a "victim fraud site created by a ransomware gang" so that hackers can "strengthen the victim company" to pay a high ransom. KnowBe4's security awareness advocate James McQuiggan said: "With ransomware, the first weapon for data breaches is social engineering phishing scams." "For organizations, it is important to have a strong security awareness training program to Inform employees of the technology used by criminal hackers so that when phishing emails are in their inboxes, they can reduce the risk of being attacked. "
A cybersecurity roadmap/plan for the case study organization
Developing a security roadmap can help to align Finastra security processes with their business goals and optimize thier overall network security posture. With a solid roadmap, you will know where you are today, where you need to go to be more efficient, and what you...