Written by:
Charles Habak:
Vice President at Booz Allen Hamilton MENA
Wayne Loveless:
Principal at Booz Allen Hamilton MENA
WannaCry or Wcry
represents the latest version of a growing threat called Ransomware – a
tailored piece of malware designed to exploit specific vulnerabilities in the
operating systems of its victims’ computers.
Malware
outbreaks are not infrequent, but Wcry spread so rapidly that it revealed
vulnerabilities in the business planning, employee preparation and internal
procedures of organizations all over the world. A majority of affected systems
were running outdated versions of software, with no access to updates because
the vendor had phased out support to these legacy systems.
The financial
services industry sector is no stranger to the phenomenon of outdated software.
Many of today’s financial systems still run on UNIX based platforms developed
in the 1980s and 1990s, which often are no longer supported by vendors.
What the financial sector can learn from the Wcry fallout is the
importance of investing in a sound risk management framework that involves
technology change management as well as updated software – all of which could
have prevented Wcry.
Financial
services organizations and their leadership have a duty to protect their
customers’ financial interests as well as their own institutions. This begins
with a dedicated cyber agenda at the Board level along with the formation of a
cybersecurity action committee reporting directly to the CEO.
Bank-wide
vulnerability assessments across all of the business units that are C-level
driven and business-aligned should be prioritized. Additionally, a dedicated
cyber security business unit should be formulated with the goal of assessing
and implementing new types of capabilities, processes and functions to combat
growing threats.
Finally, encouraging
bilateral and multilateral communication mechanisms with other banks in the
marketplace, and interfacing with regulators to inform of threats and share
information of potential breaches as well as
threat intelligence from local, regional, and international partners can
provide the contextual understanding needed to proactively defend institutions
from future threats.
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