Posted on Apr 15, 2019
With an increased number of severe data breaches, businesses are driving to continuously monitor and document evolving information security risks across their data ecosystems. However, digital transformation creates unique struggles for organizations as they attempt to embrace the cloud to ease business operations. Additionally, cyber security risks vary by region and industry, which pose additional concerns as global enterprises scale their businesses while trying to maintain data integrity, security, and availability. Thus, the drive to globalize and digitize business operations requires interconnected visibility across the data ecosystem to establish continuous monitoring and documentation to provide continuous assurance over internal controls and vendor risk management programs.
The Ponemon 2018 Cost of a Data Breach report reviewed the global impact of data breaches:
Although the United States leads the pack when it comes to the cost of a data breach and number of records, the regional differences also highlight the global impact of data security.
Unfortunately, while this data gives raw numbers, it does not account for industry differences or provide insight into the way in which cybercriminals infiltrated systems.
According to the 2018 Verizon Data Breach Investigations Report, the top three incidents per pattern were:
Meanwhile the top three breaches per pattern were:
Unfortunately, while the Ponemon report provides geographical insight but fails to address data breach specific patterns, the Verizon report focuses on specific patterns but fails to give insight into the impact of geographic location.
The top five industries impacted by data breaches, according to the Verizon report, were:
The Verizon report details the types of breaches including but not limited to Crimware, Cyber-Espionage, Denial Of Service, and Web Applications. Additionally, it drills down into the types of actions and assets associated with the data breaches.
Again, the Verizon report fails to provide detailed and holistic insights because it does not account for geographic location or specific control weaknesses that increase the likelihood of a data breach.
SecurityScorecard’s Global Data Insights overcomes the problems with traditional data breach reporting statistics.
Our platform scans the internet for publicly available information that allows organizations to detect weaknesses in their IT infrastructures as well as weaknesses within their vendor ecosystem.
Global Data Insights allows users to view not only the risks within their industry and ecosystem but to review geographically specific risks. Thus, organizations can review their industry by location and drill down further to the specific exploits most common within that segment.
SecurityScorecard’s platform analyzed financial institutions across North America, Europe, and Asia & Oceania. The research, based on over 1000 IP addresses, indicates several significant geographical differences that allow financial services organizations to prioritize and focus their monitoring and remediation processes to better protect data.
A low security rating means that cybercriminals can exploit the vulnerability more easily, thus making it a higher risk. Our platform noted:
While this information provides insight into the highest risks of data breaches in larger geographic areas, it still provides little information about the individual entry points.
SecurityScorecard also reviewed geographic regions by country and focused on individual exploits.
A cybercriminal targets a brand, creates a fake domain containing typographical errors, then sends fake emails to launch a social engineering attack.
A company links an external resource to its website but fails to properly validate it, leaving the resource vulnerable to malware or website takeover.
A weak or obsolete encryption algorithm is used.
Devices run outdated and potentially vulnerable web browsers which can increase the opportunity for client-side attacks.
Even with this information, international organizations may need more detail to protect their systems, networks, and software from region-specific risks.
Although possible typosquat domains and obsolete browsers are a global issue for the financial services industry, SecurityScorecard provides deeper insight into how this risk impacts specific locations.
For example, a global financial institution may need to prioritize browser patching cadence for its Asia & Oceanic affiliates more than its European franchises. Meanwhile, although Asia & Oceania partners experience possible typosquat domains, North American and European subsidiaries face a higher risk of this occurring.
SecurityScorecard’s platform provides a data-rich environment to provide insight cyber security risk by company, industry, and geographical location.
With over 1 million scorecards across the globe, our platform provides multi-national companies a way to continuously monitor and document risks based on segmented details. Digital transformation goes hand-in-hand with globalization. Thus, knowing the risks posed to a single data environment or vendor supply chain still leaves other risks obscured.
With SecurityScorecard’s platform, companies can continuously monitor across their entire ecosystems and their geographic locations to create detailed risk mitigation programs based on their individual needs.
Regulatory and industry standards increasingly focus on risk-based cyber security programs, recognizing that no “one-size-fits-all” approach exists. SecurityScorecard eases the burden by helping organizations segment their risks in ways that meet their unique needs.
Check out our list of 3 top third party risk management (TPRM) challenges, and the actions you can take to bolster your program. Learn more.
Performing cybersecurity risk assessments is a key part of any organization’s information security management program. Read our guide.
Templates and vendor evaluations are needed to level that playing field, in a time efficient and fair way, so that the best vendors are chosen.
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