Strategic Guide to Continuous Threat Exposure Management in Banking & Financial Services

The digital infrastructure of an organization with its digital assets, networks, and systems forms the backbone of its operations and organization faces the challenge of managing its attack surface—the myriad entry points that cyber adversaries could exploit to compromise security. This digital landscape is constantly changing, with new systems and applications emerging, networks evolving, and employees and users interacting in unpredictable ways. In this scenario, understanding and safeguarding this vast and complex attack surface becomes imperative to ensure the organization's digital resilience. A vigilant guardian that operates in real-time, monitoring the ever-shifting landscape and proactively defending against potential threats is much sought after. That is exactly what Continuous Threat Exposure Management (CTEM) offers. This blog delves into the significance of CTEM within our digital landscape, exploring how it not only identifies vulnerabilities but also orchestrates a strategic defence to fortify the organization against cyber threats.?

Continuous Threat Exposure Management (CTEM) refers to an ongoing and proactive approach to identifying, assessing, and managing security threats and vulnerabilities within an organization's IT infrastructure. Unlike traditional security practices that focus on periodic assessments, CTEM involves continuous monitoring and analysis of the organization's digital assets, networks, and systems to detect and respond to threats in real-time.?

5 Steps of Continuous Threat Exposure Management include:?

Scoping: Organizations should define the scope of the CTEM program by identifying the assets that need to be protected and the potential threats that could affect them.?

Discovery: Organizations should scan their systems and networks for vulnerabilities and exposures using automated tools.?

Prioritizing: Organizations should prioritize risks based on their potential impact on the organization and the likelihood of occurrence.?

Validation: Organizations should measure the effectiveness of the remediation actions to ensure that they are effective in reducing the risk.?

Implementing remediation: Organizations should implement remediation actions to address the identified risks.?

The goal of Continuous Threat Exposure Management is to enhance the organization's security posture by minimizing the time between the discovery of a vulnerability or threat and the implementation of remediation measures, thus reducing the overall risk of security breaches. According to a report by Gartner, organizations prioritizing their security investments based on a continuous exposure management program will be three times less likely to suffer from a breach. CTEM is crucial for banking and financial services due to the sensitive nature of the information they handle and the increasing sophistication of cyber threats.

Here are some reasons why CTEM is important in this sector:??

Data Sensitivity: Banks and financial institutions deal with highly sensitive financial and personal information. Continuous monitoring helps identify and address vulnerabilities promptly, reducing the risk of data breaches.?

Regulatory Compliance: The financial industry is subject to strict regulatory frameworks and compliance requirements. Continuous monitoring helps ensure that security measures align with regulatory standards, avoiding potential legal and financial consequences.?

Persistent Threat Landscape: The financial sector is a prime target for cybercriminals seeking financial gain. Continuous monitoring allows organizations to stay ahead of evolving threats and adopt proactive security measures.?

Transaction Integrity: Maintaining the integrity of financial transactions is crucial. CTEM helps detect and prevent unauthorized access or manipulation of transaction data in real-time.?

Customer Trust: Trust is paramount in the banking and financial sector. Demonstrating a commitment to robust cybersecurity through continuous threat exposure management enhances customer confidence in the security of their financial transactions and information.?

Financial Stability: A successful cyber-attack can have severe financial implications. Continuous monitoring helps in early detection and mitigation of threats, minimizing the potential financial losses associated with data breaches or system compromises.?

Advanced Persistent Threats (APTs): Financial institutions are often targeted by sophisticated and persistent cyber threats. CTEM helps in identifying APTs early in their lifecycle, enabling organizations to respond effectively.?

Operational Continuity: Continuous monitoring ensures the resilience and continuity of banking operations. By quickly identifying and addressing threats, organizations can minimize downtime and maintain uninterrupted services for customers.?

Implementing Continuous Threat Exposure Management (CTEM) in banks and financial services involves a strategic and comprehensive approach.? Creating and sustaining Continuous Threat Exposure Management (CTEM) in banks involves a multifaceted strategy. Begin by securing leadership buy-in to garner commitment and establish a cybersecurity governance framework. A comprehensive and adaptive approach ensures the establishment and resilience of a CTEM framework that addresses current challenges and evolves with the dynamic cybersecurity landscape.?

Here are guidelines to help in the implementation process:?

Risk Assessment:?

• Conduct a thorough risk assessment to identify critical assets, potential vulnerabilities, and the impact of security incidents on financial operations.?
• Prioritize risks based on their potential impact on business objectives and customer trust.?

Regulatory Compliance:?

• Ensure that the CTEM strategy aligns with industry-specific regulations and compliance standards, such as PCI DSS, GDPR, or local financial regulations.?

Asset Inventory:?

• Develop and maintain an up-to-date inventory of all digital assets, including servers, databases, applications, and network devices.?

Continuous Monitoring Tools:?

• Implement advanced security monitoring tools that provide real-time visibility into the network, endpoints, and applications.?
• Utilize intrusion detection systems (IDS), intrusion prevention systems (IPS), and security information and event management (SIEM) solutions.?

Threat Intelligence Integration:?

• Integrate threat intelligence feeds to stay informed about the latest cyber threats, vulnerabilities, and attack techniques relevant to the financial sector.?

Automation and Orchestration:?

• Implement automation and orchestration to streamline threat detection, analysis, and response processes, reducing the time between detection and remediation.?

Vulnerability Management:?

• Conduct regular vulnerability assessments and penetration testing to identify and remediate vulnerabilities in a timely manner.?
• Prioritize and remediate vulnerabilities based on the level of risk they pose to the organization.?

Incident Response Plan:?

• Develop a robust incident response plan that outlines the steps to be taken in the event of a security incident.?
• Conduct regular drills and simulations to ensure the effectiveness of the incident response plan.?

Employee Training and Awareness:?

• Train employees on cybersecurity best practices and the role they play in maintaining a secure environment.?
• Foster a culture of security awareness and vigilance.?

Third-Party Risk Management:?

• Assess and manage the security risks associated with third-party vendors and service providers.?
• Ensure that third-party contracts include security and compliance requirements.?

Continuous Improvement:?

• Regularly review and update the CTEM strategy to adapt to evolving threats and technology changes.?
• Learn from security incidents and use them to improve the overall security posture.?

Collaboration and Information Sharing:?

• Collaborate with industry peers and share information about emerging threats and best practices.?
• Participate in information-sharing forums and organizations dedicated to cybersecurity in the financial sector.?

By following these guidelines, banks and financial services can establish a robust CTEM framework to proactively manage and mitigate cybersecurity risks. Continuous monitoring, regular assessments, and a proactive response strategy are key elements in building a resilient security posture.??

In conclusion, CTEM is a strategic approach to cybersecurity that enables organizations to proactively and predictively address threats. By adopting the CTEM approach, organizations can reduce vulnerability noise, minimize risks, and foster improved collaboration across distinct organizational functions. Implementing CTEM in organizations requires a strategic approach that incorporates constant, real-time monitoring and management of an organization’s vulnerability to threats. A bank that has implemented CTEM can benefit from identifying potential flaws and threats before hackers can exploit them. The bank can reduce the likelihood of suffering from a breach by three times. The bank can ensure a proactive approach to cybersecurity by incorporating CTEM into their security strategy.?