SVB Bank Failure: The Top Cybersecurity Measures for CISOs and Security Leaders
The fall of Silicon Valley Bank last Friday sent shockwaves throughout the startup and tech community. Experts predict the impact on the economy to be long-lasting but the consequences of the bank’s fallout may go far beyond economic disruption.
In fact, security experts are already warning of threat actors preparing to take advantage of the instability to launch new cyberattacks. CyberWire reports that Johannes Ullrich from the SANS institute is tracking a spike in newly registered SVB-related domains, which could then be leveraged for business email compromise (BEC) attacks.
The recent failure of SVB bank, and emerging cybersecurity threats, highlight the importance of having robust security measures in place to protect sensitive data and prevent cyber attacks. Here are some top pieces of advice for CISOs and security leaders in light of this event:
Conduct regular security assessments: Regularly review your organization's security measures and assess any potential vulnerabilities that cybercriminals could exploit. This should include identifying potential attack vectors, such as weak passwords, unsecured endpoints, and outdated software, and implementing measures to mitigate them.
Establish a strong incident response plan: Have a comprehensive incident response plan in place that outlines how the organization will respond to a security breach. Your incident response should include protocols for notifying stakeholders, isolating affected systems, and restoring services as quickly as possible.
Invest in security awareness training: Employees are often the weakest link in an organization's security posture. This is why it’s important to invest in regular security awareness training to educate employees on how to identify and report potential security threats, and how to follow security best practices. Phishing attacks, in particular, will likely be on the rise, so employees should be guided to be very cautious when reviewing emails they receive.
Leverage security technology: Implement security technologies, such as firewalls, intrusion detection systems, and data loss prevention tools, to protect sensitive data and prevent cyber attacks. These technologies should be regularly updated and tested to ensure they are effective.
Establish strong partnerships with third-party vendors: Third-party vendors can pose a significant security risk to organizations. Because of this, it’s important to establish strong partnerships with third-party vendors and conduct regular security assessments to ensure they are adhering to the organization's security standards.
Stay up-to-date on the latest threats: Stay informed about the latest security threats and trends in the industry. This can help you anticipate potential attacks and develop effective security strategies to protect your organization.
Have a disaster recovery plan: Have a comprehensive disaster recovery plan in place that outlines how the organization will recover from a catastrophic event. This should include protocols for backing up data, restoring services, and ensuring business continuity.
By following the best practices above, you can help protect your organization's sensitive data and prevent cyber attacks that may result from Silicon Valley Bank’s recent fallout. As we saw with the emergence of COVID-19, threat actors are always ready to take advantage of national and international crises, so as a security leader, it’s critical to maintain a proactive cybersecurity strategy and be one step ahead.
