Third Party & Supply Chain Cyber Security Summit

How much of your #datasecurity is really under your control? What is your #riskmanagement approach towards suppliers? How can you secure your network and protect your #sensitivedata? Led by top Information Security and #TPRM professionals from leading companies across various industries, learn the latest case studies and best practices for implementing end-to-end #cybersecurity when working with third parties at the Third Party & Supply Chain Cyber Security Summit. Join your peers for the next edition! Check more details here: https://lnkd.in/dfA8fbU #sccybersecurity #sccssummit #thirdpartyrisk #cyberrisk #cyberresilience #supplychainsecurity #giaglobalgroup #supplychaincybersecuritysummit

#Artificialintelligence is not a philosophical discussion, business dream, or science fiction for #CPAs - whether they are risk managers, auditors, or financial executives. Although many CPAs recognize their obligations in terms of professional competency, many do not adequately prepare themselves to make the most of their AI-related engagements.  It’s not a question of engaging outside expertise but rather having an executive’s understanding of high-level threats and potential controls to mitigate them. This understanding is the minimum needed to remain engaged with decision-makers and direct and oversee the activities of #AI specialists. The following represent common “worst practices” in providing AI-related services: ▪️ Failure to Use Existing Organizational Governance Practices and Policies, ▪️ Not Obtaining a Core Understanding of AI, ▪️ Neglecting Financial Statement Implications, ▪️ Neglecting to Consider a Recognized AI #RiskManagement Framework, ▪️ Ignoring Industry-Specific #AIRisks and Challenges, ▪️ Not Obtaining a Real-World Understanding on Risk Management Challenges Faced, ▪️ Limiting AI Knowledge to Practitioner-Related Tools, ▪️ Forgetting the #VendorRisks Involved. https://lnkd.in/dBK_74te #sccybersecurity #sccssummit #cyberrisk #TPRM #supplychainsecurity #infosec #cybersecurity #grc #operationalexcellence #cyberthreat #ciso

Japan Airlines has now restored its operations after a #cyberattack disrupted its systems on Thursday morning. The incident, suspected to be a distributed denial-of-service #DDoS attack, caused delays to over 20 domestic flights during the busy year-end holiday season. Key takeaways from this incident include: ✔️ The importance of robust #cybersecurity measures: JAL’s ability to quickly contain the attack and restore service demonstrates the critical role of strong cyber security infrastructure and well trained IT teams. ✔️ The need for continuous improvement: The aviation industry must continually adapt its #cyberstrategies to counter evolving #cyberthreats. ✔️ Prioritizing passenger safety: Maintaining flight safety remains paramount, even during unforeseen disruptions. https://lnkd.in/dXg9SkUj #sccybersecurity #sccssummit #cyberrisk #tprm #operationalexcellence #criticalinfrastucture #riskassessment #infosec #riskmanagement #GRC

In the ever-evolving world of finance, #riskmanagement remains a cornerstone for ensuring stability and sustainability. As we approach 2025, financial institutions are grappling with emerging challenges that require innovative approaches and robust solutions. Check out the top four challenges in financial risk management and how they are reshaping the industry: ▪️ 1. Evolving Regulatory Landscape Key Concerns: ➖ Global Coordination, ➖ Sustainability Reporting, ➖ Technology Compliance. ▪️ 2. #Cybersecurity Threats and #DataPrivacy Key Concerns: ➖ Sophisticated Attacks: #Ransomware and #phishing attacks are growing in complexity, often bypassing traditional defenses. ➖ Data Privacy Laws: Compliance with #GDPR, CCPA, and other privacy laws requires financial institutions to implement rigorous data protection measures. ➖ #ThirdPartyRisks: Many institutions rely on third-party vendors, increasing vulnerabilities through #supplychainattacks. ▪️ 3. Market Volatility and Economic Uncertainty Key Concerns: ➖ Geopolitical Risks ➖ Climate-Related Risks ➖ Interest Rate Fluctuations ▪️ 4. Talent and Skill Gaps in Risk Management Key Concerns: ➖ Specialized Expertise ➖ Continuous Learning ➖ Attracting Talent https://lnkd.in/dxNYVbyc #sccybersecurity #sccssummit #cyberrisk #tprm #supplychainsecurity #infosec #riskassessment #AI #operationalexcellence #esg #grc #ciso

#Blockchain technology, at its core, is a decentralized digital ledger system that records transactions across multiple computers, ensuring the security, transparency, and immutability of data. It operates on a peer-to-peer network, eliminating the need for a central authority and thereby reducing the risk of #fraud. The foundational principles of blockchain include decentralization, which removes centralized control, allowing multiple parties to have equal authority over the data. This structure enhances security and trust, especially critical in supply chain scenarios where multiple stakeholders are involved. Another fundamental principle is transparency. In a blockchain system, all transactions are visible to participants in the network, fostering trust among supply chain stakeholders. Every participant has access to the same information, which significantly reduces disputes and accelerates decision-making processes. Furthermore, immutability ensures that once a transaction is recorded on the blockchain, it cannot be altered or deleted. This creates a permanent audit trail that stakeholders can rely on, thus ensuring accountability and compliance. The potential applications of blockchain in various sectors are vast, but its integration into supply chains can particularly enhance sustainability practices. With blockchain, companies can facilitate better tracking, traceability, and transparency across their supply chains. For instance, the retail giant Walmart has implemented blockchain technology to track the origin of food products, improving food safety and reducing waste. This ability to trace every product back to its source is crucial for building sustainable and ethical supply chains. As sustainability becomes a focal point for businesses worldwide, blockchain technology stands out as a transformative tool that can enhance supply chain operations. With real-world applications already demonstrating success in transparency and traceability, companies are urged to harness the power of blockchain in their supply chains to achieve sustainable growth, enhance consumer trust, and comply with ever-evolving regulations. The integration of blockchain is not just an operational upgrade - it’s a commitment to a sustainable future. https://lnkd.in/dZmGQwub #sccybersecurity #sccssummit #cyberrisk #tprm #supplychainsecurity #infosec #riskassessment #riskmanagement #AI #operationalexcellence

Arab #Cybersecurity Ministers Council Holds 1st Meeting, Riyadh Designated as Permanent HQ. The council was established based on a proposal put forward by Saudi Arabia to comprise Arab ministers responsible for cyber security affairs. It falls within the scope of the Arab League and operates under the umbrella of the league’s council. The council’s tasks include formulating general policies, developing strategies, and setting priorities to enhance joint Arab cybersecurity work. The council also addresses all cybersecurity issues and developments related to security, economic, developmental, and legislative aspects. It is responsible for approving joint Arab cybersecurity plans for implementing the endorsed policies and strategies. https://lnkd.in/d2xjG6bC #sccybersecurity #sccssummit #tprm #cyberrisk #supplychainsecurity #vendorrisk #riskmanagement #AI #cyberattack #riskassessment #grc

Human error remains a significant contributor to #databreaches. According to Verizon’s 2023 Data Breach Investigations Report, 74% of breaches involve a human element, such as phishing, credential theft, or accidental exposure of data. Even advanced security systems cannot fully mitigate risks if employees lack training to recognize #cyberthreats. Regular #cybersecurity awareness training is a critical step to minimize these risks. Employees need to be equipped to identify #phishing attempts, secure digital communications, and handle sensitive data responsibly. Best Practices for #DataSecurity in Tax and Advisory Services: ✔️ Implement Multi-Layered Security Protocols ✔️ Use Secure Cloud Solutions ✔️ Conduct Regular Security Audits and Testing ✔️ Adopt Data Loss Prevention (DLP) Tools ✔️ Ensure Compliance with Regulations ✔️ Leverage #AIDriven Security Tools ✔️ Create a Comprehensive #IncidentResponse Plan https://lnkd.in/d9hvpWv2 #sccybersecurity #sccssummit #tprm #cyberrisk #supplychainsecurity #vendorrisk #grc #riskmanagement #AI #cyberattack #riskassessment

Heading into 2025 we are moving further into the digital age and #quantum computing is expected to revolutionise industries, but its arrival is sparking significant concern in #cybersecurity circles. While its ability to process complex computations at unprecedented speeds offers exciting potential, quantum computing also delivers a seismic challenge to the way we secure digital information. While #quantumcomputing is still in its infancy, its development is accelerating. Businesses must take a proactive approach to prepare for a post-quantum world: ✅ Assess Current Cryptographic Systems: Conduct a comprehensive audit of existing encryption protocols to identify vulnerabilities. ✅ Adopt Post-Quantum Standards: Begin transitioning to #NIST-recommended algorithms to ensure long-term security. ✅ Invest in Quantum Research: Partner with cybersecurity firms specialising in quantum-safe technologies to stay ahead of the curve. ✅ Educate Teams: Train IT and security personnel on quantum computing’s potential impact and how to mitigate #cyberrisks. https://lnkd.in/d-bEmHvN #sccybersecurity #sccssummit #ciso #tprm #supplychainsecurity #cyberresilience #infosec #riskassessment #riskmanagement #AI

December 2024 marks the 35th anniversary of ransomware and 20 years since modern criminal ransomware first emerged. Over these decades, ransomware has transformed from basic attacks to complex global crimes. This moment invites a reflection on its history and future implications. #Ransomware began in December 1989 with the AIDS Trojan, which encrypted file names and demanded payment via floppy disks. Its impact was limited due to technological constraints. By 1996, researchers predicted “cryptoviruses” that would use encryption for extortion, highlighting the importance of robust antivirus protection and regular data backups. With secure payment methods established, ransomware operations became professionalised. An ecosystem emerged, dividing tasks between developers, who created sophisticated #malware, and affiliates, who distributed it via spam campaigns, botnets, or social engineering. This collaboration facilitated large-scale, efficient attacks. In 2016, ransomware operators shifted their focus from individuals to institutions. The SamSam ransomware exemplified this by attacking organisational networks and demanding hefty ransoms. This strategy proved particularly lucrative in sectors like healthcare, where downtime could threaten lives, encouraging swift payments. Ransomware’s impact extends beyond financial losses, disrupting essential services and causing operational chaos. IT teams work under intense pressure to restore systems, risking burnout. For businesses, reputational damage and compliance penalties add to the long-term costs. These consequences highlight ransomware’s far-reaching effects. The IT landscape has changed significantly since ransomware’s inception. Enhanced software engineering and faster patching cycles have reduced vulnerabilities. However, human error remains a major entry point, with password breaches and #phishing used as prevalent attack vectors. Despite challenges, there is optimism. Law enforcement has arrested major ransomware operators and dismantled their infrastructure. Advances in antivirus and endpoint protection have improved detection and response capabilities. In addition, modern systems can flag suspicious activities, like unauthorised encryption attempts. The most effective defence remains robust offline backups, allowing data restoration without ransom payments. However, the ongoing threat of ransomware underlines the failure to widely adopt effective backup strategies. View more about #cybersecurity in the UAE here: https://lnkd.in/dKa5vZ-H #sccybersecurity #sccssummit #tprm #infosec #cyberattack #cyberrisk #riskassessment #riskmanagement #supplychainsecurity #cyberthreats

The CISA published a draft update to the National Cyber Incident Response Plan on Monday, a step toward fulfilling one of the goals of last year’s national cybersecurity strategy. The draft updates, an effort that started in the fall of 2023 in coordination with the Joint Cyber Defense Collaborative and the Office of the National Cyber Director, aims to address procedural and policy changes in #cybersecurity since the NCIRP was released in 2016. The federal agency is requesting public comments from cybersecurity professionals and #incidentresponse stakeholders on the updated plan via the Federal Register until Jan. 15, 2025. https://lnkd.in/deYPizYp #sccybersecurity #sccssummit #cyberrisk #cyberattack #cyberresilience #tprm #riskmanagement #grc #securitycompliance #supplychainsecurity