Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Technology > Breach Prevention or Breach Mitigation
    Technology

    Breach Prevention or Breach Mitigation

    Breach Prevention or Breach Mitigation

    Published by Jessica Weisman-Pitts

    Posted on December 21, 2021

    Featured image for article about Technology

    By Trevor Morgan, product manager at comforte AG

    I’d like to pose the following question. Should you try to prevent a negative event from happening, or should your focus rather be on developing a mitigation plan and steps to reduce any negative effects or fallout from taking place?

    This is a question that many security professionals and business decision-makers face in the modern digital world, but we also see this type of decision-making in all walks of life. For example, when you buy a new car, do you do everything in your power to prevent any damage or wear and tear to it, like keeping it safely in the garage 24/7? Or do you get the best-in-class insurance policy to cover any potential repairs as a way of mitigating accidents? In most aspects of life, we wind up having to make a choice between incident prevention and incident mitigation. Sometimes it makes more sense to try to prevent incidents, while at other times mitigation is the best and most logical option. Which one is right? Well, it just depends.

    In the cybersecurity world, CISOs and business decision-makers face this question on a regular basis as they look to protect the valuable information and data within their enterprises. Data is a highly strategic asset, and most organizations collect, process, and store vast quantities of highly sensitive PII and PHI within their information ecosystems as a course of doing business. Data actually drives most businesses, and without it business leaders cannot make informed decisions or innovate with appealing products and services, or create efficiencies within their operations. While data has long been viewed as a valuable business asset, only in the last decade or so have steps been taken to effectively regulate how organizations handle and protect it highly sensitive consumer data. Consider the current importance of data security and privacy regulations such as GDPR, CCPA, and HIPAA.

    Cybercriminals are continuously coming up with new and crafty methods to steal sensitive information, and should they succeed, it would cause catastrophic damage for any enterprise. The company in question would certainly suffer brand reputation damage, negative publicity, lawsuits, and severe penalties from the governing bodies and authorities that strictly impose data privacy rules.

    The question of breach prevention or breach mitigation is one that security leaders must think through thoroughly. What is the best course of action for the business? Should they invest in a breach prevention strategy to try to block cybercriminals out completely (never a 100% fool-proof option), or is breach mitigation the right course of action, so that if threat actors do get access to sensitive information, they can’t read it, comprehend it, or do anything with it?

    Both breach prevention and mitigation have merit, but it shouldn’t be a case of sacrificing one to emphasize the other – you should implement both as part of a comprehensive cybersecurity posture.

    Over the past two years in the midst of the pandemic, we have witnessed a plethora of attacks directed against enterprises by compromising cloud-based services and tricking the workforce through social engineering tactics (such as phishing). You would think that we could protect against these well-known tactics and methods, but in reality organizations are finding them harder to defend against. Hackers are nefarious people who are persistent, patient, ingenious, and cunning. With enough resources, they can find a way around practically any perimeter defense. Remember, no single silver bullet to cybersecurity exists, and we must accept the fact that keeping threat actors out 100% of the time is unrealistic (and that’s not even accounting for inside jobs). Effective security requires multiple layers of defenses in order to keep an organization’s data and IT systems safe and secure.

    Here’s an analogy: think about how medieval European castles were constructed with the various breach prevention methods in place, including inner walls, moats, winding-staircase chokepoints, and drawbridges to halt the advance of attackers. If you delve a little deeper into castle defenses, you see how breach prevention actually paved the way for breach mitigation with hidden exits, secret passages, and general misdirection to help individuals escape the onslaught of attackers, living to fight another day. The outer walls clearly serve as first-line breach prevention—a secret passage behind the throne that allows royalty to escape acts as last-line breach mitigation measure. Both working in tandem obviously are much better than just implementing one or the other.

    Apply this analogy to your overall cybersecurity strategy. Suffering a cyberattack is now a matter of when, not if, regardless of the security and resources you’ve instituted. Adopt the notion that your IT environment has already been breached and the data within it might be in the process of being compromised. These are a few of the core principles of the Zero Trust model, which stresses denying implicit trust to a user or entity simply based on location within your network environment. Your focus must shift from solely breach prevention to breach mitigation as well. So, how can you ensure any negative repercussions are minimal, especially if a hacker finds a way into your network? How do you mitigate the attack if breach prevention doesn’t actually stop it?

    The answer is data-centric security, which applies stringent protection controls on the data itself, instead of focusing on the data’s perimeters or environmental concerns surrounding your data. You’ve probably heard of data encryption, which is one form of data-centric security. Tokenization is another data-centric protection method that works well as a breach-mitigation layer. By replacing sensitive data elements with representational tokens, the overall data format remains intact without having the real (and really sensitive) values in plain text.

    This way, if threat actors were to compromise your network and data environment and gain access to sensitive information, they would be unable to decipher its true meaning and value. Wherever the data resides, it remains in a protected state while still being usable within business applications, for critical activities such as data analytics. Furthermore, when combined with effective data discovery, data classification, and data lineage tracing in a platform approach, tokenization can prevent a successful intrusion from becoming a full-blown PR nightmare. If threat actors can’t read the data, understand the sensitive information, or leverage any of it for gain, then the threat is neutralized. It also means the company remains compliant with data privacy and security laws.

    In recent years, we’ve witnessed high-profile data breaches plaguing many well-known brands. You may be worried that your organization might be next, and not to be alarmist but you probably should be. Ensure you have the required security defenses in place as a preventative measure, but also implement data-centric security to mitigate the impact of any breach if threat actors get their hands on your data. If they can’t leverage your data or compromise it in any way, then chances are the fallout will be minimal.

    By Trevor Morgan, product manager at comforte AG

    I’d like to pose the following question. Should you try to prevent a negative event from happening, or should your focus rather be on developing a mitigation plan and steps to reduce any negative effects or fallout from taking place?

    This is a question that many security professionals and business decision-makers face in the modern digital world, but we also see this type of decision-making in all walks of life. For example, when you buy a new car, do you do everything in your power to prevent any damage or wear and tear to it, like keeping it safely in the garage 24/7? Or do you get the best-in-class insurance policy to cover any potential repairs as a way of mitigating accidents? In most aspects of life, we wind up having to make a choice between incident prevention and incident mitigation. Sometimes it makes more sense to try to prevent incidents, while at other times mitigation is the best and most logical option. Which one is right? Well, it just depends.

    In the cybersecurity world, CISOs and business decision-makers face this question on a regular basis as they look to protect the valuable information and data within their enterprises. Data is a highly strategic asset, and most organizations collect, process, and store vast quantities of highly sensitive PII and PHI within their information ecosystems as a course of doing business. Data actually drives most businesses, and without it business leaders cannot make informed decisions or innovate with appealing products and services, or create efficiencies within their operations. While data has long been viewed as a valuable business asset, only in the last decade or so have steps been taken to effectively regulate how organizations handle and protect it highly sensitive consumer data. Consider the current importance of data security and privacy regulations such as GDPR, CCPA, and HIPAA.

    Cybercriminals are continuously coming up with new and crafty methods to steal sensitive information, and should they succeed, it would cause catastrophic damage for any enterprise. The company in question would certainly suffer brand reputation damage, negative publicity, lawsuits, and severe penalties from the governing bodies and authorities that strictly impose data privacy rules.

    The question of breach prevention or breach mitigation is one that security leaders must think through thoroughly. What is the best course of action for the business? Should they invest in a breach prevention strategy to try to block cybercriminals out completely (never a 100% fool-proof option), or is breach mitigation the right course of action, so that if threat actors do get access to sensitive information, they can’t read it, comprehend it, or do anything with it?

    Both breach prevention and mitigation have merit, but it shouldn’t be a case of sacrificing one to emphasize the other – you should implement both as part of a comprehensive cybersecurity posture.

    Over the past two years in the midst of the pandemic, we have witnessed a plethora of attacks directed against enterprises by compromising cloud-based services and tricking the workforce through social engineering tactics (such as phishing). You would think that we could protect against these well-known tactics and methods, but in reality organizations are finding them harder to defend against. Hackers are nefarious people who are persistent, patient, ingenious, and cunning. With enough resources, they can find a way around practically any perimeter defense. Remember, no single silver bullet to cybersecurity exists, and we must accept the fact that keeping threat actors out 100% of the time is unrealistic (and that’s not even accounting for inside jobs). Effective security requires multiple layers of defenses in order to keep an organization’s data and IT systems safe and secure.

    Here’s an analogy: think about how medieval European castles were constructed with the various breach prevention methods in place, including inner walls, moats, winding-staircase chokepoints, and drawbridges to halt the advance of attackers. If you delve a little deeper into castle defenses, you see how breach prevention actually paved the way for breach mitigation with hidden exits, secret passages, and general misdirection to help individuals escape the onslaught of attackers, living to fight another day. The outer walls clearly serve as first-line breach prevention—a secret passage behind the throne that allows royalty to escape acts as last-line breach mitigation measure. Both working in tandem obviously are much better than just implementing one or the other.

    Apply this analogy to your overall cybersecurity strategy. Suffering a cyberattack is now a matter of when, not if, regardless of the security and resources you’ve instituted. Adopt the notion that your IT environment has already been breached and the data within it might be in the process of being compromised. These are a few of the core principles of the Zero Trust model, which stresses denying implicit trust to a user or entity simply based on location within your network environment. Your focus must shift from solely breach prevention to breach mitigation as well. So, how can you ensure any negative repercussions are minimal, especially if a hacker finds a way into your network? How do you mitigate the attack if breach prevention doesn’t actually stop it?

    The answer is data-centric security, which applies stringent protection controls on the data itself, instead of focusing on the data’s perimeters or environmental concerns surrounding your data. You’ve probably heard of data encryption, which is one form of data-centric security. Tokenization is another data-centric protection method that works well as a breach-mitigation layer. By replacing sensitive data elements with representational tokens, the overall data format remains intact without having the real (and really sensitive) values in plain text.

    This way, if threat actors were to compromise your network and data environment and gain access to sensitive information, they would be unable to decipher its true meaning and value. Wherever the data resides, it remains in a protected state while still being usable within business applications, for critical activities such as data analytics. Furthermore, when combined with effective data discovery, data classification, and data lineage tracing in a platform approach, tokenization can prevent a successful intrusion from becoming a full-blown PR nightmare. If threat actors can’t read the data, understand the sensitive information, or leverage any of it for gain, then the threat is neutralized. It also means the company remains compliant with data privacy and security laws.

    In recent years, we’ve witnessed high-profile data breaches plaguing many well-known brands. You may be worried that your organization might be next, and not to be alarmist but you probably should be. Ensure you have the required security defenses in place as a preventative measure, but also implement data-centric security to mitigate the impact of any breach if threat actors get their hands on your data. If they can’t leverage your data or compromise it in any way, then chances are the fallout will be minimal.

    Related Posts
    Treasury transformation must be built on accountability and trust
    Treasury transformation must be built on accountability and trust
    Financial services: a human-centric approach to managing risk
    Financial services: a human-centric approach to managing risk
    LakeFusion Secures Seed Funding to Advance AI-Native Master Data Management
    LakeFusion Secures Seed Funding to Advance AI-Native Master Data Management
    Clarity, Context, Confidence: Explainable AI and the New Era of Investor Trust
    Clarity, Context, Confidence: Explainable AI and the New Era of Investor Trust
    Data Intelligence Transforms the Future of Credit Risk Strategy
    Data Intelligence Transforms the Future of Credit Risk Strategy
    Architect of Integration Ushers in a New Era for AI in Regulated Industries
    Architect of Integration Ushers in a New Era for AI in Regulated Industries
    How One Technologist is Building Self-Healing AI Systems that Could Transform Financial Regulation
    How One Technologist is Building Self-Healing AI Systems that Could Transform Financial Regulation
    SBS is Doubling Down on SaaS to Power the Next Wave of Bank Modernization
    SBS is Doubling Down on SaaS to Power the Next Wave of Bank Modernization
    Trust Embedding: Integrating Governance into Next-Generation Data Platforms
    Trust Embedding: Integrating Governance into Next-Generation Data Platforms
    The Guardian of Connectivity: How Rohith Kumar Punithavel Is Redefining Trust in Private Networks
    The Guardian of Connectivity: How Rohith Kumar Punithavel Is Redefining Trust in Private Networks
    BNY Partners With HID and SwiftConnect to Provide Mobile Access to its Offices Around the Globe With Employee Badge in Apple Wallet
    BNY Partners With HID and SwiftConnect to Provide Mobile Access to its Offices Around the Globe With Employee Badge in Apple Wallet
    How Integral’s CTO Chidambaram Bhat is helping to solve  transfer pricing problems through cutting edge AI.
    How Integral’s CTO Chidambaram Bhat is helping to solve transfer pricing problems through cutting edge AI.

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Technology PostNew threats require a new breed of solutions to keep organisations secure
    Next Technology PostData Usage Enters a Brave New World In 2022

    More from Technology

    Explore more articles in the Technology category

    Why Physical Infrastructure Still Matters in a Digital Economy

    Why Physical Infrastructure Still Matters in a Digital Economy

    Why Compliance Has Become an Engineering Problem

    Why Compliance Has Become an Engineering Problem

    Can AI-Powered Security Prevent $4.2 Billion in Banking Fraud?

    Can AI-Powered Security Prevent $4.2 Billion in Banking Fraud?

    Reimagining Human-Technology Interaction: Sagar Kesarpu’s Mission to Humanize Automation

    Reimagining Human-Technology Interaction: Sagar Kesarpu’s Mission to Humanize Automation

    LeapXpert: How financial institutions can turn shadow messaging from a risk into an opportunity

    LeapXpert: How financial institutions can turn shadow messaging from a risk into an opportunity

    Intelligence in Motion: Building Predictive Systems for Global Operations

    Intelligence in Motion: Building Predictive Systems for Global Operations

    Predictive Analytics and Strategic Operations: Strengthening Supply Chain Resilience

    Predictive Analytics and Strategic Operations: Strengthening Supply Chain Resilience

    How Nclude.ai   turned broken portals into completed applications

    How Nclude.ai turned broken portals into completed applications

    The Silent Shift: Rethinking Services for a Digital World?

    The Silent Shift: Rethinking Services for a Digital World?

    Culture as Capital: How Woxa Corporation Is Redefining Fintech Sustainability

    Culture as Capital: How Woxa Corporation Is Redefining Fintech Sustainability

    Securing the Future: We're Fixing Cyber Resilience by Finally Making Compliance Cool

    Securing the Future: We're Fixing Cyber Resilience by Finally Making Compliance Cool

    Supply chain security risks now innumerable and unmanageable for majority of cybersecurity leaders, IO research reveals

    Supply chain security risks now innumerable and unmanageable for majority of cybersecurity leaders, IO research reveals

    View All Technology Posts