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 > LIKE A FOX GUARDING THE HEN HOUSE: WHAT ‘THE INSIDER THREAT’ MEANS FOR THE FINANCE SECTOR
    Technology

    LIKE A FOX GUARDING THE HEN HOUSE: WHAT ‘THE INSIDER THREAT’ MEANS FOR THE FINANCE SECTOR

    LIKE A FOX GUARDING THE HEN HOUSE: WHAT ‘THE INSIDER THREAT’ MEANS FOR THE FINANCE SECTOR

    Published by Gbaf News

    Posted on November 12, 2013

    Featured image for article about Technology

    By Sol Cates, CSO at Vormetric

    Thanks in no small part to the activities of Edward Snowden, the ‘insider threat’ has become a much greater cause of concern. From a business perspective, this incident demonstrates something that could happen to any business or organisation in any sector. Someone from within has taken it upon themselves to leak information that the organisation concerned – for whatever reason – intended to keep private.

    Sol Cates CSO Vormetric

    Sol Cates CSO Vormetric

    Snowden was not unusual in that he was an IT contractor – IT is an aspect of operations that most businesses will, at some time or another, hire in specialists for short periods of time. Where this introduces problems, though, is that this type of employee will need to have access to computer systems. If this access is not handled carefully, there will always be the potential for data to be breached.

    IT contractors are often technically referred to as ‘privileged users’. Along with full time IT staff, they will often have powerful, privileged, computer system access rights. Now, it is fair to say that these users do indeed require a high level of access to enable them to conduct the tasks that they need to perform – such as software installation, configuring systems, creating new user accounts et cetera. However, there is a significant security issue that arises when these users also have access to the data, specifically having the ability to actually read documents and other files, copy or change them.

    The risk posed is twofold. Firstly, a privileged user could, by accident or intentionally, abuse the privileges bestowed upon them, leaking or damaging data; Snowden would fit in this category. Additionally, privileged users also provide an alluring way in for hackers. For example in the financial sector, more than 3.3 million unencrypted bank accounts and 3.8 million tax returns were stolen in an attack against the South Carolina Department of Revenue in 2012. The attack started when a state employee responded to a phishing email that enabled the hackers behind the attack to hijack the employee’s computer account to access the state’s databases and steal sensitive data. Indeed it was also recently reported* that the Bank of England has warned that legacy infrastructure and the ‘interconnectedness’ of operating networks within the financial sector hampers the ability of organisations to adequately protect systems and data from cyber-attacks.

    The challenge in mitigating the risks posed by privileged users is that the tasks they perform to maintain and repair computer systems are absolutely essential to the successful operation of the business. There is no option to simply revoke their access as there would be nobody to sufficiently fix computer issues. Being too heavy handed with these users is also likely to interfere with their fundamental ability to do their job.

    What’s needed are solutions that enable these users to perform their work tasks, while effectively removing their ability to access private data. On top of that, it’s very important to be able to match access to information by an employee’s role. Access for IT personnel with privileged user accounts must be limited so that they can’t actually read or edit the information in data files, but can still move files around as their job demands. In taking this approach a point is arrived at where, whether by mistake or intention, sensitive information will not leave the organisation in a legible state, therefore removing risk.

    Traditional IT security simply can’t effectively defend against this type of threat as, to all intents and purposes, the malicious activity will appear to be legitimate. To practically defend computer systems, a way must be found to make accounts less attractive to hackers and harder to abuse by employees in the first place.

    This is done by initially defining an organisation’s current level of exposure. Are computer system rights too broadly assigned to begin with? ‘Superuser’ privileges are often assigned to users that don’t have a real need for a high level of access to read confidential data. Privileged accounts are often also shared between multiple users, which leads to a loss of accountability. Equally, with the advent of cloud, virtualisation and big data technology adoption, many new user accounts are created across organisations creating new opportunities for levels of access to be inappropriately set.

    Once the level of exposure has been defined, isolating specific accounts that present a risk of abuse or a target for attack, encryption can be introduced in such a way that any files that don’t need to be read can’t be. That way, even if an account with a high level of access is taken over, it cannot practically be used for any gain. This is looking at the problem from a very simple level, however, and considerations must be made regarding all the possible ways in which systems can be bypassed. For example, if an administrator is able to create new accounts, what’s to stop them creating one with extensive data access rights with the intention of switching to that account themselves?

    Of course, it not strictly privileged users that pose a threat but indeed all users that have access to sensitive information.  For example an accountant with access to company financial records or a HR administrator with access to employee data all have legitimate access rights needed every day to perform their jobs as well. With the right security solution in place if one of those accounts goes rogue and becomes a malicious insider, there will often be changes in their access patterns that can be flagged, and that can then crucially be acted upon.

    Unfortunately, as systems become even more closely interlinked the risk posed by privileged user accounts in particular will increase. Only by first understanding where these accounts can be found and how many exist can the full extent of the resulting security issue be addressed. Once exposure is established, adopting solutions that effectively ‘blind’ certain users from accessing private data will reduce the risk of identity hijacking or employee misadventure, offering a practical way of addressing ‘the insider threat’ in its many forms.

    By Sol Cates, CSO at Vormetric

    Thanks in no small part to the activities of Edward Snowden, the ‘insider threat’ has become a much greater cause of concern. From a business perspective, this incident demonstrates something that could happen to any business or organisation in any sector. Someone from within has taken it upon themselves to leak information that the organisation concerned – for whatever reason – intended to keep private.

    Sol Cates CSO Vormetric

    Sol Cates CSO Vormetric

    Snowden was not unusual in that he was an IT contractor – IT is an aspect of operations that most businesses will, at some time or another, hire in specialists for short periods of time. Where this introduces problems, though, is that this type of employee will need to have access to computer systems. If this access is not handled carefully, there will always be the potential for data to be breached.

    IT contractors are often technically referred to as ‘privileged users’. Along with full time IT staff, they will often have powerful, privileged, computer system access rights. Now, it is fair to say that these users do indeed require a high level of access to enable them to conduct the tasks that they need to perform – such as software installation, configuring systems, creating new user accounts et cetera. However, there is a significant security issue that arises when these users also have access to the data, specifically having the ability to actually read documents and other files, copy or change them.

    The risk posed is twofold. Firstly, a privileged user could, by accident or intentionally, abuse the privileges bestowed upon them, leaking or damaging data; Snowden would fit in this category. Additionally, privileged users also provide an alluring way in for hackers. For example in the financial sector, more than 3.3 million unencrypted bank accounts and 3.8 million tax returns were stolen in an attack against the South Carolina Department of Revenue in 2012. The attack started when a state employee responded to a phishing email that enabled the hackers behind the attack to hijack the employee’s computer account to access the state’s databases and steal sensitive data. Indeed it was also recently reported* that the Bank of England has warned that legacy infrastructure and the ‘interconnectedness’ of operating networks within the financial sector hampers the ability of organisations to adequately protect systems and data from cyber-attacks.

    The challenge in mitigating the risks posed by privileged users is that the tasks they perform to maintain and repair computer systems are absolutely essential to the successful operation of the business. There is no option to simply revoke their access as there would be nobody to sufficiently fix computer issues. Being too heavy handed with these users is also likely to interfere with their fundamental ability to do their job.

    What’s needed are solutions that enable these users to perform their work tasks, while effectively removing their ability to access private data. On top of that, it’s very important to be able to match access to information by an employee’s role. Access for IT personnel with privileged user accounts must be limited so that they can’t actually read or edit the information in data files, but can still move files around as their job demands. In taking this approach a point is arrived at where, whether by mistake or intention, sensitive information will not leave the organisation in a legible state, therefore removing risk.

    Traditional IT security simply can’t effectively defend against this type of threat as, to all intents and purposes, the malicious activity will appear to be legitimate. To practically defend computer systems, a way must be found to make accounts less attractive to hackers and harder to abuse by employees in the first place.

    This is done by initially defining an organisation’s current level of exposure. Are computer system rights too broadly assigned to begin with? ‘Superuser’ privileges are often assigned to users that don’t have a real need for a high level of access to read confidential data. Privileged accounts are often also shared between multiple users, which leads to a loss of accountability. Equally, with the advent of cloud, virtualisation and big data technology adoption, many new user accounts are created across organisations creating new opportunities for levels of access to be inappropriately set.

    Once the level of exposure has been defined, isolating specific accounts that present a risk of abuse or a target for attack, encryption can be introduced in such a way that any files that don’t need to be read can’t be. That way, even if an account with a high level of access is taken over, it cannot practically be used for any gain. This is looking at the problem from a very simple level, however, and considerations must be made regarding all the possible ways in which systems can be bypassed. For example, if an administrator is able to create new accounts, what’s to stop them creating one with extensive data access rights with the intention of switching to that account themselves?

    Of course, it not strictly privileged users that pose a threat but indeed all users that have access to sensitive information.  For example an accountant with access to company financial records or a HR administrator with access to employee data all have legitimate access rights needed every day to perform their jobs as well. With the right security solution in place if one of those accounts goes rogue and becomes a malicious insider, there will often be changes in their access patterns that can be flagged, and that can then crucially be acted upon.

    Unfortunately, as systems become even more closely interlinked the risk posed by privileged user accounts in particular will increase. Only by first understanding where these accounts can be found and how many exist can the full extent of the resulting security issue be addressed. Once exposure is established, adopting solutions that effectively ‘blind’ certain users from accessing private data will reduce the risk of identity hijacking or employee misadventure, offering a practical way of addressing ‘the insider threat’ in its many forms.

    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

    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
    Previous Technology PostRULING CREATES A NEW ASSET
    Next Technology PostSIGNATURES – THE WEAK LINK IN THE CHAIN