Cyber & IT Supervisory Forum - November 2023

Introduction

• Surge in cyber threats with significant financial and operational impact • Beyond monetary loss, long-term reputational damage and service disruption • Supply chain vulnerabilities (e.g., SolarWinds) revealing deep network penetration risks • Geopolitical events amplifying cybersecurity risks, especially in the financial sector • Need for a shift from reactive to a proactive cybersecurity approach

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Understanding the Threats

Cybersecurity Challenges Overview Proliferation of Advanced Threats: Increased sophistication in cyber threats, reflecting a diverse and evolving threat landscape. Complexity of Protection: Greater integration of digital technology into business operations has raised the complexity of securing systems.

Prevalent Attack Vectors

Ransomware Surge: There has been a sharp rise in ransomware attacks; impact on business continuity and data integrity. Phishing Scams: Phishing is a primary entry point for security breaches, targeting both individuals and corporate networks.

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