Ina Nikolova - PATECCO GmbH

Best Practice Tips for Successful Customer Identity and Access Management

Identity and Access Management is now considered a secure alternative to passwords as an authentication method. However, in addition to security, the user experience also plays an important role. With these six tips, providers can ensure an optimal customer experience and therefore satisfied customers. Securing critical data is an essential part of digital transformation. Many companies still use passwords as their main authentication method. However, as a relic of the pre-digital age, it has long been declared a major insecurity factor and obsolete. Identity and Access Management (IAM) offers an effective and less costly alternative. The key to a successful IAM approach is the correct identification and profiling of customers based on data. This is the only way for companies to correctly understand the needs and interests of users and offer appropriate services and products that guarantee a personalized customer experience. Both sides benefit from this relationship, as companies can increase customer loyalty and business profits and users receive the information and services they really want. While IAM is being used more and more, the demands on its functionality are also growing and it now has to do more than just provide security. A successful solution must also guarantee customer satisfaction and serve multiple stages and platforms of customer contact without overburdening or scaring off the end user. Nevertheless, companies should consider the implementation of a suitable customer IAM solution (CIAM) as a top priority, as it can have a direct impact on the company’s success as the link between IT, marketing and sales. With the following six tips from PATECCO, companies can successfully optimize their customer IAM for security and customer satisfaction: The right balance between usability and security While ease of use is a critical factor, it should not be built at the expense of privacy or lax practices for accessing company data. Just as front doors are not opened to just anyone, companies should be welcoming but not allow access to cyber thieves. Evaluate IAM solutions according to scalability and availability The scope of customer IAM programs is often much larger than that of employee IAM programs. Customer populations can number in the millions and fluctuate at any given time, so organizations should evaluate IAM vendors on their ability to scale, branding, customization, availability and performance. Vendors should be selected based on their ability to adapt to current and future business needs. Customers should have immediate access to applications Consumers have no patience for long waiting times when logging in and registering. With poor performance and slow responsiveness, users quickly abandon apps and switch to the competition. Therefore, customer IAM solutions should offer response times of just a few milliseconds. Existing technologies should be integrated Let’s be honest, it’s never easy to start from scratch. Especially when companies have been working successfully with legacy technology for years. Therefore, it can sometimes make sense to build on existing IAM investments. Leveraging existing identity tools, even if they are separate instances, can potentially reduce the cost of technical support, training and licensing. In these cases, organizations need to ensure that their customer IAM solution is designed to integrate seamlessly with existing technologies. Multi-platform is a must Even a single customer uses multiple platforms to engage with the brand: desktop and mobile web, phone and in-person interactions. This leads to an explosion of new use cases for customer identity – not to mention unique technology requirements. Organizations should ensure that their customer IAM solution can not only address current browser and software-based applications across these platforms, but has the vision and capabilities to serve future needs such as the Internet of Things, Big Data, product development and risk management. Implementation of various authentication methods Every customer is unique and has their own preferences. Just as online stores offer a variety of payment methods such as credit card, PayPal, etc., CIAM solutions should provide a variety of authentication options to suit every taste. Social logins, SMS texts and biometric authentication methods offer different customers the convenience they need. Companies can thus combine data protection with a positive customer experience. At the heart of successful customer IAM is always the positive customer experience, which ultimately has an impact on overall business success. Companies must find suitable solutions to keep customer satisfaction high and personalize services better. This is the only way for companies to stand up to the competition and retain customers in the long term.

Five Recommendations From PATECCO For Security in Multi-Cloud Environments

Uncategorized / Von Ina Nikolova

Traditional security concepts are not enough for multi-cloud environments. What is needed is an approach that enables a consistently high level of security and seamless compliance management across all clouds. These five recommendations will sharpen your focus on the security aspects of multi-cloud environments. The digitalization of companies is progressing and with it the shift away from traditional infrastructure to the cloud. Hardly any company today completely dispenses with the advantages of the cloud. However, this change often does not take place in one step, but rather an ecosystem of applications and cloud storage from various cloud providers is gradually emerging. This is why most companies also have multi-cloud environments. There is nothing wrong with this in principle. However, it should not be forgotten that a company is also responsible for the security of its data and the fulfillment of its regulatory requirements in the cloud. Though, the implementation of these security requirements sometimes differs considerably from the security concepts that we have previously applied in traditional data centers. The following five tips should help to raise awareness of the security aspects in multi-cloud environments. Establish visibility of your cloud workload It’s almost a mantra, but nevertheless the basis of any security strategy: I can only protect assets that I know. In the context of cloud and multi-cloud environments, this applies in particular to applications and the corresponding information stores. The first step is therefore always to determine what type of information and applications are used in the cloud and by whom. In many complex organizations, however, this is one of the first hurdles because the use of different cloud services has often developed historically. Identity is the new perimeter We are used to thinking in a traditional perimeter security environment. What is outside our perimeter is bad. What’s inside is good. As soon as cloud services come into play, this concept no longer works. Our data no longer lies within a clearly defined perimeter but is theoretically accessible from anywhere. In native, hybrid and multi-cloud environments, identity is therefore the new perimeter that needs to be protected. On one hand, this can be ensured through the use of zero-trust architectures. On the other hand, this can be achieved through the technical implementation of secure authentication methods, such as multi-factor authentication (MFA). Applicability and user-friendliness are important when designing these methods. PATECCO also offers corresponding solutions for various scenarios with its Identity & Access Management Services. Recognize vulnerabilities It is a common misconception that moving to the cloud also gets rid of vulnerabilities, or that these are now primarily a problem for the cloud provider. This is only partially true. Although reputable cloud service providers usually protect the vulnerabilities in their own infrastructure very reliably, the number of data breaches at third-party providers, such as cloud service providers, is rising sharply. The reason for the increased number of attacks on cloud service providers is generally not their lax security precautions. Rather, the cause is often due to incorrect or careless security settings by cloud users. One example of how this can occur is the temporary use of services, as often happens for marketing campaigns in which customer data, among other things, is used. If the services are not carefully cleaned up after use, such orphaned databases can quickly become a ticking time bomb that can cost a company dearly later on. Encryption creates trust If I store sensitive data on a data carrier, then I will choose a data carrier that is able to encrypt my information securely. The same principle also applies to cloud storage. This does not necessarily have something in common with mistrust of a cloud provider. But, we have to assume that a cloud provider is fundamentally exposed to the same risks as any other organization. There are people who make mistakes, sometimes even people who deliberately want to harm an organization. It is therefore sensible to prevent these risks in principle by encrypting your workload in the cloud. Trust is good, control is better All preventive measures, such as access restrictions, authentication procedures and data flow controls, however sophisticated they may be, can sooner or later be circumvented or undermined given enough time and the right methods. Security monitoring, which continuously observes the security-relevant processes and alerts the IT security managers in the event of deviations, helps to prevent this. This is easy to do within your own four walls because all the necessary information such as network, system and application logs is directly accessible. However, this traditional approach fails when this information is stored in the environment of one or more cloud providers. It is therefore important to ensure that the CSP provides the appropriate functions for security monitoring when selecting a provider. How can PATECCO support the planning and implementation of your cloud strategy? PATECCO’s cloud security services support our customers to plan their native or hybrid cloud strategy. The Cloud security risk assessment identifies the relevant technical and regulatory risks based on your business/IT strategy and takes them into account in the planning. Our Cloud Access Control and Identity and Access Management solutions help with implementation and operation, regardless of whether your company is pursuing a public or private cloud strategy.

What is the Influence of AI and ML on Privileged Access Management?

Uncategorized / Von Ina Nikolova

Artificial intelligence and machine learning are now influencing almost all industries and work processes. The positive impact on the productivity and efficiency of work processes is offset by the increase in the number and threat level of cyber attacks: security vulnerabilities can be detected more easily and exploited in a more sophisticated way thanks to the new methods. In view of the shortage of IT security specialists, the use of AI and machine learning also creates advantages for overcoming precisely this challenge. In the early days, the concept of managing privileged access was extremely simple. A few selected IT administrators were given the „keys“ to access critical systems and data. Today, the number of privileged users has increased exponentially as the digital transformation progresses. It is no longer just IT administrators who hold these „keys“, but also company employees or third-party providers, for example, who need access to sensitive systems and data for very different reasons. This expansion of the user side has significantly complicated the security landscape, making traditional Privileged Access Management solutions less effective. The misuse of privileged access – whether deliberate or accidental – is just one challenge that companies face. There is also a growing need for proof of privileged user credentials, as regulators are increasingly demanding them. Companies therefore need advanced PAM solutions that adapt to the digital landscape, detect threats in real time and respond to them to provide a sufficient level of security. This is where Artificial Intelligence (AI) and Machine Learning (ML) come into play. By harnessing AI and ML, companies can improve their security posture, reduce the risk of security breaches and ensure regulatory compliance. How PAM technologies utilize the advantages of artificial intelligence? AI and ML can analyze and learn from the login behavior of privileged users. By understanding what normal behavior looks like, these technologies can detect anomalies that could indicate a security risk. For example, if a user who normally logs in during normal business hours suddenly logs in late at night, this action can be classified as suspicious. The same applies to the login location. If a user who normally logs in from a specific location suddenly does so from a location, this can also be flagged automatically and indicate that the corresponding login data has been compromised. AI-powered PAM solutions effectively track user behavior and quickly flag any deviation from regular patterns. This feature provides deeper insight into user behavior and enables proactive and more effective threat detection and response. Perhaps one of the most powerful applications of AI and ML in PAM is their ability to predict anomalies. By analyzing historical data and identifying patterns, these technologies can predict potential security threats before they occur, allowing organizations to take proactive measures to mitigate them. Effective PAM solutions use AI to analyze enterprise data and provide security professionals with insightful data as they make access decisions. This capability enables real-time monitoring of evolving threats, attack patterns and risky behavior, allowing organizations to respond quickly and effectively to potential security threats. Privilege elevation and delegation are key aspects of Privileged Access Management (PAM) that involve managing and granting elevated permissions to users for specific tasks while minimizing the risk associated with such privileges. Artificial Intelligence can play a crucial role in optimizing and securing privilege elevation and delegation processes within a PAM framework. AI can be applied in areas such as Contextual Authorization, Automated Workflow and Approval, Role Mining and Entitlement Management, Privilege Delegation Recommendations and Audit Trial analysis. An efficient PAM solution should also provide risk scoring regarding individual users based on their behavior and historical data. This feature enables administrators to make informed decisions about granting or revoking privileged access and thus improve the organization’s security posture. Real-time analysis of access requests enables adaptive management decisions that are not just based on fixed rules. This feature enables a more dynamic and responsive PAM approach and ensures that the organization’s security measures keep pace with the evolving threat landscape. The benefits listed above clearly show that the use of AI and machine learning for IT security is no longer an option, but a necessity. These technologies offer promising opportunities to improve the efficiency of PAM solutions and thus strengthen the level of security in organizations. By using these technologies, companies can improve their security posture, reduce the risk of security breaches and improve compliance with legal requirements. AI can integrate with threat intelligence feeds to enhance PAM solutions‘ ability to recognize and respond to emerging threats. When integrated with AI-driven PAM solutions, threat intelligence contributes to a more robust security framework and helps PAM systems stay updated on the latest security threats and vulnerabilities. When we talk about Risk Assessment and Prioritization AI can analyze threat intelligence data to assess the risk associated with various activities and access requests within the organization. By combining threat intelligence insights with behavioral analytics, AI can prioritize and assign risk scores to different access attempts, helping organizations focus on addressing the most critical threats first. Threat intelligence feeds provide information about the latest cyber threats, vulnerabilities, and attack techniques. AI algorithms can process this information in real-time, allowing PAM solutions to proactively detect and respond to emerging threats before they can be exploited. In a nutshell, the integration of artificial intelligence and machine learning into Privileged Access Management enhances security by providing advanced analytics, automation, and adaptive responses. This results in a more resilient and responsive security framework, crucial for safeguarding privileged access to sensitive systems and data in today’s complex cybersecurity landscape.

IT Asset Management and its role in cybersecurity

Uncategorized / Von Ina Nikolova

Modern IT asset management (ITAM) goes far beyond the traditional management of IT assets. It plays a particularly important role in protecting companies against cyber risks. Suitable software helps your team to keep an eye on all devices at all times and detect potential threats at an early stage. What is IT asset management (ITAM)? ITAM, also known as IT asset lifecycle management or asset lifecycle management, refers to the proactive and strategic management of IT assets. This includes the acquisition, use, automation, maintenance and disposal of assets. Gartner’s definition shows just how important ITAM is from a strategic point of view: it captures the lifecycle costs and risks of IT assets in order to maximize the business benefits of strategic, technological, financial, contractual and licensing decisions. The most important sub-areas include: What is an IT asset? The prerequisite for seamless ITAM is the consideration of all IT assets. This includes mobile and permanently installed hardware inside and outside the network (such as laptops, routers, servers, peripherals, smart TVs), software (such as cloud services, security tools, licenses), users and business-relevant information. The 5 phases of classic ITAM Classic ITAM consists of five successive phases that can be largely automated. Once the basic framework is in place, you can optimize the individual phases one by one. The first phase begins with the request for new IT equipment within the company. An effective ITAM has a best practice for standardized, automated transmission and predefined criteria for checking, approving or rejecting requests. The next phase involves the procurement of IT assets. Tasks include the selection of one or more providers, contract negotiations, financing and adding the new assets to the company’s inventory. The implementation phase begins with the preparation of the purchased devices for use at the respective location. They are integrated into the IT landscape using pre-installed software, settings, firewall rules, VPN access and policies. Special tools for IT inventory management, device assignments and defined owners and locations ensure greater transparency and control during implementation. 4. Maintenance Asset maintenance includes routine measures for physical maintenance and software updates, as well as necessary repairs. Sophisticated ITAM systems work with automated processes that are supported by management tools. 5. Decommissioning Whether outdated or no longer functional: At the end of their lifecycle, IT assets need to be decommissioned. You should carefully weigh up the costs of refurbishing and recycling older assets or disposing of them and replacing them with newer solutions. Responsible and sustainable action is required here. The importance of ITAM for cybersecurity Cloud computing, mobile working and the introduction of SaaS platforms mean new challenges for the recording and management of hardware and software assets. A good ITAM provides a better overview and transparency, which also pays off for cybersecurity: Your team can carry out upgrades to the latest technologies more quickly and automatically. You also have a better overview of the entire IT environment and can make data-based decisions about security and data protection solutions. A complete IT inventory is therefore the basis for a solid security concept and the fulfillment of compliance requirements. And this is where cybersecurity asset management comes into play. What is the difference between ITAM and cybersecurity asset management? While ITAM aims to optimize business expenditure and efficiency, cybersecurity asset management is primarily concerned with strengthening important security functions. In terms of vulnerability management, this includes detecting and responding to threats and checking all assets for potential vulnerabilities. Another important function is cloud security: all cloud instances should be configured according to the principle of least privilege and only be accessible with absolutely necessary access rights. Should problems occur, you can achieve a rapid incident response thanks to enriched, correlated data across all assets. In addition, cybersecurity asset management enables the early detection and supplementation of missing security controls through continuous monitoring. Cybersecurity asset management requires deeper insight In the past, ITAM and cybersecurity asset management was based on configuration management databases. However, with the proliferation of cloud computing and virtual machines, the complexity of digital landscapes is increasing – and CMDBs often lack the necessary data to fully view and understand all cybersecurity assets. They need IT inventories with comprehensive, correlated data on every single asset – from software (licenses), computers and peripherals to cloud, virtual and IoT devices. Specialized cybersecurity asset management solutions cover exactly that and pick up where ITAM leaves off. The benefits of close cooperation between ITAM and cybersecurity asset management As the world of work becomes more flexible, the number of operational technology and Internet of Things devices is also increasing – many of which are unmanaged. For comprehensive, secure and reliable asset management, ITAM and cybersecurity asset management need to work closely together. The benefits are the following: Assets do not stand still – so they are a target that is constantly moving. To enable your team to identify and manage all devices, applications and users in real time, you need seamless processes with full transparency and control. Only with broad coverage of all asset types you can maximize the ROI of your technology investment and reliably protect your business.

What Are the Best Practices For a Successful Cloud Migration?

Uncategorized / Von Ina Nikolova

Nowadays the cloud plays a central role in more and more companies, in the management of IT resources, in the support of agile development and provisioning processes, and in the introduction of flexible business models. In addition, the cloud drives digital transformation and enables more efficient IT operations. As today’s companies need a modern IT environment that can be scaled quickly and across multiple locations and supports numerous digital channels and a variety of different devices, there is no alternative to using the cloud. This is because the cloud is the basis for innovative IT infrastructures, digital transformation and forward-looking business models. Many companies are using the cloud to optimize communication and collaboration. Their employees can work more autonomously and exchange information with teams in other areas more efficiently than ever before. This helps companies to act faster and more intelligently. Challenges of the Cloud In addition to the prospect of more efficient and more powerful processes and IT infrastructures, the cloud also poses numerous challenges. There is no guarantee of success when it comes to migration – neither strategically nor financially. Very often, companies launch their cloud initiatives on the basis of incomplete and hastily drawn up plans. In many cases, company executives and IT experts have not thought through the implementation of the new systems sufficiently. The result is a relatively chaotic IT and business environment that fails to realize the expected benefits of the technology. Fragmented individual solutions can pose an additional problem, as the increasing complexity of the infrastructure slows down the applications – and therefore the business processes. What you should know about the cloud deployments Firstly, not all applications are suitable for the cloud. In-house deployment models will continue to exist, at least for the foreseeable future. In some cases, local solutions are even necessary to ensure compliance with guidelines. Secondly, not all cloud environments are the same. The cloud is a term that encompasses many different products, services and functions. Besides, there is a variety of providers and delivery methods, as well. Thirdly, it is important to plan the migration carefully and monitor its success – regardless of whether only some of the applications or the entire infrastructure is to be migrated to the cloud. When migrating, companies need to decide how much they want to spend on cloud resources to achieve the desired performance. They can realize maximum ROI if they succeed, the best possible performance with the right investment volume. This optimum can only be achieved through automation and the efficient use of cloud resources. Four Steps for Effective Cloud Implementation Every successful move to the cloud involves four key steps that companies should focus on in order to achieve optimal results: First of all, it should be determined which in-house applications provided within the company are suitable for a cloud platform. This decision should be made on the basis of usage trends and the expected benefits for business operations. An application that is used worldwide and with seasonal fluctuations to generate sales, is a good candidate. Ideally, the application architecture should be suitable for a cloud platform. You should also differentiate between business-critical and less important applications and determine their respective resource requirements in terms of computing power, memory, etc. Based on this information, your IT experts can make forecasts on the extent of future cloud resource usage. For ensuring a smooth running of the migration process, it is also essential that you are aware of the dependencies between different applications and between the different modules of the individual applications. If a company has clear answers to these questions, the effort involved in migration becomes predictable, which in turn enables more accurate planning. Once you have determined the order in which the applications are to be migrated to the cloud, you can begin to start preparing the process. This step involves dismantling the existing applications and converting them for cloud-based provision. The first step of this process is a thorough review of the application modules, particularly with regard to dependencies and cloud capability. The applications may be transferred to container-based microservices architectures that are optimized for cloud platforms. In any case, you should ensure that the applications that are going to be migrated use resources efficiently and can be maintained and scaled with little effort. To be able to determine whether migrated applications deliver the desired business performance, your organization needs a detailed overview of the internal and cloud-based environments. You should ensure that the cloud-based applications and services are always available for all users on all devices. The scope of validity of the SLAs agreed with the service providers usually ends at the edge of the cloud. However, the fact that a server is online says little about the actual performance of the application hosted on the user’s end devices. In order to monitor compliance with service levels, performance requirements and security guidelines, you need tools that provide you with a detailed overview of all applications, networks, infrastructures and devices – from the perspective of the end user. Of course, the functions for performance monitoring, provision optimization and monitoring of the complete deployment chain – from the end user to the network to the servers and databases – must also be available for the cloud-based part of the infrastructure. With the help of real-time analytics and powerful administration tools, IT teams from different parts of the organization can collaborate more effectively to ensure uninterrupted application availability, better plan product or system upgrades and manage the impact of migration processes on customer satisfaction and turnover. Ultimately, migration is about creating added value for the company as well as for its customers and business partners. In order to benefit from the advantages of the cloud in the long term, companies must evaluate and realign their processes. In other cases, optimization can be achieved by implementing a data-driven approach that provides accurate forecasts of customer requirements and growth so that IT teams can anticipate what features need to be developed or

Identity Security as a Core Pillar of Zero Trust

Uncategorized / Von Ina Nikolova

Nowadays cyber risks are constantly increasing. However, companies can significantly increase their level of security with a few preventative measures and the focus should be on an identity-based zero trust strategy. At its core, zero trust is a strategic cybersecurity model for protecting digital business environments, which increasingly include public and private clouds, SaaS applications and DevOps practices. Identity-based zero trust solutions such as single sign-on (SSO) and multi-factor authentication (MFA) are designed to ensure that only authorized people, devices and applications can access a company’s systems and data. Simply explained, zero trust is based on the idea that you cannot distinguish the „good guys“ from the „bad guys“. In other words, the zero trust principle is based on the assumption that any identity – whether human or machine – with access to systems and applications may be compromised. Traditional concepts that rely on perimeter protection no longer work in an era of digital transformation, the increasing use of cloud services and the introduction of hybrid working models. This has led to the zero trust approach „Never Trust, Always Verify“ to secure identities, end devices, applications, data, infrastructures and networks while ensuring transparency, automation and orchestration. The five principles of zero trust protection There are many frameworks that support companies in the introduction of Zero Trust. However, as every company has different requirements, these frameworks should only be seen as an initial guide to developing and implementing a zero trust strategy and roadmap. In any case, an effective zero trust program should include five constants: By enabling consistent adaptive multi-factor authentication, organizations ensure that users are who they say they are. Organizations can detect potential threats faster and users can easily and securely gain access to resources. Organizations should automate identity provisioning and define approval processes. Re-authenticating and re-validating user identities – for example after high-risk web browser sessions or periods of inactivity – ensures that the right user has access to the right resources. It is essential to eliminate unnecessary privileges and remove superfluous authorizations for cloud workloads. It must be ensured that all human and non-human users only have the privileges required for their tasks in accordance with the least privilege principle. With the just-in-time access method, companies can also grant users extended access rights in real time. This means that an end user can access the required resources for a certain period of time in order to carry out a specific activity. The rights are then withdrawn again. Continuous monitoring is the best way to understand what is happening and to detect any anomalies that occur. By recording sessions and key events as well as tamper-proof stored audits, companies can document adherence to compliance requirements. Endpoint Privilege Management is the cornerstone of strong endpoint protection and is critical for detecting and blocking credential theft attempts, consistently enforcing the principle of least privilege (including the removal of local administrator rights) and flexible application control to defend against malware and ransomware. The intelligent, policy-based application control prevents the execution of malicious programs. In addition to classic software denylisting and allowlisting, it should also be possible to run applications in a „restricted mode“ so that the user can also access applications that are not explicitly trusted or unknown. Identity as the core pillar of Zero Trust In principle, zero trust is neither quick nor easy to implement, and implementation can be complex. If only because efficient zero trust strategies involve a combination of different solutions and technologies, including multi-factor authentication, Identity and Access Management (IAM), Privileged Access Management (PAM) or network segmentation. But one thing must be clear: For a Zero Trust project to be successful, identity must play a central role from the outset. With identity security, as the basis of a zero trust approach, companies can identify and isolate threats and prevent them from compromising identities. Identity security is the means to achieve measurable risk reduction and also accelerate the implementation of zero trust frameworks. The exponentially increasing number of identities to be managed – and the threat that each individual identity can pose – increases the need for organizations to implement a zero trust security approach. An identity-based approach to zero trust is therefore becoming increasingly popular, with more and more organizations taking this route to dramatically improve their overall security posture.

PATECCO Will Exhibit as a Golden Sponsor at „IT for Insurance“ Congress in Leipzig

Uncategorized / Von Ina Nikolova

For a third time the Identity and Access Management company PATECCO will take part in “IT for Insurance” (IT für Versicherungen) Trade Fair in Leipzig, Germany. The event is planned to take place from 28.11 till 29.11.2023. It is known as the leading market place for IT service providers of the insurance industry with a focus on the latest technological developments and IT trends. The congress unites all exhibitors, speakers, trade fair visitors and gives the opportunity to socialize, exchange experiences and discuss current trends and projects in the IT industry. During the two days of the event PATECCO will exhibit as a Golden sponsor and will present its portfolio and services to each visitor who is interested in Managed Services and Identity and Access Management. Along with the exhibition, PATECCO will participate at an Elevator Pitch with a presentation about Risk Management – „DORA ante portas“ – Improving risk management and resilience with Risk-Minim-AI-zer and Reslienz-Maxim-AI-zer. The main speaker – Mr. Albert Harz will share best practices on how IT risk management can be improved and how the corporate resilience can be increased using generative AI. Picture source: www.versicherungsforen.net PATECCO is an international company, dedicated to development, implementation and support of Identity & Access Management solutions. Based on 20 years’ experience within IAM, high qualification and professional attitude, the company provides value-added services to customers from different industries such as banking, insurance, chemistry, pharma and utility. Its team of proficient IT consultants provide the best practices in delivering sustainable solutions related to: Managed Services, Cloud Access Control, Privileged Account Management, Access Governance, RBAC, Security Information and Event Management.

The Role of Identity and Access Management in Enabling Digital Transformation

Uncategorized / Von Ina Nikolova

As the digitalisation continues to evolve, IAM will remain a foundational element of that process. In PATECCO latest whitepaper, we will provide you a clear understanding why IAM is a fundamental part of the security of the information systems and how it will ensure a successful digital transition for your company. The series of articles describe the role of Identity and Access Management in digital transformation which is integral to an organization’s overall security posture, adaptability, and resilience against evolving cyber threats. Let’s get started! Click on the image and download the whitepaper:

Cybersecurity in Banking sector: Importance, Risks and Regulations

Uncategorized / Von Ina Nikolova

The threat of financial fraud, cyber-attacks and other malicious activities has become a major concern for businesses around the world, especially in the banking sector. As risk management is essential to protect assets and maintain customer trust, it is important to keep an eye on the latest trends in cyber security in banking and best practices specific to banking. With constant changes in technology, regulations and security requirements adding to the overall complexity, it can be difficult to operate systems securely while meeting business objectives. To help banks better protect their networks against evolving threats – both internally and externally initiated – this article takes a closer look at current cybersecurity risks banks face today and strategic solutions institutions can use to defend themselves against attacks. Importance of cyber security for banking Due to rapid technological developments, maintaining a secure system is becoming increasingly important for banks. In today’s digital world, there is an even greater risk of sensitive personal information such as bank details and passwords being hacked or accessed by malicious actors. The security of customer data is critical to the survival and reputation of a bank. To achieve this goal, banks need to be constantly vigilant and implement enhanced security measures that protect against security threats when browsing the internet or engaging in online banking activities. Banks should also ensure that they use the latest software updates and that all employees are trained in the secure handling of customer data and banking transactions. Ultimately, protecting customer data through strong cybersecurity is essential to ensure safety and security in the banking sector and the longevity of business operations. The biggest risks for banks‘ cyber security In recent years, cybercrime has increased so much that it is already objectively considered the biggest threat to the financial sector. As hackers‘ methods and know-how have become more sophisticated, it is becoming increasingly difficult to consistently defend against attacks. Below you are listed the most important cyber security threats in the banking sector. Phishing attacks In this case, hackers create clone websites that any user can easily access via third-party messaging services. Since there is a credible multi-factor authentication there and it generally looks like a real website, users do not even realize that they have already given their credentials to hackers. Distributed Denial of Service (DDoS) A DDoS attack uses a botnet – a collection of connected online devices – to flood a target website with spoofed traffic. Unlike other cyberattacks, a DDoS attack does not attempt to compromise security. Instead, the goal is to exhaust network, server or application resources so that they become unavailable to the targeted audience. A DDoS attack can also be used to mask other malicious activity and disable security devices to compromise the target’s security. It is also interesting to note that during the pandemic, the number of DDoS attacks increased by 30% in the financial services industry. Unencrypted data As cybercriminals have become more creative, data threats have not diminished over time. It’s no longer enough to just protect data access points – the data itself must be encrypted. Our partner, IBM , reports that the average cost of a data breach is $4.35 million. The price tag is sure to rise in the future as cyberattacks occur daily, causing tremendous damage to businesses and users. However, with robust encryption methods, these costs can be reduced or avoided altogether. The Ransomware Ransomware is used by cybercriminals to encrypt important data and deny its owners access to it unless they pay a ransom. This cyberattack is unfortunately a serious threat to banks, 90% of which have already been hit. In the age of cryptocurrencies, fraudsters are particularly interested in finding vulnerabilities in the decentralized system. If these vulnerabilities are present, they can easily steal money from the trading system. Data manipulation Altering digital documents and information is known as data tampering. Cybercriminals use arbitrary attack vectors to penetrate networks, gain access to software or applications, and alter data. By manipulating data rather than stealing it, hackers can be more successful and cause catastrophic consequences for organizations or individuals. It is a sophisticated cyberattack because it can take a long time for a user to realize that their sensitive and confidential data has been irrevocably altered. Spoofing Spoofing is a form of cyberattack in which criminals disguise their identity as a trusted and known source in order to steal confidential information or money. Banks face a constant threat of spoofing attacks that can have serious consequences for their customers and operations. In addition, a man-in-the-middle attack is gaining traction, where a hacker intercepts communications between a customer and the bank to gain access to personal information, redirect payments or even launch a denial-of-service attack. Therefore, it is important that banks remain on guard and take measures to protect themselves from these threats. Cybersecurity regulations for banks impacting FinTech Financial institutions should consider the following FinTech regulations to maintain strong security and prevent data breaches. Security managers can use these regulations to evaluate their security measures and those of their suppliers. In addition, your organization can easily identify the processes and procedures needed to mitigate cybersecurity risks. Below are the three most common financial compliance requirements related to financial cybersecurity in banking. NIST NIST has become the No. 1 standard for cybersecurity assessment, security vulnerability identification and compliance with cybersecurity laws, even if compliance is not mandatory. NIST has developed 110 requirements covering various aspects of an organization’s IT procedures, policies and technology. These requirements address access control, system configuration, and authentication methods. In addition, cybersecurity and incident response protocols are defined. Meeting all of these requirements ensures that an organization’s network, systems, and people are efficiently prepared to securely manage all controlled unclassified information (CUI). GDPR The General Data Protection Regulation (EU GDPR) is a security framework designed to protect citizens‘ personal data. Any company that processes private data of EU citizens, whether manually or automatically, must comply with the GDPR. This regulation highlights a

Why Penetration Test is Important in Cybersecurity and How Does it Work

Uncategorized / Von Ina Nikolova

It feels like every day starts with a new headline about the latest cyber attack. Hackers are stealing millions of records and billions of euros with alarming regularity. The key to combating these machinations is to continuously conduct thorough penetration tests. Penetration testing is used to test your security before an attacker does. Penetration testing tools simulate real-world attack scenarios to uncover and exploit security vulnerabilities that could lead to records being stolen or credentials, intellectual property, personal data, card data or private protected health information being compromised, data ransomware being extorted or other results harmful to business. By exploiting security vulnerabilities, penetration testing helps you decide how best to prevent cyberattacks in the future and protect your critical business data against them. What are the phases of penetration testing? There are five main phases to go through in any typical penetration test: 1. Target exploration and information gathering. Before the penetration testing team can take action, it must gather information about the likely target. This phase is important for creating an attack plan and serves as a deployment area for the entire mission. 2. Scanning After the reconnaissance phase, a series of scans of the target are conducted to decipher how the target’s security systems react to different attack attempts. Discovering vulnerabilities, open ports and other weaknesses within a network’s infrastructure can determine how pen testers proceed with the planned attack. 3. Gain access Once the data is collected, penetration testers use widely used web application attacks such as SQL injection and cross-site scripting to exploit existing vulnerabilities. Now that they have gained access, the testers attempt to mimic the scope of potential damage that could result from a malicious attack. 4. Gaining access The main objective of this phase is to maintain a constant presence within the target environment. As time progresses, more and more data is collected about the exploited system, allowing the testers to mimic complex and persistent threats. 5. Covering traces/analysis Finally, once the mission is complete, all traces of the attack must be erased to ensure anonymity. Log events, scripts and other executables that could be discovered by the target should be completely untraceable. A comprehensive report is given to the client with a detailed analysis of the entire mission to highlight key vulnerabilities, gaps, potential impact of an intrusion, and a variety of other important components of the security program. How does a penetration test work? Penetration testing can either be done internally by your own professionals using pen testing tools, or you can hire an external penetration testing vendor to do it for you. A penetration test begins with the security professional taking an inventory of the target network to find vulnerable systems and/or accounts. This involves scanning every system on the network for open ports running services. It is extremely rare that all services on a network are correctly configured, properly password protected and fully patched. Once the penetration tester has properly understood the network and the vulnerabilities present, a penetration testing tool is used to exploit a vulnerability to gain uninvited access. However, security experts do not only examine systems. Often, pen testers also direct their attacks at the users in a network by sending phishing e-mails or trying to manipulate target persons in their favour by telephone or on the internet/intranet (pre-text calling or social engineering). How do you test the risk posed by your own users? Your users are an additional risk factor. Attacks on a network via human error or compromised credentials are not new. If the constant cyberattacks and data theft cases have taught us anything, it is that the easiest way for a hacker to penetrate a network and steal data or money is through network users. Compromised credentials are the most common attack vector among all reported data breaches, as the Verizon Data Breach Report shows year after year. Part of the job of a penetration test is to address security threats caused by user error. A pen tester will attempt to guess passwords from found accounts via a brute force attack to gain access to systems and applications. Although compromising a device may result in a security breach, in a real-world scenario, an attacker will typically use lateral movement to ultimately gain access to a critical asset. Simulating phishing attacks is another common way to test the security of your network users. Phishing attacks use personalised communication methods to persuade the target to do something that is not in their best interest. For example, a phishing attack might convince a user that it is time for a „mandatory password reset“ and therefore to click on an embedded email link. Whether clicking on the malicious link drops malware or simply opens the door for attackers to steal credentials for future use: A phishing attack is one of the easiest ways to exploit network users. If you want to test your users‘ vigilance against phishing attacks, make sure the penetration testing tool you use has these capabilities. What is the importance of penetration testing for a company? A penetration test is a crucial component for network security. Through these tests, a company can identify: Through penetration testing, security professionals can effectively identify and test security measures in multi-layered network architectures, custom applications, web services and other IT components. Penetration testing tools and services help you quickly gain insight into the highest risk areas so you can effectively plan budgets and projects for your security. Thorough testing of an organisation’s entire IT infrastructure is essential to take the necessary precautions to protect critical data against hacking while improving IT response time in the event of an attack.