Author: Erfan Shadabi

Comment on While There Be More Cyber Attacks Due To Ukraine Conflict? by Erfan Shadabi

BaFin’s warning on Tuesday to Germany’s financial sector about cyberattacks should come as no surprise, as the number of cyberattacks has been steadily increasing in recent months. The financial sector needs to accept the fact that threat actors are targeting them. They handle, process, and store some of the most sensitive data.

The answer to such warnings and threats? Preparation! Proper preparatory actions should include tightening the internal culture of data privacy and security, but more importantly, companies can help to mitigate future attacks by applying data protections directly to sensitive information. Conventional data security methods focusing on the perimeters around data and user access to data are a good and necessary start, but they don’t fully guarantee against persistent attacks. So organisations need to start protecting the sensitive data itself. Data-centric security methods such as tokenization and format-preserving encryption replace sensitive data with benign representational information, so even if it falls into the wrong hands, threat actors cannot leverage it for financial gain or mischievous purposes. These security methods travel with the data no matter where it goes.