Why the banking and financial services industry needs to embrace decoy and deception technology

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The financial services industry has been on the radar of hackers for some time. In fact, banks are routinely attacked by slick actors and script kiddies. Banks with mature cybersecurity practices do not assume their systems are secure. Instead, they are constantly on the lookout for threats that can damage their assets. They also regularly invest in methods to improve security while overriding any assumption of invincibility.

Also read: Why IoT security is important for today’s networks

Threats already in banks’ networks are very difficult to detect and neutralize. They may have already controlled applications and exfiltrated data and information from system users. Traditional security systems based on old or outdated detection techniques result in a flood of false positives (some of which could even be initiated by hackers to ensure detection fatigue).

In passive defense, the banks are always on the defensive, which is expressed below

  • Hackers have the upper hand when it comes to banks
  • tons of false alarm that can disable the function a security operations team
  • Security teams in banks mostly do this do not have the skills required to combat sophisticated threats
  • A bank can’t even know what kind of targets hackers want to attack
  • Also with more disciplined threat hunting programThreats can still slip through

The solution, therefore, is to take an active defensive stance and, through deception and deception, trick hackers into believing that they are targeting real systems. Such systems bring a very high level of clarity in terms of understanding hacker behavior, tools, tactics, and goals. Hackers are kept busy and their attack cycles are wasted on a decoy infrastructure worthless to a bank.

How the decoy and deception systems work

Decoy and deception systems work by creating fake digital twins of the real infrastructure that mimic every possible attribute of the system they mimic. This Bait are strategically placed and when a hacker breaks into a banking network, they will discover these decoys first before discovering real systems. Once the bait is discovered, the hacker will attempt to create multiple backdoors and try ways to inject stronger malware into the fake system.

Once done, the hacker moves around the fake network, trying to locate key assets and exfiltrate data and credentials. You may even Use stolen credentials to access subdirectories or subsystems. All this while the hacker has no idea that he is after him a fake system.

Also read: Use cases for the banking and financial services industry

Deception systems are often designed to be triggered by active thresholds, and these can be modified based on a bank’s threat perception. Servers, work machines, laptops, network devices, Wi-Fi systems, CRM or other front-end systems can all be turned into decoys. Threat actors can hypothetically remain busy for an extended period of time and even feel like they have real data or have penetrated the real network, even though they are quite remote from the real infrastructure.

Essential characteristics of a decoy and deception system

Before purchasing a decoy and decoy system, the following characteristics of the considered solution should be analyzed:

  • Easy Deployment: The solution should be easy to deploy and integrate into a bank’s IT environment
  • Custom Dashboards and UI: Configuring data and control dashboards should also be an easy task
  • Level of imitation: The solution should be able to comprehensively mimic the technical environment, covering as many attributes as possible
  • Scalability: The decoy and deception solution should be able to meet the growing demands of the bank in which it is deployed
  • Dealing with false alarms
  • Detect and enable scans: Reconnaissance attempts should also be carried out by the solution

Deception and deception solutions present an easy way to address and investigate threats and malicious actors without compromising data or infrastructure availability.

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*** This is a syndicated blog from Security Bloggers Network section written by Prayukth K V. Read the original post at: https://sectrio.com/why-banking-industry-should-adopt-decoy-deception-tech/

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