Did you know that cyber threats cost the global economy $1 trillion annually? With the financial sector being a prime target for cybercriminals, the need for effective cybersecurity measures has never been more critical for financial institutions. It is not enough to rely solely on internal defenses. To stay ahead of evolving cyber threats, financial institutions must engage in collaborative Cyber Threat Intelligence (CTI) sharing.
The Strategic Aspects of Threat Intel Sharing
The financial services industry leads in threat intelligence sharing, strategically evolving what, how, and why information is shared among financial institutions. This collaborative approach goes beyond defending individual organizations; it also assists in compliance with regulations such as GDPR, DORA, FINMA, and SAMA. By leveraging threat intelligence sharing, financial institutions strategically expand into new markets and regions, benefiting from the insights of experienced organizations.
One of the fundamental benefits of sharing threat intelligence is sector resilience. Through community sharing and the incorporation of best practices, financial institutions enhance their ability to withstand cyber threats. By actively participating in threat intelligence sharing, organizations strengthen their cyber defenses and achieve their business objectives.
Despite the significant advantages of threat intelligence sharing, many organizations have varying levels of confidence in their current CTI sharing. Addressing this concern and fostering a culture of collaboration is critical in order to maximize the benefits of strategic threat intelligence sharing.
The Tactical Aspects of Threat Intel Sharing
Tactical challenges pose obstacles to achieving confidence in the sharing of Cyber Threat Intelligence (CTI) among financial institutions. However, these challenges can be addressed by focusing on key tactical aspects that enhance the effectiveness of threat intelligence sharing.
Integration and Automation
Integration and compatibility with standardized formats like STIX/TAXII have simplified the process of machine-to-machine sharing of threat intelligence. This interoperability enables financial institutions to exchange valuable insights seamlessly and efficiently.
Furthermore, organizations should prioritize tools and platforms that offer built-in automation capabilities. Automation streamlines the sharing process, eliminating noise and unifying the relevance of shared intelligence. By leveraging automation, financial institutions can swiftly identify and respond to emerging cyber threats.
Trust Building
A crucial component of effective CTI sharing is building trust within the sharing community. Establishing trust can be accomplished through adherence to established rules, such as the traffic light protocol, which enables organizations to determine the distribution and disclosure of shared intelligence based on its sensitivity and confidentiality.
Financial institutions should also seek out and participate in private initiatives like ThreatQuotient, which offer crowdsourced intelligence while maintaining privacy. These initiatives foster an environment of trust and collaboration among like-minded institutions.
Identity of Priority Intelligence Requirements
Overcoming tactical challenges in CTI sharing requires financial institutions to identify their specific priority intelligence requirements. By doing so, they can focus their efforts on collecting and sharing the most relevant and actionable threat intelligence. This strategic approach ensures that the shared intelligence is tailored to the unique needs and vulnerabilities of each institution.
Developing Internal Processes
Financial institutions should establish robust internal processes to support CTI sharing. These processes should outline the roles and responsibilities of individuals involved in sharing intelligence, as well as define the mechanisms for coordinating and disseminating information within the organization. By implementing formal processes, institutions can streamline their sharing efforts and improve the overall effectiveness of CTI sharing.
Considering the information to share and with whom
Financial institutions must carefully consider what information to share and with whom. This thoughtful approach ensures that shared intelligence remains relevant and useful to the recipients, while also safeguarding sensitive information that may be detrimental if shared inappropriately.
In conclusion, addressing the tactical aspects of CTI sharing is crucial for financial institutions aiming to enhance their cyber resilience. By focusing on integration, automation, trust-building, identifying priority intelligence requirements, developing internal processes, and considering the nature of shared information, financial institutions can overcome tactical challenges and ensure the efficient exchange of threat intelligence.
The Operational Aspects of Threat Intel Sharing
To effectively combat cyber threats, financial institutions must operationalize their threat intelligence sharing efforts. This involves identifying their priority intelligence requirements and evaluating the quality and accuracy of different sources. Organizations must establish a two-way exchange of information, carefully considering what data to share and with whom, while also setting up internal processes to facilitate seamless sharing.
In the event of a breach, financial institutions should be prepared to promptly share relevant information to enhance collective defense. It is crucial for organizations to establish the level of context they can provide when sharing threat intelligence, ensuring that the information they share is meaningful and actionable. By operationalizing threat intelligence sharing, financial institutions can better protect their customers from cyber threats.
Operationalizing threat intelligence requires financial institutions to make the most of the available resources and datasets at their disposal. By leveraging advanced tools, analytics, and expertise, organizations can gain valuable insights into emerging threats and trends. This knowledge allows them to proactively adapt their security measures and stay one step ahead of cybercriminals. Through effective operational aspects of threat intel sharing, financial institutions can enhance their cyber resilience and strengthen the collective defense against cyber threats.
Source Links
- https://www.threatq.com/threatq-cyber-forum-insights-on-threat-intel-sharing-in-finance-industry/
- https://nvlpubs.nist.gov/nistpubs/specialpublications/nist.sp.800-150.pdf
- https://bankingjournal.aba.com/2018/11/cyber-threats-how-banks-can-share-information-effectively/
Zoe McCarthy is a cybersecurity expert with a passion for demystifying complex topics in the digital realm. With over a decade of experience in the industry, she brings a wealth of knowledge to her writing, helping readers navigate the ever-evolving landscape of cybersecurity with clarity and confidence.