Episode 9: The 2021 Thales Data Threat Report
The shift to remote work and the acceleration of the shift to cloud-based infrastructure have profoundly impacted security teams. With the security risks and threats that these changes pose, most organizations have some work to do to improve their security posture, according to the new 2021 Thales Data Threat Report. Many organizations were unprepared for the unexpected security challenges they faced in 2020. In fact, according to the report only 20% of IT professionals said their security infrastructure was very prepared for the effects of the pandemic.
In this episode, Neira Jones is joined by Todd Moore, VP Encryption Products at Thales, to talk through the key findings of the report. They’ll take a look back at the key trends seen in 2020 and the impacts of the pandemic that have carried over into 2021.
Neira advises organisations of all sizes on payments, fintech, regtech, cybercrime, information security, regulations (e.g. PSD2, GDPR, AML) & digital innovation. With more than 20 years in financial services & technology, she believes in change through innovation & partnerships and always strives to demystify the hype surrounding current issues. She enjoys her work as a strategic board advisor and non-executive director. She also provides coaching, training/e-learning, speaking, payment security expert witness services, and helps with M&As cybersecurity due diligence. She likes engaging on social media & regularly addresses global audiences in person or virtually.
She is the 1st Advisory Committee member for PCI-Pal, a global leader in secure payments & chairs the Advisory Board for mobile innovator Ensygnia. She is proud to be an Ambassador for the Emerging Payments Association and a friend of the Global Cyber Alliance. You'll find her on the Refinitiv list of Top 100 Influencers in Financial Services, the Planet Compliance Top 50 RegTech Influencers, the SC Magazine list of the UK's 50 Most Influential Women in Cyber-Security 2019, the Cybersecurity Ventures Women Know Cyber 2019 (100 Fascinating Women Fighting Cybercrime), the Jax Finance Top 20 Social Influencers in Fintech 2017, the City AM Powerful Women in the City List, the Richtopia Top 100 Most Influential People in Fintech. Tripwire nominated her "Top Influencer in Security To Follow on Twitter" in January 2015, CEOWorld Magazine nominated her Top Chief Security Officer to Follow on Twitter in April 2014, she is the Merchant Payments Ecosystem Acquiring Personality of the Year 2013, the SC Magazine Information Security Person of the Year 2012 and is an InfoSecurity Europe Hall of Fame alumni. She was voted to the Top 10 Most Influential People in Information Security by SC Magazine & ISC2 in 2010 & has served on the PCI SSC Board of Advisors for 4 years. She is a British Computer Society Fellow.
Neira has previously worked for Barclaycard, Santander, Abbey National, Oracle Corp. and Unisys. Her clients span industry sectors, including financial services, fintech, retail, legal, consulting, information security & technology.
She loves technology and cars...
Our Guest Speaker
Todd Moore is a respected cybersecurity professional, with over 28 years' experience in helping organizations protect their most sensitive data.
In his role as Vice President of Encryption Solutions, Todd drives strategy for the company's data encryption portfolio – bringing together a set of well-known security brands (SafeNet, Vormetric and Thales eSecurity) together, into a single data protection business line that addresses existing and new customer needs.
Todd joined Thales through a series of acquisitions from his prior roles; these predominantly entailed product leadership positions for both SafeNet and then Gemalto. He had already gained deep understanding of security challenges and technologies within the defence industry, having spent almost two decades with Harris Corporation. Over his career, Todd has a proven track record of developing business cases and market analysis for new security products and delivering them to market. He routinely develops strategies for new product development and execution, as well as negotiating strategic relationships and alliances.
With a rich combination of technology, product and customer understanding, Todd has frequently offered insights and commentary to media on topics such as hybrid cloud, encryption and cryptographic agility.
About this Episode
As we look back at 2020 and the impacts of the pandemic that have carried over into 2021, it is important for organizations to look back and reflect what they did right and how they could improve their processes to become more resilient. The 2021 Thales Data Threat Report serves exactly this purpose – it is a crucial reflection of 2020.
Organizations not prepared to meet the data security challenges of the pandemic
The pandemic forced organizations to adapt overnight to the new normal and adopt new technologies or accelerate existing digital transformation initiatives. But, were they prepared for the cybersecurity challenges that emerged with evolving technology? Unfortunately, the answer is no.
According to the 2021 Thales DTR findings only a fifth of respondents (20%) indicated that their security infrastructure was very prepared to deal with the disruption. The shift to remote working was a large contributor to that disruption. Almost 82% of respondents were somewhat or very concerned about the security risks and threats that a greatly increased remote workforce poses. Almost half (44%) were not confident that their remote access security systems could effectively secure remote work.
Broken security controls – increased attacks
While the level of technology absorption is high, 31% of respondents said that 41-50% of their workloads and data resides in the cloud, and 24% reported more than half of these organizations are failing to adequately protect their data in the cloud. Only 17% indicated that they have protected more than 50% of their sensitive cloud data with encryption. That contradicts the finding that 38% of respondents believe encryption is the most effective technology in preventing cyberattacks. Some industries, like the healthcare and financial sectors, are paying more attention to encrypting their data at rest or in transit – possibly because of strict regulatory requirements – but overall, there is still work to be done.
The lack of effective and robust controls leaves organizations susceptible to emerging vulnerabilities and criminals are increasingly exploiting these security gaps. In fact, of those who have ever experienced a breach, two in five (41%) have happened in the past year. This number has nearly doubled from 21% in 2019, marking a significant shift in the threat posed.
The top vector of cyber-attacks was malware (54%), followed by ransomware (48%), and phishing (41%). The 2021 Thales DTR report indicates the top threats were not from external attackers; internal threats and human error are still of great concern. A third of businesses stated that malicious insiders (35%) and human error (31%) are the greatest risks to them, followed by external attackers (22%).
Unchanged security mindset
Despite the expanding threat landscape, the security mindset seems to remain unchanged. Although the survey results indicate that there is reasonable awareness of the risks present in today’s environments, most organizations are not deploying security technologies such as encryption and multi-factor authentication to the extent required to improve their security posture. This misalignment between risk perception and risk mitigation might be an issue of policy gaps and disconnect between the Board and the security teams. This gap leads to indecision and wrong investments.
An example of lack of adequate security controls is the fact that only 24% of the survey respondents indicated that they have complete knowledge of where their data is stored. As more data is distributed and stored across hybrid and cloud environments, data discovery is becoming a greater issue. In addition, when discussing security controls to restrict the access to this data, just 55% have implemented MFA in any form. The lack of MFA will become a major compliance problem, especially for businesses operating in the United States, considering the requirements of the recent Biden Executive Order.
Zero Trust gaining traction
These findings indicate that security needs to evolve with technology, otherwise challenges and risks will evolve into cyber-attacks. The report findings indicate that businesses are beginning to invest in that direction. Almost half (44%) of respondents selected Zero Trust network access (ZTNA)/software-defined perimeter (SDP) as the leading technology to invest, followed by cloud-based access management (42%) and conditional access (41%). In fact, a third (30%) of global respondents claim to have a formal Zero Trust strategy and, interestingly, those with a formal Zero Trust strategy are less likely to also report having been breached.
Adapting your security practices and policies is also required to be better prepared for future challenges, such as quantum computing. 85% of global respondents are concerned about the security threats of quantum computing, a threat exacerbated by the increasing complexity of cloud environments.
One of the overarching conclusions that was driven by lessons learned from the pandemic is that security strategists need to increase the agility of their security controls. Infrastructure will become more hybrid, and security teams must have the capabilities to address this more complex environment efficiently. Security controls and security management will have to extend closer to the data and the users accessing the data, especially in cloud, in such a way as to keep each cloud environment from being an isolated operational realm.
You can view the 2021 Thales Data Threat Report in full HERE.
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Listen to Previous Podcasts
Series 2 Podcasts
Episode 1: The 2021 Thales Access Management Index
The shift to remote working and the acceleration of cloud-based services have put a strain on identity and access management infrastructure. As remote access becomes the norm rather than the exception, many organisations need to evolve their security approaches in a world where there is no longer a defined perimeter, according to the 2021 Thales Access Management Index.
In this first Thales Security Sessions episode of series 2, François Lasnier, VP Authentication and Access Management Products at Thales, joins regular host, Neira Jones, to talk through the key findings of the report. They will discuss how COVID has introduced new security concerns around remote working, and explore some of the key challenges of trusted access in a cloud-first world.
Episode 2: Evolution of Cloud Security: From Shared Responsibility to Shared Fate
The rapid adoption of digital technologies and remote or hybrid working is now an accepted part of society. The pandemic forced companies to adapt swiftly and many have turned to the cloud to help their digital acceleration. According to McKinsey cloud adoption has been accelerated by three years compared to pre-pandemic adoption rates. Gartner is also estimating that spending on public cloud services will exceed $480 billion next year.
Bonus Episode: Optimizing Data Process with a Security Management Platform
Mapping data flow is a fundamental part of the enterprise data process. There's no way an organization can understand their data cycle without knowing where their data is located. Despite this, findings from the 2021 Data Threat Report by Thales reveals that only 24% of companies have complete knowledge of where their data is stored. With such strong ties between the two data operations, the numbers just aren't adding up - why?
Episode 3: The 2021 Thales Cloud Security Study
The COVID-19 pandemic has accelerated what has been a long-term broad adoption of cloud environments, including multicloud and hybrid deployments. Organizations need to extend and adapt their capabilities to take more control of their security efficiently and effectively in these new, dispersed environments, according to the 2021 Thales Cloud Security Study. The study is comprised of analysis from 451 Research, part of S&P Global Market Intelligence, and based on a survey commissioned by Thales of more than 2,600 security professionals worldwide. In this episode, Sol Cates, Principal Technologist at Thales, and regular host Neira Jones break down some of the key findings and statistics in the report.
Episode 4: The Future of Payments
The payments ecosystem has evolved tremendously over the past few years, raising the question: where will digital payment technologies take us in the future, and how does this affect retailers and financial services organizations? In this episode, Neira Jones is joined by Scott Abrahams, Senior Vice President Business Development & FinTech, United Kingdom and Ireland, International Markets at Mastercard and Simon Keates, Head of Strategy and Payment Security at Thales to discuss the major challenges retailers and other financial services organizations are facing.
Episode 5: Trends & Predictions for 2022 – More of the Same?
For two years now, organizations have been trying to adapt to pandemic driven change. So what can we expect to see in 2022 and how have the many aspects of this change impacted the security landscape? For this episode, Neira Jones is joined by Ashvin Kamaraju, CTO and Vice President Engineering at Thales Cloud Protection & Licensing and Andy Green, CISO at Gemserv.
Episode 6: Digital Identities and Digital Security - Is the Future of Digital Identity Safe?
As we continue to live our lives remotely, never has the importance of being able to distinguish between genuine and fraudulent interactions been more felt. Digital identities, how we create them and how we protect them is at the epicenter of this change. In this episode, Asaf Lerner, Director, Product Management at Thales Cloud Protection & Licensing and Uri Rivner, Founder & CEO, at Regutize join our host Neira Jones to answer the question – are our digital identities really safe?
Bonus Episode: The Rise of the Sovereign Cloud
There are now more than 1,800 data compliance laws companies must comply with on a global scale. This surge in regulation is creating a shift towards the containment and localization of data and we will continue to see this more and more in the years to come. The public will become increasingly aware of these challenges too, with individual data sovereignty on the horizon. This will allow individuals to control where their data is and how it is used, strengthening the correlation between identity and data protection. In this bonus podcast episode, Rob Elliss, Vice President of Sales, EMEA at Thales Cloud Security joins Neil Hughes to discuss the rise of the sovereign cloud. They discuss how data sovereignty is not just about localization; it is ensuring that nation-states can store their data in their own country and control access to it.
Episode 7: The Convergence of IT/OT
In today’s world, highly connected cyber-physical systems are the norm, and the lines between information technology (IT) and operational technology (OT) are becoming blurred. Attacking OT systems presents a major threat not only to business disruption, but also to national economy and security. So how can we strengthen the security posture of critical infrastructure? Joining our regular host, Neira Jones, for this episode are François Lasnier, VP Authentication and Access Management Products at Thales and Sid Shaffer, VP and Chief Delivery Officer at ITEGRITI.
Episode 8: Ransomware – To Pay, or Not to Pay?
Over the past few years, there has been an increasing number of ransomware attacks, often targeted towards critical infrastructure with the potential to create a national emergency. The extent and impact of these attacks has turned ransomware into a global problem, affecting both public and private organizations. In this episode we explore the typical style of ransomware attacks, look at who is carrying them out, and discuss some best practice protective strategies. Joining our regular host, Neira Jones, for this episode are Paul Chichester, Director of Operations of the UK National Cyber Security Centre, and Bob Burns, Chief Product Security Officer at Thales.
Episode 9: The Rise of Cyber Insurance
As more businesses are becoming more digital, the number and type of cyber risks they are exposed to increases. As it becomes more a matter of when and not if an attack occurs, cyber insurance becomes crucial for ensuring business continuity and mitigating the business impact of attacks. In this episode, we discuss what we mean by cyber insurance, and why we are seeing more companies take out policies. We will also look at what types of threats are covered and how cyber insurance jurisdiction works across different regions. The experts joining Neira Jones for this episode are Danna Bethlehem, Product Marketing Director at Thales and Anthony Dagostino, CEO and Co-Founder, Converge.
Episode 10: Can a federal data privacy bill save the day?
The rapid adoption of emerging technologies, the shift to hybrid working and the move to the cloud is greatly increasing efficiency while adding dynamic cybersecurity challenges for organizations. In the Americas, the introduction of various new legislations and regulations has added another layer of complexity for businesses trying to manage the cybersecurity landscape. For this episode, Kevin Williams, VP Americas Sales at Thales Cloud Protection and Licensing and Michael Bahar, Partner and Co-Lead of Global Cybersecurity and Data Privacy at Eversheds Sutherland, join Neira Jones to discuss the current cybersecurity, privacy and regulatory landscape in the Americas.
Episode 11: Exploring Consumer Trust in a Digital World
Our insatiable appetite for digital services has no sign of slowing down. But as we consume more and our digital footprints grows, we are presented with a mounting challenge – cyber security. In fact, today data breaches are so endemic that it could be argued that consumers are becoming numb to the effects – they change their passwords, get a few reassuring emails from the company and more often than not nothing comes of it. Of course, businesses will feel the impact, and perhaps after repeated breaches consumers might start getting worried, but is the idea that a large data breach could seal an organizations fate too far fetched? Joining Neira Jones to discuss the Thales Consumer Trust Index in this episode are Philippe Vallée, Executive Vice-President, Digital Identity and Security at Thales and Professor Carsten Maple, Professor of Cyber Systems Engineering and Director for Cyber Security Research, at the University of Warwick.
Series 1 Podcasts
Episode 1: Real Threats for Real People – What has the pandemic taught us?
Are businesses being forced into digital transformation too quickly and therefore cutting corners? How to businesses adapt to the changing threat vectors as more valuable data gets pushed further out into the infrastructure due to remote working? These are some of the questions we are exploring with guests Rick Robinson and Todd Moore.
Episode 2: More digital, more risk: where is the trust?
More digital, means more ecommerce, more digital payments, more financial fraud and cybercrime and ultimately more risk. Many organisations within the payment sector are being pushed into digitisation more quickly as they move to operate online to keep cash flow – without doing necessary due diligence on the best solution or vendor and with security not really on their agenda. These are some of the issues we are exploring with guests Arthur van der Merwe and Simon Keates.
Episode 3: Do you know who I am? The digital identity challenge
More digital also means more interactions where the various parties are interacting without knowing each other. This is linked to the much needed focus on digital identity, IAM, CIAM, authentication, behavioural analytics. Has the pandemic forced people’s perception of digital identity to change as they have been forced to accept the digital transformation in their own lives? Our host Neira Jones discussed this topic with guests Sundaram Lakshmanan and Francois Lasnier.
Episode 4: Time for the crystal ball – What to expect in 2021
In this episode we are looking ahead at what we can expect in 2021 and reviewing how 2020’s remote working, separation from family and teams have changed us. Have a listen to some of the interesting insights from Neira’s guests, Troels Oerting, Chairman of the Board of the World Economic Forum’s Centre for Cybersecurity (C4C) and Ashvin Kamaraju, CTO and Vice President Engineering at Thales Cloud Protection & Licensing.
Episode 5: The Challenges of Digital Transformation
Many businesses have been forced to accelerate their digital transformation strategies due to the pandemic and doing it successfully has become a major challenge. What do organisations do to transform their infrastructure to where it needs to be from a technology standpoint? The new threats are here to stay – so what is the best DX practice from a technology point of view? How do you focus on the technology process and preservation of your infrastructure?
Episode 6: Data Beyond Borders: The Schrems II Aftermath
Are the current rules and regulations for securing information and maintaining privacy fit for purpose when you think about the future? Do you think work and lifestyle changes brought about by Covid-19 will have a regulatory impact that we need to plan for? Neira discusses these questions with Enza Iannopollo, Senior Analyst at Forrester and Thales’ own Mukesh Chandak, Business Development Director.
Episode 7: Cloud Now - Mitigating the Risks of Operating in the Cloud
More digital has meant more cloud. The pandemic and the shift to hybrid working has prompted an acceleration in the adoption of cloud technologies by IT leaders worldwide, which looks set to continue for the foreseeable future. Previously organizations have primarily looked at new application development and deployment for cloud, taking a ‘cloud first’ approach. However many have now pivoted towards a ‘cloud now’ approach. In this episode, Neira talks to Chris Harris, EMEA Technical Director at Thales and Vaughn Stewart, VP of Technology Alliance Partners, Pure Storage.
Episode 8: 5G – With Great Power, Comes Great Responsibility
5G is poised to change how digital technology-based solutions are delivered and consumed across different industry verticals by connecting people and devices using high quality services whenever wherever. In this episode Neira is joined by Prashant Deo, Senior Information Security Consultant at Tata Consultancy Services and Chen Arbel, Vice President Business Development, 5G & Cloud Security and Thales.
Bonus Episode: The Shift to Passwordless Authentication
Passwordless and FIDO authentication is one of the hottest topics on the radar of identity and access management professionals. While passwordless authentication offers convenience for end users, not all methods offer the same level of protection. In this special bonus edition podcast, Garrett Bekker, principal cybersecurity analyst at from 451 Research and Asaf Lerner, Director of Product Management at Thales discuss the merits and various angles of moving to passwordless.
Episode 9: The 2021 Thales Data Threat Report
The shift to remote work and the acceleration of the shift to cloud-based infrastructure have profoundly impacted security teams. With the security risks and threats that these changes pose, most organizations have some work to do to improve their security posture, according to the new 2021 Thales Data Threat Report. In this episode, Neira Jones is joined by Todd Moore, VP Encryption Products at Thales, to talk through the key findings of the report. They’ll take a look back at the key trends seen in 2020 and the impacts of the pandemic that have carried over into 2021.
Episode 10: IoT Security Trends
Organizations have only just begun discovering and benefiting from the opportunities provided by the Internet of Things. The ability to capture and analyze data from distributed connected devices offers the potential to optimize processes, create new revenue streams, and improve customer service. However, the IoT also exposes organizations to new security vulnerabilities introduced by increased network connectivity and devices that are not secured by design. And advanced attackers have demonstrated the ability to pivot to other systems by leveraging vulnerabilities in IoT devices. For this episode, host Neira Jones is joined by Ellen Boehm, VP, IoT Strategy and Operations at Keyfactor, and Paul Hampton, Senior Product Manager at Thales.
Episode 11: Quantum Computing
The threat and arrival of quantum computers is ever-present with physics breakthroughs, more Qubits, quantum “supremacy”, and cloud service providers designing quantum computers, but what does it really mean to data protection? Is it really the end of encryption as we know it? In Episode 11 of the Thales Security Sessions, host Neira Jones is joined by Mike Brown, CTO at Isara, and Michael Gardiner, Solution Architect at Thales, to discuss the ways in which quantum computing will change the technology landscape, and how organizations can deal with the potential security threats that quantum brings.
Bonus Episode: Encryption in Quantum Resistant Networks
Network security encompasses the security tools, policies, and techniques used to monitor, prevent, and respond to unauthorized network access. Having such a broad definition and, therefore, challenging approach, it is important that businesses know what key areas to focus on and what enterprise tech solutions they should look to ensure appropriate, airtight protection. Dr. Eric Cole, Founder and CEO of Secure Anchor Consulting, speaks with Julian Fay, CTO at Senetas, a global partner of Thales. The pair explore the primary concerns of network security within the realm of data in motion with the help of key findings from our latest global survey on the encryption of public/private networks.
Bonus Episode: Adopting the Shared Security Management Model
Shared security, also known as shared responsibility, is a cloud security management model that describes the distribution of enterprise data security management and accountability between a company and its cloud service provider(s). The framework essentially enables improved productivity and unparalleled agility, so why isn't every organization adopting it? Dr. Eric continues with Chris Martin at Thales, delving into the main areas of organizational risk concerning cloud migration and vendor native decisions before shedding light on the limitations of a single service provider. The guests then discuss the shared security model - its benefits and the implementation process. Final thoughts centre on what organizations need to understand about control over all users and effectively build a best practice shared security strategy.
Episode 12: Building a Trusted World for Crypto Payments
Bitcoin and other cryptocurrencies have exploded in value—making them an ever-more attractive target for scammers and hackers. So is cryptocurrency secure? How can businesses and individuals make sure they protect their digital investments? And what are the key security measures that should be implemented to secure the cryptocurrency backend? In this episode, we’ll be exploring the current cryptocurrency landscape, and how we can make a trusted world for crypto payments. Joining our regular host Neira Jones for this episode, we have Nitin Gaur, Director, IBM Financial Sciences and Digital Assets and Krishna Ksheerabdhi, VP Product Marketing, Thales.