JP Morgan Chase, a major American financial institution, disclosed a cyber breach back in September. The breach affected 76 million households and 7 million small businesses. The hackers used some of the same offshore servers to hack both the bank and the website of the JP Morgan Corporate Challenge. The IT team at JP Morgan was able to uncover the hack by chance, after studying the Corporate Challenge website breach.
There is no doubt that security monitoring is important regardless or company size or industry. According to the respected Verizon 2014 Data Breach Investigations Report, “…we don’t see any industries flying completely under the radar. …everyone is vulnerable to some type of event.” The question is how to implement an effective program. Many companies jump into a project without considering managed security monitoring as an alternative to an in-house SIEM deployment.
Configuration Management is an important infosec best practice that is often overlooked by security professionals. Most organizations focus their security monitoring operations on collecting and analyzing event and security logs; spending big money on the SIEM vendor du jour. Configuration auditing is sometimes an afterthought to both the vendor and the security operations team, but it’s important not to overlook this impactful security control.
This year the cost of a data breach inched up to $136 per comprised record – this according to Ponemon’s 8th Annual Cost of Data Breach Study. The recent survey reveals that nearly two-thirds of breaches are caused by negligence and system errors.