Events , Fraud Management & Cybercrime , Fraud Summit

Proactive Defense Dominates Discussions at ISMG Fraud Summit

Information Security Media Group's Fraud, Security and Risk Management Summit brought together a diverse group of cybersecurity leaders and fraud experts for a comprehensive day of education and collaboration. The summit, held in New York City, focused on a variety of strategies including payment fraud, identity theft and third-party risk management.

Prominent leaders in cybersecurity, including Jagathi Gade, global head of risk engineering at Square; David Sheidlower, chief information security and privacy officer at Turner Construction Co. and CyberEdBoard member; and Walker Newell, vice president, securities litigation and enforcement, Woodruff Sawyer, among others, shared insights on how attackers are using emerging technologies to exploit the traditional weaknesses in perimeter defenses. The summit featured interactive sessions, expert panels and networking opportunities - all designed to foster a deeper understanding of the current and emerging challenges in cyber and identity fraud.

The summit kicked off with a keynote on the importance of maintaining a proactive security posture. La Monte Yarborough, CISO and acting deputy CIO at the U.S. Department of Health and Human Services; Laura Deaner, CISO at Northwestern Mutual; and Preston Miller, director at Unit 42 by Palo Alto Networks, discussed the need for organizations to stay ahead of adversaries by integrating new threat intelligence into their risk management frameworks. This session reinforced the significance of understanding and mitigating zero-day attacks and using artificial intelligence and machine learning capabilities to enhance threat detection.

Veracode CTO and co-founder Chris Wysopal led a session on the intersection of AI and application security, highlighting AI's potential to identify flaws faster and suggest fixes. Wysopal also cautioned about the risks associated with AI, such as incorrect code suggestions and more sophisticated malware attacks, emphasizing the need for careful integration of AI tools to ensure organizational security.

Payment Fraud and Third-Party Risk Management

Peter Tse, information security officer at CTBC Bank and CyberEdBoard member, and Boris Klyuchnikov, a special agent at the FBI, explored the complexities of payment fraud and addressed trending threats, including account takeover and synthetic identity fraud. The discussion stressed the importance of robust authentication techniques and data security practices to safeguard financial transactions.

The significance of third-party risk management was another focal point of the summit. Fred Harris, global head of risk and compliance for enterprise technology and operations at Citi and CyberEdBoard member; David Anderson, vice president of cyber at Woodruff Sawyer; and Chris Holden, CISO at Crum & Forster and CyberEdBoard member, emphasized that managing third-party risks is not just an add-on but a central component of a robust cybersecurity strategy. They recommended the implementation of solid vendor risk management frameworks and the necessity of continuous monitoring and mitigating risks associated with third-party services.

The Solution Room: An Interactive Exercise

One of the most engaging sessions at the summit was the Solution Room exercise, a hands-on session designed to test the incident response strategies of cybersecurity leaders.

This exercise, led by Kevin Cooke, senior special agent at the U.S. Secret Service, and hosted by the CyberEdBoard, involved a simulated global cybersecurity incident, challenging participants to devise response strategies in real time.

Cloud Security, Identity Defense and More

The summit also addressed the challenge of cloud security maturity and need for both proactive and reactive approaches. Shashank Golla, product marketing manager at Wiz, discussed the importance of achieving cloud security maturity and creating effective security backstops with cloud detection and response.

Christopher Hills, chief security strategist at BeyondTrust, shed light on the importance of an identity-first security approach to achieve zero trust and reduce cyber insurance premiums, highlighting market trends and risk mitigation strategies related to identity privilege.

The role of data science in cyberthreat forecasting was a key topic discussed by Brennan Lodge, professor at New York University; Umesh Yerram, global CISO at Cboe Global Markets; and Andres Andreu, deputy CISO at Hearst and CyberEdBoard member. The panel explored how predictive analytics and machine learning algorithms can help enhance security posture and predict future attacks. The panelists emphasized the importance of collaborative data initiatives and the role of education in building skilled cybersecurity teams.

"The audience at the Fraud, Security and Risk Management Summit included top CISOs, risk management experts and IT leaders from various industries, all eager to learn about the latest cybersecurity strategies and technologies," said Anna Delaney, director of productions, ISMG. "One of the key sessions delved into how to handle the SEC's increased scrutiny post-SolarWinds, giving everyone practical tips on staying transparent and compliant with cybersecurity incident disclosures."

Key Takeaways

• The integration of AI tools must be approached with caution due to potential cyber risks.
• Managing third-party risks remains an essential component of a comprehensive cybersecurity strategy.
• Organizations must focus on building effective security backstops and continuously improving their cloud security practices.

The Fraud, Security and Risk Management Summit offered a platform for learning, collaboration and strategic planning required to address the most pressing issues concerning fraud management. Join ISMG in Chicago for the Cybersecurity Summit: North America Midwest on June 20, 2024. Discover cutting-edge strategies and insights from industry experts to safeguard your organization against evolving cyberthreats.