Benefits of Cyber Ranges for the Banking and Financial Industry
Improved Cyber Security Training
One of the most significant benefits of cyber ranges for the banking and financial industry is improved cyber security training. Cyber ranges allow employees to practice responding to simulated cyber attacks, which can help them develop the skills and knowledge needed to detect, respond to, and recover from real-world cyber threats. This can help to reduce the risk of cyber attacks and ensure that banking institutions are better prepared to protect their customers’ sensitive financial information.
Responding to Compliance Requirements
Many banking institutions are required to comply with regulatory requirements, such as the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR). Cyber ranges can help these institutions to meet these compliance requirements by providing simulated environments that meet the specific requirements of these regulations.
Cyber Security Stress Test
A cyber security stress test in the financial sector evaluates the resilience of a financial organization’s cyber security defenses by simulating a range of cyber attack scenarios, including external attacks from threat actors. The test assesses the organization’s ability to identify and respond to cyber threats, maintain critical business functions, and protect sensitive data in the event of a cyber security breach. The purpose of the stress test is to identify any weaknesses in the cyber security defenses, assess the ability to respond to and recover from a cyber attack, as well as to develop strategies to address found weaknesses.
Reduced Risk of Data Breaches
Data breaches are a major concern for the banking and financial industry, as they can result in the theft of sensitive financial information, such as credit card numbers and bank account details. Cyber ranges can help to reduce the risk of data breaches by enabling employees to practice detecting and responding to cyber threats in a safe and controlled environment. This can help to identify vulnerabilities in the system before they can be exploited by cyber criminals.
Flexibility in terms of cost and resources
Cyber ranges can be a cost-effective solution for improving cyber security training for banking institutions. Traditional cyber security training can be expensive, as it typically involves hiring external trainers each time. Cyber ranges on the other hand, with empowerment through proper initial training of client’s in-house personnel, can provide simulated training environments that are both effective and cost-efficient.
Increased Employee Engagement
Cyber ranges can be a great way to increase employee engagement and, that way, learning results that stick, in cyber security training. While the topic of cyber security is serious, simulated cyber attacks can be a fun and engaging way to learn about it. Employees may also be more likely to participate in cyber security training if it is presented in a way that is both interesting and educational.
Real-world Scenarios and Not Just Textbook Examples
Cyber ranges provide employees with real-world scenarios that they may encounter in their day-to-day work. This can help to prepare them for the types of cyber threats that they may face, and enable them to respond more effectively to these threats.
One of such scenarios involves a complex and persistent cyberattack against multiple segments of a simulated bank’s infrastructure, with the aim of stealing money and sensitive data. The scenario uses the MITRE ATT&CK and D3FEND frameworks.
Cyber Ranges Improve the Readiness of Financial Institutions
In summary, cyber security is a top priority for the banking and financial industry, and cyber ranges are an effective way to improve cyber security training and the readiness of financial institutions to cope with potential cyber attacks. By providing employees with simulated environments that replicate real-world scenarios, banking institutions can prepare their employees to detect, respond to, and recover from cyber threats more effectively.
Cyber ranges can also be a cost-effective solution for improving cyber security training as a continuous program, and can help to increase employee engagement in cyber security training.