Scenario 6: Finelits. a South Carolina-based banking institution in the US, Is dedicated 10 providing comprehensive financial management solutions for both individuals and businesses. With a strong focus on leveraging financial technology innovations, Finelits strives to provide its clients with convenient access to their financial needs. To do so. the company offers a range of services. Firstly, it operates a network of physical branches across strategic locations, facilitates banking transactions, and provides basic financial services to Individuals who may not have easy access to a branch Through its diverse service offerings. Finelits aims to deliver exceptional banking services, ensuring financial stability and empowerment for its clients across the US.
Recently, Vera, an employee at Finelits, was passed over for a promotion. Feeling undervalued, Vera decided to take malicious actions to harm the company's reputation and gain unrestricted access to its sensitive information. To do so. Vera decided to collaborate with a former colleague who used lo work for Finelits's software development team. Vera provided the former colleague with valuable information about the Finelils's security protocols, which allowed the former colleague to gain access and introduce a backdoor into one of the company's critical software systems during a routine update. This backdoor allowed the attacker to bypass normal authentication measures and gain unrestricted access to the private network. Vera and the former employee aimed to attack Finelits's systems by altering transactions records, account balances, and investments portfolios. Their actions were carefully calculated to skew financial outcomes and mislead both the hank and Its customers by creating false financial statements, misleading reports, and inaccurate calculations.
After receiving numerous complaints from clients, reporting that they are being redirected to another site when attempting to log into their banking accounts on Finelits's web application, the company became aware of the issue. After taking immediate measures, conducting a thorough forensic analysis and collaborating with external cybersecurity experts, Finelits's Incident response team successfully identified the root cause of the incident. They were able to trace the intrusion back to the attackers, who had exploited vulnerabilities in the bank's system and utilized sophisticated techniques to compromise data integrity
The incident response team swiftly addressed the issue by restoring compromised data, enhancing security, and implementing preventative measures These measures encompassed new access controls, network segmentation, regular security audits, the testing and application of patches frequently, and the clear definition of personnel privileges within their roles for effective authorization management.
Based on the scenario above, answer the following question:
According to scenario 6. to create a secure server system. Finelits's Incident response team implemented additional controls and took extra preventive measures, such as testing and applying patches frequently. Is this a good practice to follow?
Regularly testing and applying patches is a best practice in cybersecurity, as it helps to address known vulnerabilities and maintain the security of server systems. Patching is a crucial part of maintaining a secure IT environment.
Detailed Explanation:
Patch Management:
Definition: The process of managing updates to software and systems to fix vulnerabilities and improve security.
Importance: Ensures that systems are protected against known vulnerabilities that could be exploited by attackers.
Regular Testing and Patching:
Benefits: Helps to identify and address security weaknesses promptly, reducing the risk of exploitation.
Process: Involves testing patches in a controlled environment before deployment to ensure compatibility and effectiveness.
Cybersecurity Reference:
ISO/IEC 27001: Emphasizes the importance of regular updates and patch management as part of an ISMS.
NIST SP 800-40: Provides guidelines on patch management, recommending regular testing and deployment of patches to maintain system security.
Regular testing and patching are essential to keeping systems secure and preventing potential exploits.
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