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In an interview with CIO Applications, Charles Yoo, CEO of California-based Resecurity, shares valuable insights about the cybersecurity stance today, explaining how Resecurity plays a game-changing role in safeguarding organizations against the rising number of cyberattacks by using actionable intelligence and a robust protection stack. Under his dynamic leadership and constant engagement with clients, the firm today has established its name in the market by offering one of the best suites of solutions and services for cyber threat intelligence, risk management, and endpoint protection.
What do you think are some of the challenges prevailing in the cybersecurity landscape today?
The threat of a major data theft and the resulting financial losses coupled with a dramatic fall in customer and investor confidence represents a 'Sword of Damocles' now hanging over all organizations. Few companies fully comprehend the sophistication of organized cybercriminals or the sheer number and variety of cyber-attacks being launched against enterprises of all sizes. Also, cybercrime is currently maturing into a trillion-dollar industry and, as a result, threat actors are becoming increasingly professional. Criminal gangs now offer malware-as-a-service or ransomware-as-a-service on the Dark Web so that even relatively inexperienced hackers can now access 24-hour help desks run by criminal gangs. After compromising traditional endpoints such as enterprise workstations, threat actors are now targeting server-side and cloud environments. They aim to compromise corporate databases comprising critical business data and to interrupt critical processes, completely paralyzing business operations. The power to cripple corporations' mission-critical systems has enabled the cyber-criminals to increase the size of their ransom demands radically. Some of these underground actors operate independently. Others form organized crime groups (OCGs), focused on distributing large-scale infections worldwide. They operate in those regions likely to yield the highest profits, primarily English-speaking countries and geographies with rich and digitally sophisticated economies. Financial gain is not the only motive. Industrial espionage is a growing threat as rival companies and third parties hack into corporate IT systems in order to steal product designs and business strategies. Nation-state actors are also seen to be increasingly involved in these areas. In answer to such complex issues, Resecurity delivers unique intelligence-driven solutions. Resecurity’s meta database of upcoming cyber threats is currently growing at an accelerating rate and Resecurity’s Context™ now offers organizations access to a comprehensive platform with a growing meta database of over 300 million Dark Web records, 8 billion compromised credentials, 9 million threat actors and over 30 million indicators of compromise (IOCs).
The sheer volume of threat intelligence now available has become so overwhelming that it would be well beyond the internal resources of most companies to sift through all the available threat data in order to identify which are the most dangerous to them. Resecurity has therefore developed a new platform which enables companies to contextualize upcoming threats fully. The prime idea behind the platform’s name – Context™ was born from an understanding of the vital role of contextualization in cybercrime investigations. Without proper contextualization, an overload of raw forensics data may become a burden, leading to incorrect resource planning and a slowing down of the investigation cycle.
Resecurity has developed a model of comprehensive enterprise ecosystem protection. Our solutions are not limited just to a particular endpoint, but guarantee continuous security monitoring of the entire customer environment including users, network, apps, services, devices and the supply chain, one of today’s main blind spots leading to data breaches
Resecurity provides intelligence-driven and next-generation endpoint protection solutions. Our portfolio includes ourcyber threat intelligence platform (Resecurity® Context), enterprise risk management (Resecurity® Risk) and our endpoint protection platform (Resecurity® EPP).
Many of us who started this company began as intelligence analysts. We invest a lot in Big Data and Data Science to provide actionable intelligence for the customer.
With regard to the onboarding process, it takes 2-3 days to set up any integration and up to 10 days for normalizing the data for effective monitoring depending on customer digital footprint. We perform a 30-day check or governance or operational maturity review not only to help our client feel comfortable and secure but also to assist them to adapt quickly to the platform to provide meaningful data to protect the enterprise environment.
What are the possible future market trends that are going to have an impact on the industry?
During 2019, organizations of all kinds will be looking for ways to minimize the chances of a breach while focusing their cybersecurity budget on their most vulnerable points. Resecurity has, therefore, cultivated the idea of cloud-delivered security and intelligence “services” vs. “agents” or heavy cybersecurity solutions having minimal value. Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) are two key models which are going to have a massive impact. Due to significant market fragmentation and many overlapping, costly and generally useless solutions, enterprises of different sizes are looking for scalable and effective solutions that can deliver actionable data and visibility across their infrastructure. We offer comprehensive solutions for Enterprise Digital Risk Monitoring, Cyber Threat Intelligence, and Endpoint Protection aimed at controlling the enterprise’s security posture and providing continuous enterprise protection in all dimensions of cyber–securing the external, internal and cloud-based footprint.
For companies as yet unaware of the reality of looming cyber threats, what might 2019 hold in store?
Cybercrime impacts nearly every industry and costs the global economy as much as $600 billion — about 0.8 percent of global GDP. This trend will be still visible due to the constantly changing nature of modern cybercrimes and the dynamic profile of the modern adversary. According to industry statistics, companies globally could incur US$5.2 trillion in additional costs and lost revenue over the next five years as a direct result of cyberattacks.
In addition to significant financial losses and damage to investor and customer confidence, they may also find themselves liable for legal action from customers as well as substantial fines from new rafts of legislation, some of which have been drafted in other geographies. The European Union (EU)’s General Data Protection which came into force in 2018 applies not only to enterprises located within the EU but also to any company that holds data on EU citizens. This means enterprises in countries such as the US and the UK now face fines of up to 20 million Euros or 4 percent of turnover –whichever is the greater – if the EU decides that sufficient steps were not taken to safeguard EU citizens’ personal data. With cyber-attacks escalating at the current rate, we can expect to see major breaches occurring in organizations of all sizes.