sb-as logo
Story image

Companies caught between crooks and compliance - Centrify

12 Jun 2018

Businesses in Australia and New Zealand are increasingly squeezed between defeating cyber-attacks and complying with surging volumes of government regulation, cybersecurity company Centrify says. Centrify is concerned that complying with the increasing amount of red tape required to retain personal information may hamper the ability of a business to protect that customer information successfully. Already this year, Australian companies have seen the implementation of national Notifiable Data Breach legislation and the mandating of GDPR regulations for businesses with a presence in Europe.

In addition, the Australian Prudential Regulation Authority (APRA) is currently developing a new proposed cybersecurity standard, CPS 234, planned to take force from July next year to further strengthen the Australian financial system.

In April this year, the New Zealand Government announced plans to refresh its three-year-old Cyber Security Strategy. Centrify APAC sales senior director Niall King says regulatory protection of information privacy is completely commendable.

“The challenge that faces companies is they have to defend against cyberattacks while also having to comply with multiple regulations from diverse jurisdictions,” he says. “In an ideal world, these two activities would be aligned, but the reality is that while companies must jump through bureaucratic hoops to demonstrate their regulatory compliance, the bad guys don’t follow rules, so they keep on innovating to find new ways to get illicit access to private data. “The bottom line is that if companies want to keep the crooks out and comply with government regulations, they need to rethink how they approach cybersecurity by putting identity protection at the centre of their defences.”

King says that in many cases, hackers did not try to break in through corporate defences.

“The fact is, they use the path of least resistance by deploying our own weak credentials against us,” he says. “Reports show that 81% of data breaches exploit weak, default or stolen passwords. That means four out of five breaches occur through a failure in identity protection. “Centrify advocates a model of Zero Trust Security which assumes that every user - whether inside or outside the network - is a potential threat, so we verify every user, validate their devices, and limit their access and privilege to what is required to do their jobs,” he says.

“Centrify also uses machine learning to identify risky user behaviour and apply conditional access without impacting user experience. King says, “Securing identity while still making it easy for employees and partners to do their jobs is the key to delivering cybersecurity and regulatory compliance.”

Story image
Interview: How cyber hygiene supports security culture - ThreatQuotient
We spoke with ThreatQuotient’s APJC regional director Anthony Stitt to dig deeper into cyber hygiene, security culture, threat intelligence, and the tools that support them.More
Story image
Entrust launches cloud-based ID issuance solution
The Sigma instant ID solution uses encryption, trusted HSM technology and secure boot to issue highly secure physical and mobile identities.More
Story image
Insider threat report reveals deception in the workforce
Insider threats come from people inside an enterprise, whether they divulge proprietary information with nefarious intentions, or are just careless employees that unwittingly share sensitive data, writes Bitglass product marketing manager Juan Lugo.More
Story image
BlackBerry partners with ServiceNow for incident response management
BlackBerry has announced it has entered into a partnership with ServiceNow to integrate the BlackBerry AtHoc service within the Now platform for rapid crisis communications and IT service management. More
Download image
Enterprise leaders discuss what makes up networking infrastructure
NFV is fast becoming the go-to method of simplifying corporate networks from planning, through deployment and management.More
Story image
Financial institutions in APAC region to invest millions in fraud prevention
"The pandemic is creating a lot of uncertainty, but the majority of FIs in APAC recognise that an end to end fraud management platform is strategic to differentiating themselves from the highly disruptive landscape they are playing in."More