Due to the lockdown due to Covid 19, organizations are facing serious challenges as far as business continuity is concerned. However, there are enterprises that have been able to buck the trend due to their early adoption of technology, particularly in the banking and financial sector. They have by and large been able to ride the lockdown crisis without major challenges.
I spoke with cyber security expert Amit Ghodekar, SVP and CISO at Motilal Oswal Financial Services Ltd to understand the challenges and how they were able to maintain business continuity. According to him, the company was fully prepared for a work from home model and has been successful in maintaining business continuity.
“We have deployed the business continuity plan (BCP). Work from home is now at hundred percent. In fact, our BCP preparedness was in place even before the lockdown,” he says.
A lot of rigorous training had previously been undertaken at the company making the migration to the BCP without major problems.
Monitoring Is Key to Robust Security
However, Ghodekar does agree that the second part of the BCP was more difficult. How do you provide a safe and secure working environment to employees all of whom were working from home? Security factors become paramount while transitioning to a work from home model. The organization had been working with a number of modern technologies, such as, artificial intelligence (AI), in order to strengthen the BCP.
“The first and the foremost thing that we did was to activate the Security Operations Centre (SOC) as a lot of employees transitioned to the WFH model along with Internet access. For us, the most important aspect was monitoring. How to take action in real time if there is a security threat. We have a robust monitoring capability in the SOC, which ensures that everything is monitored,” points out Ghodekar.
He says that they have the technologies not only to monitor but also to prevent and detect any kind of threat, including insider threats and endpoint threats.
Endpoints Will Be Even More Targeted Now
“Endpoints are the most vulnerable today. Now, they are going to get even more targeted. We have AI-driven tools to prevent and detect threats on a real-time basis, including threat hunting and threat intelligence. Moreover, we have a strong reporting system. The moment something happens, it immediately comes to our notice,” he adds.
The company has created a strong reported reporting mechanism so that whenever there is something suspicious it gets immediately reported and corrective action is taken in a timely manner.
Raising Awareness Is the Most Critical
But only technology is not enough for security. There is a huge people’s aspect to it and the security expert agrees to that. He informs that they had undertaken a vigorous campaign for employee awareness.
“We know that there are a lot of phishing mails these days coming in the name of Covid. So, we carried out activities to raise user awareness and used material that employees could easily understand,” he adds.
This is true. Ever since the lockdown, there have been consistent reports of threats increasing in the ecosystem. D-DOS and phishing attacks have increased, while malware and ransomware assaults too have grown due to the increased attack surface.