Aussie insurance giant IAG has been recognised by global peers as a world leader in cyber intelligence-sharing, with global financial services body, the FS-ISAC, recording a significant ramping up of intelligence sharing efforts over the last year spurred by surging ransomware and supply chain threats.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) rated the impact and quality of cyber intelligence shared by financial services firms worldwide, recognising standout performers from the Americas, Europe, and Asia Pacific.
Insurance Australia Group (IAG) was the standout performer in Asia Pacific region, with American Express, Banco Falabella Chile, and UBS also recognised within their respective regions for their “outstanding cyber intelligence sharing efforts”.
Commenting on the FS-ISAC’s Global Leaders award, Craig Hall, threat analytic cell manager at IAG said his team recognised the importance of “meaningful threat intelligence” to deliver an “advantage over the attackers and [reduce] cyber risk”.
“Recently, we were able to identify a threat actor who methodically attacked Australian financial institutions in alphabetical order throughout the day,” Hall said.
“By sharing the criminal’s tactics, members throughout the region knew when they were likely to get hit and were therefore able to defend against attacks.”
FS-ISAC figures reveal a significant jump in cyber intelligence sharing over the last year, increasing by an average of 60 per cent year-on-year between August 2021 and August 2022.
The “record-breaking peaks” in intelligence sharing come in response to large-scale cyber threats faced over the last year, including supply chain and ransomware threats.
Supply chain intelligence sharing hit a peak of increase of 122 per cent year-on-year, reaching this high point in March this year, while ransomware intelligence increased by a maximum of 98 per cent in May this year.
Last year saw a marked increase in ransomware and supply chain attacks, including the high-profile breaches of Colonial Pipeline, AXA Asia and US insurance carrier CNA Financial.
According to an industry survey by cybersecurity developer Sophos, overall, one in three surveyed financial services organisations were hit by ransomware in 2020, with more than half of the organisations impacted noting that attackers had succeeded in encrypting their data.
FS-ISAC said it launched its Global Leaders awards, of which IAG is now a recipient, to recognise global collaboration and encourage cybersecurity talent development.
“With the increase in sophisticated cross-border cyber-criminal campaigns against the financial sector and its supply chain, sector-wide global collaboration has become a risk management imperative,” said Steven Silberstein, chief executive of FS- ISAC.
“Intelligence and best practice sharing across our community and platforms has reached new heights, spurred by the high-profile events of the last 12 months,” Silberstein said.
“We commend the members who go above and beyond to protect the financial system at large.”