Cybersafetyconnections April 1st, 2024, Vol#162 

  • From Konbriefing there was a cyberattack on a VNDirect a Vietnamese brokerage. 
  • VNDirect, Investors, financial institutions, brokerages and the economy would be impacted. 
  • No cybercriminal group had claimed responsibility for the attack. 
  • The brokerage firm took steps to mitigate loss from cyberattack. 

To help my writing process, I used these Grammarly AI prompts: Prompts created by Grammarly – “Improve it” – “Make it constructive” 

What happened? 

The Cyberattack Thumbnail 

According to Reuters.com VNDirect, which is Vietnam’s third largest broker, was targeted over the weekend and has been suspended since then. 

Who was impacted? 

Brokerage Services  

Besides VNDirect, brokerages, financial institutions, Investors and the economy would be impacted though they were not the intended targets. 

Which cybercriminal group was responsible? 

Cybercriminals 

No cybercriminal group has claimed responsibility. 

How did  VNDirect mitigate loss from the cyberbreach? 

OWASP Threat and Safeguard Matrix 

According to the information we have,VNDirect took the following steps. 

  • The securities firm was suspended, and it was disconnected from the trading system when the incident happened. 
  • However, Pham Hong Son, the Vice Chairman of Vietnam’s State Securities Commission, confirmed that there is no risk of the breach spreading to other brokerage firms. He added that no other brokers had been affected and that investors could use accounts at other securities firms. 
  •  VNDirect is yet to resume trading, and it has declined to comment on when it would do so and how much damage it had sustained in the attack.  

According to Microsoft Copilot, this is how to prevent the cyberattack. 

The recent cyberattack on VNDirect, Vietnam’s third-largest securities broker, has raised concerns about cybersecurity in the financial sector. Here are some measures that could help prevent such incidents in the future: 

  1. Enhanced Security Protocols: 
  • Strengthen security measures by implementing robust firewalls, intrusion detection systems, and regular security audits. 
  • Regularly update and patch software to address vulnerabilities. 
  1. Employee Training and Awareness: 
  • Educate employees about cybersecurity best practices, including avoiding suspicious emails, not sharing passwords, and recognizing phishing attempts. 
  • Conduct regular training sessions to keep staff informed about emerging threats. 
  1. Multi-Factor Authentication (MFA): 
  • Implement MFA for user accounts to add an extra layer of security. 
  • Require users to authenticate using multiple factors (e.g., password and SMS code) before accessing sensitive systems. 
  1. Incident Response Plan: 
  • Develop a comprehensive incident response plan that outlines steps to take during and after a cyberattack. 
  • Regularly test and update the plan to ensure its effectiveness. 
  1. Regular Security Audits and Vulnerability Assessments: 
  • Conduct periodic security audits to identify vulnerabilities. 
  • Address any weaknesses promptly to prevent exploitation. 
  1. Collaboration with Cybersecurity Agencies: 
  • Work closely with cybersecurity agencies and law enforcement to share threat intelligence and stay informed about emerging risks. 
  • Collaborate on preventive measures and incident response. 
  1. Backup and Recovery Strategies: 
  • Regularly back up critical data and systems. 
  • Test data recovery procedures to ensure they work effectively. 
  1. Contingency Plans: 
  • Develop contingency plans for business continuity in case of a cyberattack. 
  • Ensure that critical services can be restored promptly. 
  1. Regular Security Assessments for Third-Party Partners: 
  • Assess the security practices of third-party vendors and partners. 
  • Ensure that they adhere to cybersecurity standards. 
  1. Continuous Monitoring and Threat Intelligence: 
  • Monitor network traffic and system logs for signs of suspicious activity. 
  • Stay informed about the latest cybersecurity threats and trends. 

Conclusion 

By implementing these preventive measures, financial institutions like VNDirect can enhance their cybersecurity posture and reduce the risk of future cyberattacks. It’s crucial to remain vigilant and proactive in safeguarding sensitive financial systems and customer data 

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