The world is facing a rapidly evolving cyber threat landscape. Cybercriminals are exploiting vulnerabilities with increasing sophistication. To combat this, collaboration and information sharing are essential. Effective external partnerships for cyber threat intelligence (CTI) help South Asian financial organizations stay ahead.
The Power of Partnerships: External partnerships for CTI connect organizations with a broader ecosystem of security experts, government agencies, and industry peers, fostering the exchange of valuable threat data, including:
- Emerging attack vectors and malware strains
- Indicators of Compromise (IOCs) associated with active campaigns
- Insights into threat actor tactics, techniques, and procedures (TTPs)
Sharing this intelligence helps organizations better understand the cyber threat landscape and strengthen their defences proactively.
A Case for Collaboration with FINCSIRT: Sri Lanka’s Financial Cyber Security Incident Response Team (FINCSIRT) serves as a prime example. Established by the Central Bank of Sri Lanka (CBSL), FINCSIRT acts as a central hub for collecting, analyzing, and disseminating cyber threat intelligence specific to the Sri Lankan financial industry, facilitating:
- Tailored Threat Intelligence to provide highly relevant and actionable CTI.
- Centralized Reporting Platform to report cyber incidents and share threat data, fostering collective knowledge and response.
- Collaboration with Law Enforcement, facilitating investigations and bringing cybercriminals to justice.
Beyond local: Building a Regional Network: While FINCSIRT plays a vital role in Sri Lanka, a broader regional approach is crucial for South Asia’s financial sector via partnerships across:
- Information Sharing and Analysis Centers (ISACs): Sector-specific ISACs, like the Financial Services ISAC (FS- ISAC), provide a platform for financial organizations across the world to share CTI; and
- Collaboration with International Partners: Sharing CTI with international partners like international law enforcement agencies, other regional CERTs and global ISACs broadens the threat intelligence landscape and provides insights into global cybercrime trends.
Building Trust and Establishing Clear Communication: Effective external partnerships rely on trust and clear communication. Crucial steps organizations can take towards building trust include:
- Develop a CTI Sharing Policy outlining what information is shared, its detail level, and communication protocols with partners like FINCSIRT.
- Establish Secure Communication Channels to ensure confidentiality and protect sensitive data.
- Define Roles and Responsibilities within the partnership for efficient information flow and timely threat response.
- Foster Open Communication with regular meetings, workshops, and exchanges to build trust and strong relationships within the partner network.
Benefits of Effective Partnerships: Building strong external partnerships for CTI brings several vital advantages:
- Enhanced Threat Detection and Response enabling faster detection and response to global and local cyber-attacks.
- Improved Situational Awareness, enabling organizations to anticipate and mitigate potential threats.
- Reduced Costs allowing financial organizations to share the burden of threat research and analysis.
Cyber threats endanger South Asia’s financial sector. Effective external partnerships, like with FINCSIRT, enable organizations to leverage collective knowledge, enhance cyber resilience, enable faster threat responses, and protect the region’s digital ecosystem.
