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The Value of Fostering Cyber Protection Across Ecosystems

Understanding risks for large organizations is vital. Their unique context, markets, and emerging threats demand constant monitoring and improvement for robust protection strategies.

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Published 23 Nov, 2023 3 minutes of reading

Alexander Rodriguez is the Chief Information Security Officer at Modyo. With over 15 years of professional experience in IT and Cybersecurity across multinational organizations, Alexander holds industry-recognized certifications like ISACA's CISM, ISC2's Certified Cybersecurity Professional, among others. Today, he leads our security efforts at Modyo, ensuring a robust and adaptable approach to our operations and solutions.

Strength in Cybersecurity Embraces Collaboration

At Modyo, as a composable frontend platform provider, we understand the concerns that large organizations across FSI and other industries have about information security and cybersecurity. Providing digital services to organizations worldwide is no small feat, and with so many critical channels at stake that cannot fail, we take the responsibility seriously. 

In all things digital, safety from cyber threats is a collective responsibility that we all share, whether in our personal or professional lives. 

Yet, the ongoing challenge persists: attackers are often a step ahead. Continuously and dynamically, new vulnerabilities and security breaches emerge, which can be exploited by malicious actors. Based on their size and level of exposure, organizations define and implement various protection strategies. While some take proactive measures, others grapple with challenges such as constant change, limited technological and human resources, and tight budgets.

Moreover, as you learn more about the dedicated efforts of large organizations and the constraints they operate under, it becomes evident that relying solely on centralized efforts often doesn’t do enough to bridge the gaps. Every one of us is an essential element within the equation of organizational security, where threats, risks, controls, people, and technologies interact. 

Today, securing internal operations within organizations isn’t enough; the supply chain also plays a pivotal role in the security landscape. By sharing accountability and taking a collaborative approach, we strengthen our digital ecosystems against ever-evolving threats.

What do we mean by Supply Chain?

The supply chain is a key player in your organization's information security, involving everyone and everything from allies and suppliers to end consumers in the creation and delivery of products or services.

For FIs, the technology supply chain may include hardware and software suppliers, service providers, data aggregators, fintech partners, compliance software providers, network and communication firms, and end-user interfaces. These components collaborate to deliver secure and innovative financial services, ensuring seamless operations while meeting regulatory standards and safeguarding sensitive information processed by the institution.

The Reality of Cyber Attacks Today

In September 2023, a major provider of information technology and communications services, with a presence in several Latin American countries, faced a significant cyberattack. This incident didn't just impact the organization; it affected over 700 clients, leading to denial-of-service incidents and substantial downtimes. For at least 12 days, the organization had to suspend services to clients in government, financial, educational, pharmaceutical, and other sectors, causing notable impacts to reputation, finances, legality, and operations.

Moreover, we're witnessing the increasing role of cyber threats in armed conflicts. Politically motivated nationalist, hacktivist, and radical group attacks are on the rise, affecting critical infrastructures like transportation, public services, health, and communications. This not only impacts civilian populations caught up in conflicts, but also shifts the battleground to cyberspace, where protection strategies are as complex as they are ever-changing. This includes all organizations that are contributors to these key pieces of digital infrastructure.

Proactive Processes and Proper Training Fortify Organizations

Proactive protection models involve establishing techniques, tactics, and strategies, along with administrative and technological controls aligned with industry standards like NIST, ISO27001/32, SOC2, CSA, and more. These measures fortify an organization's security posture, equipping it to prevent, identify, and recover from diverse cyber threats in the complex digital ecosystem.  

Yet, the most pivotal factor remains the human element. When individuals are well-informed and consistently trained in recognizing various cyber threats, they become a formidable link in the security chain.

Understanding the risks posed to large organizations is important. There are many factors that are particular to their own context, markets, industry changes, and emerging threats. Because of this, both constant monitoring and continuous improvement cycles are necessary for all healthy, long-term protection strategies.

Our Ongoing Commitment to Information Security

At Modyo, security is our top priority. As part of our ongoing protection strategies for both ourselves and our clients, we've implemented stringent measures, forged strategic alliances, and are continuously educating and training our team. These efforts solidify our cybersecurity stance, providing the peace of mind our valued partners and customers rightly deserve.

If you’re currently searching for a composable frontend platform that can help you build solutions for customer-facing web applications, digital onboarding, specific financial solutions, and more through critical digital channels that require robust security, reach out to us and let’s explore how the Modyo platform can help your organization build better solutions.

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