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crowdstrike

 

Here are key insights based on a Larry Kraus Tech-NEW-logy discussion moderated by Dr Tania Neild, owner and CTO at InfoGrate, including Dr Chris Pierson, CEO of BlackCloak, Paul Ponzeka, CTO of Abacus Group, and Michael Sikorsky, CEO of Copia Wealth Studios and Chairman of Sky and Ray Family Office. You can access the recording and podcast here.

 

Key Insights:

 

  1. The Importance of EDR in Modern Security Stacks:
    • Endpoint Detection and Response (EDR) tools are more advanced than traditional antivirus software, focusing on detecting both known threats and unusual behaviors that could indicate a breach. This makes them essential for family offices managing significant assets and sensitive information. The main providers of EDR are CrowdStrike, SentinelOne, Cylance (owned by BlackBerry), Carbon Black (owned by VMware) and Cybereason. 
  2. Diversification vs. Simplification:
    • It is expected that organizations, including family offices, will reconsider consolidating all their security needs with a single provider due to the risks associated with single points of failure, as highlighted by the recent CrowdStrike incident. While diversification of security tools can mitigate that risk, over-complicating the security stack can introduce operational risks, especially for smaller family offices. The balance lies in effective implementation and management of a robust, well-chosen tool rather than spreading resources too thin.
  3. Business Continuity and Rapid Recovery:
    • Instead of focusing solely on preventing security incidents, family offices should prioritize rapid recovery. This includes having robust backup systems, clear disaster recovery plans (including printed hard copies!), and regular testing of these systems to ensure they can respond effectively to an incident.
  4. Human Element in Cybersecurity:
    • Social engineering attacks, such as phishing and scams, remain significant threats. Educating and training staff and family members on recognizing and responding to these threats is critical. The concept of "hardening the human" is as important as technological defenses.
  5. Security Fatigue and Usability:
    • There is a real risk of security fatigue, where complex or cumbersome security measures lead to users bypassing them out of frustration. Security solutions should be user-friendly, integrating advanced technologies like biometric authentication to reduce the burden on users.
  6. Communication During a Crisis:
    • Effective communication during a security incident is crucial. Family offices should establish dedicated communication channels, independent of potentially compromised systems, to ensure that everyone involved knows what is happening and how to respond.
  7. Multi-layered Defense is Essential:
    • A single security measure is not enough. Family offices should implement a multi-layered defense strategy that includes EDR, multi-factor authentication (MFA), regular updates, and continuous monitoring to protect against various threats. YubiKeys are recommended for family offices, providing strong two-factor authentication, phishing resistance, and simplifying secure access to sensitive accounts.