What do the Pandora Papers reveal about the future of financial cybersecurity?

29th October 2021

The Pandora Papers are the biggest financial leak in history, exposing the dealings of famous figures and public leaders from all over the world including Saudi Arabia and Azerbaijan.

The leak, and the vast global network of financial institutions it involves, has dominated discussion about financial cybersecurity networks and it is a discussion worth having because it could affect how organisations examine their cybersecurity processes in the future.

How could confidential data be leaked to the public?

Organisations, regardless of their industry, are working across complex chains that involve hundreds of businesses.

This creates a vast attack surface that is hard to monitor with traditional security tools, making it easier for anomalies to slip through the cracks of cyber defences.

To keep their supply chain secure, organisations need to adopt appropriate security mechanisms that continuously monitor their attack surface.

Tools like attack surface management, are built to monitor an organisation’s attack surface for suspicious anomalies in real-time.

Monitoring the attack surface would allow organisations to monitor vendor security standards, trace their digital footprint across a complex network, and detect cyberattacks.

Upgrading their tools makes it easier to monitor and secure a vast, complex supply chain, which would help organisations leverage more effective cybersecurity mechanisms.

It is also worth examining how your organisation responds to cyberattacks because cybersecurity is a company-wide initiative. Having mechanisms in place to initiate a company-wide response to a cyberattack would help mitigate the threat of cyberattacks.

How will this affect cybersecurity in the future?

Despite the vast knowledge we possess about the importance of cybersecurity and how to mitigate the risks they pose, the number of organisations falling victim to cyberattacks continues to be on the rise.

As companies grow, their digital ecosystem becomes more complex and the threat of cyberattacks rises. In the future, we can expect organisations to take more strenuous approaches to their financial cybersecurity.

We can expect these organisations to scrutinise their vendors and partners regularly and in-depth to ensure they are following industry regulations.

They will also take more measures to ensure that their attack surface is closely protected to ensure that data remains in a secure, compliant environment.