First responders have proven time and time again the valuable help they provide to people in need. Right now, we’re seeing their bravery with the historic hurricanes, fires and floods impacting millions of people. What makes first responders confident in the face of such danger? One word: practice. And this lesson is translating to the private sector in areas you wouldn’t normally expect.

A New Type of Training for Cybersecurity

One area is in cybersecurity, where tabletop exercises have been the norm for the past decade to help teams prepare. These paper-based exercises are kind of like a table read that actors do before they film a movie or TV show. They can be dry, lacking authentic feeling or emotion.

Last year IBM introduced the world to the industry’s first commercial cyber range at IBM X-Force Command in Cambridge, Massachusetts. The facility immerses teams from all walks of a company — security, boards of directors, IT, HR, legal, communications, etc. — into a real-life cyberattack. The experience teaches the importance of leadership in crisis and the critical role of communications during an incident.

The need to practice is acute, with 2 out of 3 security professionals admitting in a recent survey that their organizations aren’t prepared to appropriately respond to a cyberattack. Some recent headline-making data breaches have shown that the response to a breach can often make it worse for the impacted company.

Take command of your security posture: Visit the IBM X-Force Command Center

Practice Makes Perfect for NBC

NBC’s Today Show was recently given exclusive access to an exercise run for 30 members of the Financial Services Information Sharing and Analysis Center (FS-ISAC). Members experienced a cyberattack on a fictitious bank and were thrown into action over several hours. See how they responded and the lessons learned.

To learn more about IBM X-Force Incident Response and Intelligence Services (IRIS), please visit the X-Force IRIS website.

More from Banking & Finance

How to Spot a Nefarious Cryptocurrency Platform

Do you ever wonder if your cryptocurrency platform cashes in ransomware payments? Maybe not, but it might be worth investigating. Bitcoin-associated ransomware continues to plague companies, government agencies and individuals with no signs of letting up. And if your platform gets sanctioned, you may instantly lose access to all your funds. What exchanges or platforms do criminals use to cash out or launder ransomware payments? And what implications does this have for people who use exchanges legitimately? Blacklisted Exchanges and Mixers…

Kronos Malware Reemerges with Increased Functionality

The Evolution of Kronos Malware The Kronos malware is believed to have originated from the leaked source code of the Zeus malware, which was sold on the Russian underground in 2011. Kronos continued to evolve and a new variant of Kronos emerged in 2014 and was reportedly sold on the darknet for approximately $7,000. Kronos is typically used to download other malware and has historically been used by threat actors to deliver different types of malware to victims. After remaining…

Why Cybersecurity Risk Assessment Matters in the Banking Industry

When customers put money in a bank, they need to trust it will stay there. Because of the high stakes involved for the customer, such as financial loss, and how long it takes to resolve fraud and potential identity theft, customers are sensitive to the security of the bank as well as fraud prevention measures. Banks that experience high volumes of fraud are likely to lose customers and revenue. The key is to protect customers and their accounts before problems…

Cost of a Data Breach: Banking and Finance

The importance of cybersecurity has touched almost every industry. Beyond that, robust cybersecurity is table stakes for several sectors, particularly health care and the banking and finance industry. Not only is financial data at risk, but so is customer trust. In banking and finance, trust means everything. Yet, consumers are hesitant to share their confidential data. A recent McKinsey survey revealed that no industry achieved a trust rating of 50% for data protection. Here’s the most sobering stat: 87% of…