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IBM Security
Bitcoin : Technology Implications of a Digital Currency
Technology & Innovation - the Future of Security in Financial Services
Scott Ainslie
Senior Security Consultant
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© 2012 IBM Corporation
IBM Security
What is Cryptocurrency?
 It is a digital currency designed to provide peer-to-peer transactions
– Not regulated
– Decentralised system of management
– Takes advantage of cryptography or mathematical approach to provide surety of
transaction
– Presently not regulated but closely monitored by regulatory authorities from both the
financial and law enforcement sectors
– The cryptocurrency is generally capped – limited release
 Several types exist of which most notable is Bitcoin
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© 2012 IBM Corporation
IBM Security
What is Bitcoin?
 “Bitcoin lets you instantly, securely, and anonymously send digital payments from anywhere
in the world to anywhere in the world without any governments, corporations or banks, and
for negligible fees. It represents the world's first invention of a decentralized electronic
currency, with no central authority or trusted parties whatsoever. ”
 “We believe that Bitcoin represents something fundamental and powerful, an open and distributed
Internet peer to peer protocol for transferring purchasing power. It reminds us of SMTP, HTTP, RSS,
and BitTorrent in its architecture and openness.“…. “Money wasn’t built for the internet; Bitcoin was”
– Fred Wilson (Union Square Ventures) http://www.usv.com/2013/05/coinbase.php
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© 2012 IBM Corporation
IBM Security
Bitcoin Security Landscape
Regulation and legal frameworks
Bitcoin Network
Double Spend, SHA256, 51%, Finney,
(D)DOS,
End Users
Usability, Wallet
sec,
Legal risk?
Online Wallets
The usual web
stuff…
Exchanges
The usual web
stuff,
Legal risk
Miners
Pool Operators,
ASIC fabs
Technical Experience, Core Developers, Geopolitics, …
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© 2012 IBM Corporation
IBM Security
The regulators are very interested but still feeling their way…
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© 2012 IBM Corporation
IBM Security
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© 2012 IBM Corporation
IBM Security Strategy
So what went wrong?
What is the threat landscape out there today…. ?
7 IBM Confidential
© 2011 IBM Corporation
IBM Security
The current environment’s new demands on IT Risk/Security
New Business Models,
New Technologies
Mobile /
BYOD
Cloud / Virtualization
Velocity of CyberSecurity Threats
Large IT
infrastructures with a
globalized workforce,
and 3rd party services
Social Business - Blurring “Social”
Identities
Expanding Regulations
-
•
Potential Impacts
Data or Device
Loss or Theft
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Malware infection
Loss of productivity
$$$
Regulatory Fines
and Reputational
Damage
IP Theft via
Data Leakage
© 2012 IBM Corporation
IBM Security
IBM X-Force has tracked massive rise in attacks – Banking targeted
2013 Sampling of Security Incidents by Attack Type, Time and Impact
Conjecture of relative breach impact is based on publicly disclosed information regarding leaked records and financial losses
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© 2012 IBM Corporation
IBM Security
Cyber Security Intelligence Index – Industry Perspective
Global Average
Top 5 Targeted Industries
Types of security incidents
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© 2012 IBM Corporation
IBM Security
The majority of attacks are perpetrated by
Opportunistic Outsiders who use Insiders as a “way in”
Attacker Type
Outsiders/Insiders
Attacker Motivation
52.7%
Outsiders
46.3%
Malicious Insiders
0.8%
Opportunistic
Industrial
espionage, financial
crime, terrorism,
data theft
49%
23%
15%
Inadvertent Actor
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0.2%
Dissatisfaction with
employer / job
7%
6% Other
Social activism/
civil disobedience
© 2012 IBM Corporation
IBM Security
The Mobile Banking Security Challenge
increase in Android malware since
summer 2010.
400%
Juniper Networks
apps in the official mobile app stores (Apple
and Google)
1,000,000
Almost 40,000 new
apps a month
48%
More than 40 rogue mobile banking apps were introduced to the
android market
of end users do not adopt mobile banking due to security
concerns
The Federal Reserve
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Malicious Mobile Threats Report 2010/2011
Consumers & Mobile Financial Services March 2012
© 2012 IBM Corporation
IBM Security Strategy
IBM Security Intelligence …..
Less threat – more intelligence
13 IBM Confidential
© 2011 IBM Corporation
IBM Security Strategy
14 IBM Confidential
© 2011 IBM Corporation
IBM Security
Criminals Attack the Weak Link With Malware
Easy
Retail/Business
Customer
Customer
Accounts
Easy
Cyber
Criminals
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Difficult
© 2012 IBM Corporation
IBM Security
Anatomy of Malware Attack
User
Target
Social
Engineering
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System
Exploit
Web / OS
Vulnerability
Malware
Infection
Code Install
Fraud Scheme
Execution
Web Injection,
Capture
Credentials
Money
Loss
Mule Transfers,
Real-time Fraud
© 2012 IBM Corporation
IBM Security
IBM security strategy – target fraud & cybercrime
- Acquisition strengthens the IBM portfolio of integrated solutions
IBM Enters Web Fraud Protection
leading web fraud capabilities assists IBM’s financial services and web
commerce customers
Strengthens Mobile Security
Trusteer helps enable secure transactions from devices to the back office
Extends Advanced Threat Protection
provides a unique endpoint solution to help identify and prevent Advanced
Persistent Threats
Security-as-a-Service
cloud-based deployment enables rapid adoption
and real-time updates
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© 2012 IBM Corporation
IBM Security
IBM Leads Innovation in Security Intelligence –
- QRadar expanding capability in Financial Sector
Log
Management
NextGen
SIEM
Network Activity
Monitoring
Risk
Management
Vulnerability
Management
Network
Forensics
Offenses
Dashboard
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Assets
Log Activity
Investigation
Network Activity
Reports
Administration
© 2012 IBM Corporation
IBM Security
Amplifying Security Intelligence with Big Data Analytics
The Triggers That Motivate Big Data Analytics for Security Intelligence:
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© 2012 IBM Corporation
IBM Security
The People approach
IBM’s ‘Chief Information Security Officer Study’ revealed the changing role of the CISO
How they differ
Influencers
•
Confident / prepared
•
Strategic focus
have a dedicated CISO
have a security/risk
committee
Protectors
•
Less confident
•
Somewhat strategic
•
Lack necessary structural elements
Responders
•
Least confident
•
Focus on protection and compliance
have information security
as a board topic
use a standard set of
security metrics to track
their progress
focused on improving
enterprise communication/
collaboration
focused on providing
education and awareness
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Source: IBM Center for Applied Insights, Finding a Strategic Voice: Insights from the 2012-13 IBM Chief Information Security
Officer Assessment
© 2012 IBM Corporation
IBM Security
The layered approach - technology
Defence in Depth remains a solid cornerstone
1.
• Arm yourself with comprehensive security intelligence
2.
Consolidating data silos
3.
Detecting insider fraud
4.
5.
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Detecting threats
• Collect, correlate and report on data in one integrated solution
• Next-generation SIEM with identity correlation
Better predicting risks to your business
• Full life cycle of compliance and risk management for network and security
infrastructures
Addressing regulation mandates
• Automated data collection and configuration audits
© 2012 IBM Corporation
IBM Security Strategy
It is all about trust
22 IBM Confidential
© 2011 IBM Corporation
IBM Security
Valuable Offerings, Recognised Leadership – WHY NOT?
According to IDC, IBM has pushed into third place in
worldwide enterprise security revenue, dominating in
identity and access management as well as security and
vulnerability management. IBM is considered to be in third
place in “server security” and “network intrusion detection
and prevention.
” Brendan Hannigan is general manager of the IBM Security
Systems Division
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© 2012 IBM Corporation
IBM Security
Top 10 essential practices for IT Risk and Security Leaders
10 Essential Practices
1. Build a risk aware culture and
management system
2. Manage security incidents with
intelligence
3. Defend the mobile and social
workplace
6. Control network access and assure
resilience
7. Address new complexity of cloud
and virtualization
8. Manage third party security
compliance
9. Secure data and protect
privacy
4. Secure services, by design
10. Manage the identity lifecycle
5. Automate security “hygiene”
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© 2012 IBM Corporation
IBM Security
GRC, IT Risk and Security Risk Management Convergence
Business Analytics
OpenPages – Enterprise GRC Platform
Enterprise GRC
IT GRC
IT GRC Platform
GRC
Stack
Primarily driven by Enterprise Risk Management teams focusing on
regulations such as ORM, FCM/S-OX, FFIEC

Focus is on Finance, Legal and Operational requirements (e.g. Finance
controls, business continuity, vertical regulations)

Top down approach to requirements
Security GRC
Security Information and Event
Management
Log Management
Vulnerability Management
QRadar Risk Manager and Security Intelligence

Primarily driven by IT Security teams focusing on log collection, event
analysis and compliance reporting

Focus is on distilling vast amounts of data in an IT environment down to
timely, relevant security intel

Bottom up approach to requirements
Security portfolio, leading assets in:
Infra
App
Data
People
Security Foundation
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

Identity management

Data security

Application security

Network and endpoint security
© 2012 IBM Corporation
IBM Security
Valuable Offerings, Recognised Leadership – WHY NOT?
Recent Wins
WHY IBM?
25+
IBM Research and Development
Labs WW
3,000
Forrester Wave
Security Consulting
Managed Security Services
Security Patents
1,200
Professional services security
consultants
6,000
Security Specialists
4,300
Strategic outsourcing delivery
resources
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© 2012 IBM Corporation
IBM Security Strategy
Security.
Intelligence.
Questions?
Integration.
Expertise.
Thank You
27 IBM Confidential
© 2011 IBM Corporation
IBM Security Strategy
28 IBM Confidential
© 2011 IBM Corporation
IBM ofSecurity
Statement
Good Security Practices: IT system security involves protecting systems and information through prevention, detection and response to improper access from within and outside your enterprise.
Improper access can result in information being altered, destroyed or misappropriated or can result in damage to or misuse of your systems, including to attack others. No IT system or product should be
considered completely secure and no single product or security measure can be completely effective in preventing improper access. IBM systems and products are designed to be part of a comprehensive
security approach, which will necessarily involve additional operational procedures, and may require other systems, products or services to be most effective. IBM DOES NOT WARRANT THAT SYSTEMS
AND PRODUCTS ARE IMMUNE FROM THE MALICIOUS OR ILLEGAL CONDUCT OF ANY PARTY.
ibm.com/security
© Copyright IBM Corporation 2012. All rights reserved. The information contained in these materials is provided for informational purposes only, and is provided AS IS without warranty of any kind,
express or implied. IBM shall not be responsible for any damages arising out of the use of, or otherwise related to, these materials. Nothing contained in these materials is intended to, nor shall have the
effect of, creating any warranties or representations from IBM or its suppliers or licensors, or altering the terms and conditions of the applicable license agreement governing the use of IBM software.
References in these materials to IBM products, programs, or services do not imply that they will be available in all countries in which IBM operates. Product release dates and/or capabilities referenced in
these materials may change at any time at IBM’s sole discretion based on market opportunities or other factors, and are not intended to be a commitment to future product or feature availability in any way.
IBM, the IBM logo, and other IBM products and services are trademarks of the International Business Machines Corporation, in the United States, other countries or both. Other company, product, or service
names may be trademarks or service marks of others.
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© 2012 IBM Corporation