New ELFF Report Examines Cyber Risk and Security in Equipment Finance
MAY 10, 2021 - 6:43 am
Most equipment leasing and finance companies have some form of cybersecurity defense in place, but they are still vulnerable to cyberattacks due to advancing tactics and techniques used by modern attackers, according to a new study, Cyber Risk and Security in the Leasing and Finance Industry, from the Equipment Leasing & Finance Foundation. The report provides analyses of current and future industry threats, cyber defenses, regulations and trends in compliance as well as practical advice for securing any organization.
Issues covered in the study include:
Industry adoption– The dizzying pace of technology adoption is one of the most significant drivers of competitive advantage and gains in operational efficiency and has left equipment finance companies at increased risk for cyberattack.
Threats – Well-funded criminal organizations and nation-states now have access to tools and capabilities that can penetrate even the best defended organizations. Ransomware attacks increased 98.1% in the United States through Q3/20 and there is a new victim of ransomware every 10 seconds worldwide.
Compliance – The compliance landscape for equipment finance companies has never been so complex. All 50 states and the District of Columbia have enacted data breach notification legislation.
Response – Successfully managing organizational cyber risk requires constant vigilance to understand the environment’s threats and adopt an agile risk management methodology while balancing compliance requirements. This is an impossible task for a security team alone and requires a total organizational commitment to information security goals and practices.
“As the equipment finance industry continues its rapid adoption of technology and digitalization, cyber risk and cybersecurity are critical concerns,” Tom Ware, research committee chair for the ELFF, said. “This thorough study provides valuable insights and actionable steps for equipment finance professionals to use in securing their organizations.”
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