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Digital Trust Digest: This Week’s Must-Know News

Industry Trends

The Digital Trust Digest is a curated overview of the week’s top cybersecurity news. Here’s what you need to know this week.

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AI and quantum computing dominate IBM’s Think 2023

At Think 2023, IBM explored its new products that speak to the most urgent events in the security industry: quantum computing and artificial intelligence. 

IBM’s new end-to-end quantum-safe solution guides the discovery, resolution, and deployment of quantum-safe remediation patterns. Its WatsonX platform offers the foundational components organizations need to build their own AI solutions.

Quantum and AI are evolving quickly, and IBM is investing a lot to enable capabilities in these areas for the enterprise world. To see how you can stay ahead, head over to EWeek.

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Digital trust is more than compliance

A cybersecurity incident damages a company far beyond IT. It can cost sales, customers, fines, and reputation. Yet most leaders view cybersecurity as a hygiene exercise for meeting compliance. 

In our data-aware time, even average Joe customers have concerns about their data, and security incidents at big-name companies make mainstream headlines. Cybersecurity, therefore, is an untapped source of customer trust… if businesses embrace it beyond the bare minimum of compliance. 

To see how a hardened security posture can separate businesses in the market, check out Tech Radar’s piece.

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Report: A quantum hack on financial infrastructure could cost trillions

A new report attempts to outline the fallout of a quantum hack on the financial sector — specifically the Federal Reserve and the network (FedWire) it uses to facilitate transactions between banks.

The hypothetical hack exposes the weaknesses of FedWire’s centralized operational design and underlying public encryption system but also applies to any key financial market infrastructure. While researchers chalked the damage up to $2 trillion on the low end, they said a sophisticated, ongoing breach could amount to over $3 trillion.

Quantum computing and its potential ramifications can often feel too abstract to gauge, but a dollar amount paints a clearer picture. See the full extent of the report at Nextgov.

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Hard-coded secrets a soft spot for attackers

GitGuardian’s 2023 State of Secrets Sprawl report shows a truly wild rate of secrets appearing in plaintext in various sources, like source code, build scripts, and logs. In 2022 alone, 10 million hardcoded secrets were detected, a 67% year-over-year increase.

High-profile incidents at Uber, Toyota, and elsewhere show the risks of “secrets sprawl” and the need to proactively discover poorly secured credentials in the codebase. This issue will likely worsen as software supply chain attacks become more prominent. 

Addressing poor hygiene and learning from DevOps principles is a good place to start. Hacker News has the full report and steps you can take today.

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To advocate for digital trust, CFOs quantify its impact

Explaining the ROI of cybersecurity and digital trust has long been challenging in the security world. ISACA says CFOs can help quantify the financial impacts of cybersecurity and help lead the charge in establishing a security-minded culture. 

It will take collaboration between CFOs, audit committees, and cybersecurity professionals and training on behalf of all to bridge the gap. As it stands, an ISACA report shows that C-suites and boards may lack the knowledge to even ask the right questions about cybersecurity. 

To see how digital trust can enable business success and the barriers that stand in the way, The CFO has you covered.