"Recent announcements of AI frontier models’ advanced vulnerability discovery and chaining capabilities to create exploits indicate an important change in the risk landscape for financial services. Traditional assumptions and approaches for vulnerability management no longer hold. FS-ISAC recommends the following as part of a fundamental shift in operations to manage cybersecurity and resilience risks."

“FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, and Cyberbit, provider of the world’s leading cybersecurity skill development and readiness platform, announced today that team “IsNotTheEDR” from Banco de Crédito Cooperativo (BCC) is the winner of the first International Cyber League (ICL) Financial Cup, 2022 – the first hyper-realistic cybersecurity tournament for the financial industry. The first runner-up is team “Suboptimal” from a leading Fortune 500 financial institution, the second runner-up is Team “AskITTeam” from BCC and the third runner-up is team “TIAA” from TIAA. The tournament ran from 6-26 October 2022 and challenged cybersecurity teams from the financial sector to respond to live-fire cyberattack simulations replicating attacks they may encounter in real life. Teams were scored based on typical incident response KPIs including investigation, eradication, and remediation goals, as well as their response times. The BCC team outperformed 55 cyber defense teams from leading financial organizations around the world and scored a perfect 100 in the live-fire challenge. The Cyberbit platform, normally used by enterprises to train and upskill information security teams, as well as for FS-ISAC’s monthly cyber range workshops, was repurposed to power the ICL competition. The platform provided a virtual arena that emulated an organizational network and a virtual security operations center (SOC) that simulated the live attacks and automatically scored the teams based on their achievements.”