The discussion on cybersecurity is being given increased importance in the boardroom as cybercrime goes global and data protection comes to the forefront
October 17, 2018 | Aman Kler
Regulators have introduced new regulations and enhanced existing standards to ensure that the industry is adequately prepared against potential attacks and are able to restore operations expeditiously and completely
The element of cybersecurity should be intrinsic, not only to the nature of the company, but as an element of the products that are built based on current technology
Cybersecurity that financial institutions need to assimilate is the need to involve all the relevant stakeholders.
”Cybersecurity in the digital age”, held as part of the Future of Finance Summit 2018 in Beijing, reinforced the importance of bolstering cybersecurity policies and practices, as the industry becomes increasingly digitalised, opening institutions to potentially more catastrophic attacks.
Recent incidents bring this into sharp focus and indicate that the situation may have become worse. A breach at the central bank of Bangladesh, where hackers used malware and fraudulent orders on SWIFT to send $81 million from Bangladesh Bank’s account at the Federal Reserve Bank of New York to Rizal Commercial Banking Corp in the Philippines. In January 2017, hackers attacked Lloyds Banking Group, crippling its digital services for its customers for two days.
Regulators, in response, have introduced new regulations and enhanced existing standards to ensure that the industry is adequately prepared against potential attacks and are able to restore operations expeditiously and completely, even when defences are breached.
Recognising the potential disruption to operations and customers and the damage done to the reputation of institutions, cybersecurity is no longer the sole concern of IT or risk ma...
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, Online Identity