As banks are storing consumers’ and businesses’ most critical, personal and private data – they are a most attractive target for cyber-attack. The interconnected nature of underlying financial systems means that cyber attacks against one bank can quickly open the door to attacks on several banks. As a result, financial services are facing the same issues globally – and must work together. That’s according to a global survey, Closing the Cybersecurity Gaps in Financial Services, by the IT security product company McAfee, and Ovum. It looks at the decision-making process of financial institutions on cybersecurity and gaps in security infrastructure that need be closed to ensure banks remain ahead of attackers, the report says.
For more see an article by Ray Samani of McAfee.
Nigel Bolt, VP, UK and Ireland at McAfee, said: “Security has always been of critical concern to the financial services sector. However, while the risk for criminals in the past was often higher than the potential reward, this is no longer the case. The barrier to entry for cybercriminals is extremely low – a multitude of cybercrime-as-a-service tools are easily available online, at little cost, allowing almost anyone to launch an attack today. This report highlights the extent of the security challenges faced by the financial services sector, with almost two fifths of financial institutions now dealing with over 200,000 security alerts each day.
“Banks are so bogged down in legacy solutions and fragmented security point products that cyber-criminals are able to take advantage of this confusion and disconnect. They’re lurking amongst the complexity of architecture systems, undetected, ready to strike. It is no longer enough to focus on protecting the network, the customers and their data. The key to avoiding disaster scenarios is to have the capabilities in place to detect a threat in real-time and correct any damage before it has a chance to spread. But this can’t operate in silo. The industry as a whole needs to be thinking about how financial institutions can evolve to share intelligence. Banking security is not a competition point. To get it right, it must be a collaborative effort.”