For every lock, there is someone out there who is either trying to pick it or break in. Financial services are at the heart of the global economy and it is apt to say that cybercrime has been posing huge risk and it continues to do so. Keeping in mind the rise in cyber-attacks, financial organizations worldwide have realized the need to invest big time in order to strengthen their cybersecurity initiatives.
The rising importance of cyber-security
My background is IT and I have always been involved with the investment banking area, in which protection of the assets and data has always been of utmost importance. The information system in the market is a very competitive sector, and it demands a high level of accuracy and reliability as well.
Types of cyber threats faced by the financial industry
With the advancement of digitization, mobile applications have become a rage. As handy and time-saving as it might be, the banking sector faces a cyber security threat every time a customer accesses the app. Some of the other elements that lead to threats in the cyber security domain in banking are emergence of third-party payment apps, and protection of encrypted customer data, phishing, ransomware and other Cyber-related scams.
The geopolitics of cyber security
Progress in the last 3 to 4 years, has intensified the vehemency for synergetic regional and global comebacks to form a dependable, congruous and trusted cyberspace. The transnational and borderless environment of cyber menace essentially means that states must work in conjunction – both internationally and regionally – to safeguard the cybersecurity of our pivotal infrastructure, businesses, and people.
"Governments should prioritize on building collective capacity to respond to major cyberattacks and establish a network of partners, by utilizing common resources and expertise around the globe to ensure international security and stability in cyberspace"
The importance of the role of a cio in halting Cyber crime
The chief information officer (CIO) has traditionally owned the security of IT, especially in the last few years. Cybersecurity is a company-wide issue and it is everyone’s responsibility to manage it appropriately. But today, the CIO is expected to act as a proctor for the data and guarantee that the right controls and processes are in place for data security. A CIO has to be very competent, sharp-witted and technologically sound. He should be able to keep pace with technology, else the organization can be completely surpassed by technology. Besides, he must always be on the look-out to find possible new ideas that enhance cyber-security. Identify weaknesses and enhance productivity of the organization and hire, train, design the right people in a flexible working environment are some of the other responsibilities he should assume.
Government’s responsibility in Regulating cyber security
Governments should prioritize on building collective capacity to respond to major cyberattacks and establish a network of partners (by utilizing common resources and expertise) around the globe to ensure international security and stability in cyberspace.
Therefore, we can conclude that cyber security is something that cannot wait, to build a secure ecosystem that keeps all parties’ financial information safe, there must be a devotion to cybersecurity on all sides—from governments and regulators, all the way down to the individual user. Only then will open banking gain the support it deserves and help build the financial world of the future.