The power of technology and its shadowing threats
As technological advancement continues to enhance efficiency, it has strengthened nearly every industry around the globe. However, the shadow which follows closely behind these advantages can be problematic, and may cause a negative effect on businesses. In the financial industry, a global concern on cyber security has been raised, as several catastrophic hacks in the past decade has caused a dramatic impact to the sector.
It is clear that many consumers have high expectations regarding the protection of their personal information as well as the money they store with banks. With several breaches in the past few years, it has stirred uncertainty and fear into the customer’s minds; along with the high expectations, customers are losing their trust and patience with financial businesses worldwide.
Unlike a conventional bank heist, criminals can now act remotely and gain even more than before, in addition to monetary gains, they can also obtain valuable, personal information, and thus it is no wonder why banks and other financial companies are hackers’ prime targets. Consequently many industry elites are joining forces to enhance their cyber security collaboratively, to manufacture a stronger defence mechanism against the ever growing issue and to regain customer’s trust.
As hackers continue to threaten the financial cyber space, the precautions which are required for banks and financial services will correlate. As a result, regulators have introduced CBEST, a non compulsory assessment which is used to testing bank’s defences, which can give regulators an indication as to how sensitive a bank’s cyber security might be.
Furthermore, we have seen collaborations between commercial banks with the police, such as Barclays and Interpol in 2016, to combat the increasing threat of cyber crimes. As banks continue to retaliate, a collaborative approach was taken between banks and subsequently the Cyber Defence Alliance (CDA) was established; to allow its members to share information so they can all have access to a pool of knowledge and learn from previous mistakes, as well as support each other and take precautions together, enhancing cyber security.
Join us this October in London, to hear the latest on cyber security from thought leaders from across the top banks in Europe, and key companies creating implementable solutions. See you in London!
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