Can you bank on the cyber security of your bank?

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The advent of Internet-based and mobile banking services has made financial organisations vulnerable to internal and external threats such as malware and spamware (spam, phishing and viruses). According to a study by Kapersky Lab, 20.64 per cent of all phishing threats registered between May 2012 and April 2013 were targeted at banks and other financial organisations. Additionally, the results of a global survey conducted by B2B International and Kaspersky Lab in 2013 indicated that approximately 37 per cent of all banks were affected by phishing attacks at least once.

Recent research suggests that most financial organisations are largely unprepared for large-scale online attacks, and even small-scale attacks have resulted in major security breaches and the breakdown of core systems. According to a white paper published by EdgeWave, the increasing commoditisation of malware has enabled even technologically illiterate criminals to successfully implement cyber attacks. Protecting networks against sophisticated malware such as botnets is extremely challenging. Any weakness in an organisation’s security network could lead to loss of sensitive data such as financial information and customer records. This could result in devastating financial losses. For instance, a security breach at the Bank of America in 2011 resulted in $US 10 million being stolen from banking customers.

Cyber crime is especially rampant in regions that do not have clearly defined regulations for data protection and privacy. While countries such as the United States (GLBA) and the United Kingdom (the UK Data Protection Act 1998) implement fairly stringent data protection policies, there are no clear-cut laws governing data protection and privacy in Gulf Cooperation Council (GCC) countries. The Banking, Financial Services and Insurance (BFSI) industry in the Middle East is one of the prime targets for sophisticated cyber attacks. It is therefore essential for financial institutions in the region to prevent theft, fraud and other kinds of cyber crimes by investing in long-term security solutions. UMS Conferences seeks to help organisations plan an effective cyber security strategy through Finsec–The Banking Security Summit.

The Summit, which is part of the New Age Banking series, will be held from February 21 to 22, 2017 at Dubai UAE, and will act as a platform for financial institutions to come together to discuss and discover the latest techniques and technologies in cyber security and data protection. Attendees will be able to network with the foremost experts on cyber defence and acquire the knowledge required to upgrade their network to counter modern-day threats. Secure your organisation’s future by attending Finsec.