FINANCIAL INSTITUTIONS TO BE UNDER PERSISTENT CYBER-ATTACK IN 2014

Since the onset of cyber-attacks from organized military authorities like the Free Syrian Army and other international criminal organizations in 2013, Dubai’s reputation as a region vulnerable due to its vastly undeveloped cyber landscape is going to change.

From the original focus on threats and capabilities, financial companies are now looking at ways to establish efficient cyber program that can combat the advanced persistent threats that constantly put these companies at risk.

According to Dr. Mahir Nayfeh, Vice President at Booz Allen Hamilton, developing a comprehensive cyber security action plan is the only way financial institutions can continue to use cloud technologies to ensure their customer’s interaction on the mobile space is truly confidential and secure.

The top financial services cyber security trends for 2014:

1. Threat intelligence Most banks and financial institutions now employ threat intelligence to alert them of any suspicious activity. How effective is this information if it is not being put to use? This is why as security consultants we encourage teaming up the compilation of threat information with incident response to ensure the organization is capable of surviving a data breach.
2. Secure mobile platforms Malware like the Perkele Trojan are known for recognizing and gaining access to networks through cracks in mobile security. It is important to secure such devices by implementing strict operational procedures and awareness on security threats.
3. Developing companies to be directly targeted Developing countries across the Middle East, Latin America and Asia Pacific that are investing heavily on economic growth, will see a swift rise in attacks on their local banks and financial institutions.

To read more on Booz Allen Hamilton’s top financial cyber security trends for 2014 visit the link below.

Source: Dr Mahir Nayfeh: Cyber attacks are the “new normal” for financial services industry

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