Kaspersky – Social distancing and improved remote work arrangements during the pandemic mean banks may not be prepared to deal with cyber threats.
Social restrictions and increased remote work arrangements during the pandemic mean banks may not be prepared to deal with cyber threats. Even though the increase in transactions during the pandemic continues to increase because they rely on technology-based services to minimize physical contact.
Although the speed of implementation of digital technology is taken seriously by financial institutions, securing the platform and users also has as much value as innovation. One of the official Indonesian financial institutions even suggested and provided basic policies for banks in Indonesia to prioritize cyber security to protect domestic consumers.
With nearly half of the organizations having trouble spotting the difference between real threats and false positives, security teams are left “blind” instead of properly prioritizing actionable threats. This will open the loophole for unexpected attacks for the organization.
“Digital transformation always presents new challenges, especially for the financial sector. Indonesia is in the midst of a digital revolution where the use of online payment gateways and e-wallets is expected to grow. While it is a huge responsibility for banks and financial service providers to secure their virtual systems, investing in the smartest solutions is critical to building cyber defenses to protect customers and businesses better. From a cybersecurity point of view, threat intelligence is a sophisticated specialized framework that can significantly benefit the financial sector,” said Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.
In aIT Security Economics Report Kaspersky recent, it was found that threat intelligence is considered an investment area for 41% of enterprises and 39% of MSMEs in responding to data breach incidents.
To secure ongoing efforts in digital connectivity, identification, and payment infrastructure, the latest threat intelligence pool plays a critical role in monitoring cyberattacks that are growing in both frequency and complexity.
Threat intelligence can identify and analyze cyber threats targeting businesses. But threat intelligence is not the same as threat data which contains a list of potential threats. Threat intelligence is when IT specialists or advanced tools “read” a threat and analyze it, and apply historical knowledge to find out if the threat is real, and if so, what action should be taken to address it.
With Kaspersky’s Threat Intelligence Services, organizations are provided with a collection of data that includes phishing links and websites and malicious objects targeting the Android and iOS platforms.
Since most users access digital financial services via smartphones, banks can easily warn clients against ongoing cyberattack attempts, usually involving phishing links in fake emails masquerading as banks.
This new machine-readable threat intelligence in security information and event management system also allows security teams to quickly launch automated incident responses and easily filter notifications that need to be provided for further investigation and resolution.
For industries such as financial services, there are three benefits of threat intelligence:
- Prevent data loss – a well-structured cyber threat intelligence (CTI) program means your company can detect cyber threats and prevent data breaches from happening and not release sensitive information
- Provides direction on security measures – by identifying and analyzing threats, CTI discovers patterns used by hackers and helps businesses implement security measures to protect against future attacks
- Providing information to key parties every day, hackers are getting smarter that cybersecurity experts share the tactics they see with the IT community to create a collective knowledge base on cybercrime.
With careful planning when selecting vendors and careful strategy, SOC (Security Operations Center) teams can benefit from full protection and the power of threat intelligence.