Intelligent CIO Middle East Issue 18 | Page 87

U nlike complex and targeted attacks on core banking infrastructure, financial fraud in cyberspace can be addressed using existing protection methods. With banks being mostly concerned over threats such as phishing, fraud prevention methods must be applied more actively, utilizing modern approaches such as the behavior-based detection of irregular activity with intelligent algorithms. The security of financial transactions may be significantly improved in the future by using modern technologies such as blockchain. Before this happens though, the need for modern, intelligent solutions to detect complex and targeted attacks is high. The prevalence of complex attacks also forms the argument for intelligence sharing within the financial services sector. ) Overall, the financial industry, like no other, depends on new, customized security technologies to better protect existing infrastructure and financial applications from ATMs to core data centres. It also needs security intelligence to efficiently respond to new cyberthreats and predict the evolution of the threat landscape for the near future. Non-Financial Institutions (n-1641) 39% 39% ware e by 36% 42% ces risk 30% 35% s or ta 29% 35% acks 26% 25% a via 25% 31% Electronic leakage of data from internal sysatems 20% 25% Incidents affecting suppliers that we share data with 19% 24% Incidents affecting IT Infrastructure hosted buy a third party 18% 24% Incidents involving non- computing connected devices 17% 26% Incidents affecting third party cloud services we use 17% 21% experienced: Malware and targeted attacks are the only incidents that banking organizations experience more than their www.intelligentcio.com www.intelligentcio.com INTELLIGENTCIO INTELLIGENTCIO 87 87