Bankers Feel Unprepared for a Cyber-Attack

Cybercrime continues to gain media attention as a growing and serious treat to businesses and individuals alike. Financial institutions are becoming more aware of the threat they inherantly face. While many have an awareness of the business need for cybersecurity, a recent survey suggests that Asia Pacific banks may be lagging behind. This recent survey shows 64 percent of senior bank executives from the region felt seriously vulnerable and unprepared for cyber-attacks, despite it being of high priority.

According to a 2014 Price Waterhouse Coopers report, cybercrime is the second most economic crime faced by all financial institutions, 36% of financial services businesses expect some exposure to cybercrime in 2015.

This most recent survey indicates that while cybersecurity is a tier one priority for mamagment, Asia Pacific Banking and finance institutions don’t appear to have access to the latest technologies available. 58 percent of those organisations questioned said they had not heard of a predictive analytics alternative to the traditional, legacy rules-based solutions.

Alarmingly less than half of those questioned have a cyber-incident response capability in place at all. 34 percent indicated that they didn’t have any such capability at all or they were still in a process of in seeking a structured response, with 22 percent currently developing their response capability.

The survey held earlier this year in Bangkok, Thailand. A total of 34 senior risk officers and banking executives representing 23 financial institutions across the region participated.

FITS offers both a solution for today, incorporating traditional technologies in rules based systems along with a visonary collabortative approach with Big Data Analytics, combined with a fraud management system that can work alongside existing business process. Neural technologies that provides real-time reporting and simple control to recognise patterns to provide predictive, preventative resolves all packaged within a broad view of financial industry – not selling software, but selling a solution that grows in power the more who join with our vision, creating an evolving solution to the wider treats of cyber-crime and its impact on socitey. Not only apease the problems of today, but ever evolving as one community as an industry wide standard.