If recent headlines have anything to say, it’s that the
finance industry is in the middle of the security Dark Ages. As we’ve mentioned
recently, risk management is on the top of everyone’s minds, and cyberspace is
once again an industry buzzword. Unlike the 90’s, the internet is now being
seen as a less of a profitable frontier, and more of a criminal battleground.
When you think about it, even the term ‘risk management’ is pessimistic.
Risk can never be truly eliminated; only managed. In the electronic world, that
means IT security, ERM (Electronic Risk Management), and data. Unfortunately
for the banks of the world, according to ZDNet and ICT security market analyst Ang
Poon-Wei, they’re going about it all wrong.
Risk management policies should be more "strategic and proactive", instead of "tactical and fear-driven", according to security watchers, who note despite the growing awareness over the importance of IT security, its approach can still be improved.According to Ang Poon-Wei, ICT security market analyst at IDC, in the past, due to the costs incurred by IT security, many organizations often leave it out of discussions until the last minute or unless it is mandatory for government, risk and compliance. Today, the need to include IT Security in risk management discussions is becoming apparent to organizations of all sizes and verticals, he noted.
So what are these “proactive” strategies banks are supposed
to be using?
Join us next week, as we begin CyberSecurity Month; a
four-week blog series investigating the state of financial security in an
online world. We’ll be taking a look at some of the biggest headlines in the
financial ERM world, and exploring how those security tactics and failures can
help make your financial institution a safer place.
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