Cisco to ro­bust Cy­ber­se­cu­rity in fi­nan­cial Institutions at ISFS Doha

Kuwait Times - - TECHNOLOGY -

Cisco to­day an­nounced its par­tic­i­pa­tion in Qatar Cen­tral Bank’s third an­nual Con­fer­ence for In­for­ma­tion Se­cu­rity in Fi­nan­cial Institutions 2016 (ISFS 2016), to be held on Novem­ber 1, 2016 at Sher­a­ton Doha.

The event will ad­dress in­for­ma­tion se­cu­rity in the crit­i­cal fi­nan­cial ser­vices sec­tor and the chal­lenges it faces, and shed light on the re­quired in­fra­struc­ture im­prove­ments and the role played by co­op­er­a­tion and pre­emp­tive moves in elec­tronic pro­tec­tion. Cisco will use this plat­form to share in­sights on how cy­ber­se­cu­rity con­cerns do not need to be a hin­drance to dig­i­tal in­no­va­tion and how re­tail banks can trans­form cy­ber­se­cu­rity from a li­a­bil­ity into an as­set that sup­ports cus­tomer trust, in­no­va­tion and growth.

Cisco’s re­cently re­leased re­search pa­per ti­tled Roadmap to Dig­i­tal Value in the Re­tail Bank­ing In­dus­try, re­vealed that re­tail banks have the po­ten­tial to re­al­ize $405.3 bil­lion from 2015 to 2017 as the Dig­i­tal Value at Stake (VaS). Yet in 2015, fi­nan­cial ser­vices as a whole cap­tured just 29 per­cent of that op­por­tu­nity. Of the chal­lenges slow­ing growth and in­no­va­tion, cy­ber­se­cu­rity weak­ness is cer­tainly at the fore­front. Cy­ber­se­cu­rity con­cerns have pre­vented re­tail banks from adopt­ing dig­i­tal tech­nolo­gies and busi­ness mod­els which has di­rectly con­trib­uted to them missing out on more than 70 per­cent of the po­ten­tial rev­enue op­por­tu­nity.

“Cy­ber­at­tacks against fi­nan­cial ser­vices firms are more fre­quent, more so­phis­ti­cated and more wide­spread than ever be­fore. And there is no slow­down in sight. As fi­nan­cial ser­vices firms move to­wards dig­i­ti­za­tion and adopt new ways of sup­port­ing cus­tomer in­ter­ac­tions, the at­tack ‘sur­face’ grows in size. Pro­fes­sional hack­ers are rapidly adopt­ing new forms of attacks such as spear phish­ing, ran­somware, mas­sive data theft and mo­bile mal­ware. To com­bat to­day’s ad­vanced attacks, fi­nan­cial firms need a threat­cen­tric ap­proach to se­cu­rity that pro­vides con­tin­u­ous pro­tec­tion not just be­fore an at­tack hap­pens but also dur­ing and af­ter an at­tacker or mal­ware pen­e­trates the net­work,” said Ziad Salameh, Man­ag­ing Di­rec­tor-West Re­gion, Cisco Mid­dle East.

A re­cent Cisco study, Cy­ber­se­cu­rity as a Growth Ad­van­tage, sur­veyed 1,014 se­nior fi­nance and line-of-busi­ness ex­ec­u­tives glob­ally and found that 71 per­cent agreed that cy­ber­se­cu­rity risks and threats hin­der dig­i­tal in­no­va­tion in their or­ga­ni­za­tions. Another 39 per­cent of re­spon­dents said they’ve halted mis­sion-crit­i­cal ini­tia­tives due to these con­cerns.

Sixty per­cent ad­mit­ted their or­ga­ni­za­tions are re­luc­tant to in­no­vate in ar­eas such as dig­i­tal prod­ucts and ser­vices be­cause of the per­ceived risks. Spe­cific dig­i­tal ini­tia­tives de­layed po­ten­tially in­clude om­nichan­nel ca­pa­bil­i­ties, wealth man­age­ment and as­set trans­fers, mo­bile bank­ing and mo­bile pay­ment ca­pa­bil­i­ties, self-ser­vice and vir­tu­al­ized de­liv­ery mod­els. Cisco’s eco­nomic anal­y­sis es­ti­mates that by not dig­i­tiz­ing more fully, in­cum­bent re­tail banks missed out on $144 bil­lion glob­ally from 2011 to 2015. Bot­tom line cy­ber­se­cu­rity con­cerns do not need to be a hin­drance to dig­i­tal in­no­va­tion. Re­tail banks can trans­form cy­ber­se­cu­rity from a li­a­bil­ity into an as­set that sup­ports cus­tomer trust, in­no­va­tion and growth. All of these dig­i­tal so­lu­tions de­pend on a ro­bust cy­ber­se­cu­rity foun­da­tion.

Ziad Salameh, Man­ag­ing Di­rec­tor

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