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For every lock, there is someone either trying to pick it or break in. But, if the lock is made so strong, and the key is only in the hands of the right people, then it will be extremely difficult for anyone to either break or pick the lock. In the same vein, financial service companies are realising the need to upscale their cyber security infrastructure to higher standards to address the rising cyber-related threats. With cyber security becoming a severe issue for individuals, enterprises, and governments alike—especially in a world where everything can be accessible online -ensuring data safety is a key challenges that can come in many forms (ransomware, phishing attacks, or malware attacks management)
The Rising Importance of Cyber-Security
Due to the ever increasing abundance of data, information systems are currently very competitive, complex and voluminous. For example, the growing mobile data and cloud computing traffic, as well as the rapid development of technologies such as AI and IoT all contribute to the increasing volume and complexity of data that needs to be processed. A situation that demands a high level of accuracy and reliability of the information systems as well. Why? With the acceleration of digitalisation, the security of mobile applications have become quite challenging to manage. As handy and time-saving mobile banking applications can be, they can also open up potential vulnerabilities along the banks’ cybersecurity infrastructure that could be targeted by cyberterrorists.
The Geopolitics of Cyber Security
The trans-national and borderless environment of cyber threats essentially implies that states must work jointly—both locally and globally —to safeguard the cybersecurity of their critical infrastructure, businesses, and people. And undoubtedly, over the past three to four years progress has intensified the need for synergistic regional and global collaborations to form a dependable, congruous, and trusted cyberspace. But for these countries to progress in that endeavour, the tensions linked to cybersecurity issues need to be mitigated. Also, rule-based order is a key to unlocking better cybersecurity measures and provide all parties—big and small—with confidence and stability, essential in helping economic growth, job creation, and technology adoption.
“Governments should prioritise building collective capacity to respond to significant cyberattacks and establish a network of partners around the globe to ensure international security and stability in cyberspace.”
Government Authorities Need to Rev-Up Cybersecurity Regulations
At this juncture, we can conclude that cyber security is something that cannot wait. To build a secure ecosystem that keeps all parties’ financial information safe, there must be a devotion to cybersecurity on all sides, from governments and regulators all the way through to the individual user. Governments should prioritise building collective capacity to respond to significant cyberattacks and establish a network of partners (by utilising common resources and expertise) around the globe and ensure international security and stability in cyberspace. Only then will open banking gain the support it deserves and be able to build the financial world of the future.
The Importance of the Role of a CIO in Halting Cyber Crime
Chief information officers (CIOs) have traditionally looked over IT security matters, and this especially in the last few years. Today, they are expected to ensure the efficiency of proper controls and processes that are in place when it comes to manage data security. CIOs have to be very competent, sharp-witted, and at the forefront of new technologies. In the meantime, they must always be on the lookout to find possible new ideas that will enhance cyber-security. Identifying weaknesses and enhancing the organisation’s productivity through hiring and training their workforces in a flexible working environment is one of their main and top responsibilities.