By Alyn Hockey.
You might have read the article in last week’s Financial Times on how “more than half the world’s securities exchanges have fought off cyber-attacks over the past year - raising fears that markets are becoming vulnerable to hackers “
The growth and development of digital has opened up a wealth of opportunities for business, but it can also make companies very vulnerable if they venture forth without acknowledging the cyber dangers. The finance and banking sectors must consider IT security the highest priority or risk repercussions, which put the business at serious risk. Essentially, the finance industry is built on eliminating and assessing risks, so the exchanges need to adapt and evolve to heightened cyber risk.
If you have seen our latest report ‘The Enemy Within’ - Clearswift recently identified that the finance sector is more likely to see ‘malicious’ internal threats. 31% of financial organisations have encountered employee fraud (compared to 20% both in the defence and local government sector respectively) and a further 28% have had employees steal data. In part, this is due to the fact that trading has become fundamentally digital, driven by the rise in new technology and the increasing indefatigably of mobile devices. According to research from the IDC, tablet shipments are expected to grow 58.7 per cent in 2013, reflective of the global need to be constantly connected. It comes as no surprise therefore that the main security concern revealed in the report is the introduction of malware via BYOD (86%).
With the evidence speaking more alarmingly of internal threat, companies must put in place granular policies that control information exchange so that they can put a stop to the incidence of internal threats such as employee fraud and employees stealing data. If the tools are there, it’s a matter of financial and public responsibility to utilise them within the company, making business safer.