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Web fraud: The bane of digital banking

Lim Chin Keng, Director of Security Solutions, APAC, F5 Networks | April 8, 2016
Lim Chin Keng of F5 Networks talks about cybercrime and how its affecting banks today.

In the past, most of a corporation's value was derived from tangible assets such as products, buildings and people. Today, approximately three-quarters of an organisation's value is intangible. The digital space we reside and conduct business in has made a brand's reputation its most valuable commodity. Financial cybercrime not only affects an organisation's cash flow or payment systems, they can also ruin a company's reputation. Consumers and investors may not trust a company that has fallen prey to preventable cybercrime, and brands may suffer losses that they may not be able to recover from.

Leveraging Visibility for Cyberthreat Defence
It is true that we are residing in a fearful climate, and the digital space and internet are not the safest around. With the rampant prevalence of cybercrime, it is important to stay prepared and protected in the face of such threats.

Organisations these days are recognising the need for and importance of cybersecurity strategies to address cyberthreats that their businesses face. Many businesses now conduct periodic threat assessments, while many also engage in active monitoring or conduct analysis of security intelligence. They also have information security strategies in place. For banks and financial institutions, they need strategies that offer real-time threat identification, deep analysis and comprehensive protection due to the dynamic nature of their operations.

Banks need visibility into the end points, network and application of their IT infrastructure to ensure they remain agile in the protection of their online and mobile banking services. The current security solutions that some banks are using do not adequately offer the level of visibility they need. An integrated solution which oversees the protection of the networks, applications and endpoints will enable these banks to put adequate security controls in place, allowing them to reduce instances of fraud.

Today, the creativity of the attacks and the process by which cybercriminals are planning and carrying out their attacks definitely show how cybercriminals have stepped up their game.  There is a pressing need to be vigilant today. Cybercrime is the greatest threat that your business is facing. The slightest oversight could result in financial catastrophe that is the result of an instance of cybercrime. Careful planning and prompt action for if, not when, your organisation is threatened can make or break your business.

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Click on images to enlarge. Credit: F5 Networks.

 

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