Chia added that although fintech provides the underserved easier access to financial services, it also introduces cybersecurity risks to them. Since the newly banked have little to no previous experience with cybersecurity/digital threats, they will be easier targets for cybercriminals to hack into their email or mobile devices.
Using technology to improve cybersecurity
As cyber threats increase and become more sophisticated, experts at the event urged organisations to take new approaches to cybersecurity.
One way of doing so is to better secure the network as malware requires networks to be distributed, said Andy Leung, APAC senior security consultant, Juniper Networks. "So if we build a secure fabric [that provides end-to-end network visibility and control], we have a better chance of protecting our organisations. [Juniper Networks' software defined secure network platform] offers this: it integrates intelligence from across the business, as well as provides a single detection and enforcement domain," he added.
Organisations should also look at deploying security tools leveraging artificial intelligence (AI) and machine learning. One such solution is Cylance, which uses AI algorithms and machine learning to predict and block cyberattacks at end points in real time. "Instead of looking at signatures or the behaviour of the malware, Cylance looks at the DNA of the file/malware, compare it with the danger map for software entropy, and blocks malware at pre-execution," explained Kelvin Wee, APAC senior sales engineer, Cylance.
Darktrace is another solution based on machine-learning. According to Cesar Cabrera, account executive, Darktrace, the solution is capable of identifying new, emerging threats within computer networks in real time, including insider attacks, ransomware, machine-based attacks, and unknown threat scenarios.
Machine learning can also be used to detect unusual user behaviour. BehavioSec's solution (which is integrated with NEVIS Security Suite) uses machine learning to authenticate users based not on what they do, but how they complete certain functions such as user behaviour when typing in credentials, shared Schweizer.
Takes more than just technology to be secure
"Security is not just about deploying tools. Security professionals need to understand what their organisation wants to protect [and apply the right methods/tools to do so]," said Winston Chew, director business information security officer, GlaxoSmithKline.
Echoing Chew, Lau Kai Cheong, chief information officer, Singapore Management University, said: "Managing risks is not always about buying new technology; we need to tackle cybersecurity awareness [as everyone needs to play a part.]"
Sudhir Panda, associate director, digital analytics, at a financial institution, advised IT/security teams to ensure that all employees practise good cyber hygiene. This includes using strong passwords, locking computers and devices when not in use, reporting loss devices as soon as possible, updating their systems when there are available patches, and using encryption when transferring sensitive data.
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