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Computerworld Security Summit Singapore 2014: Combatting New Age Cyber Risks

Nurdianah Md Nur | April 23, 2014
This year's Computerworld Singapore Security Summit provided the latest ways and means to help protect organisations from the risks associated with new technologies.

According to Tun, malwares that plagued users last year were found to be more sophisticated than malwares in the past. For instance, ransomware CryptoLocker will encrypt users' files and data that are stored in the device so that the only way of decrypting those files is by paying the attackers a ransom fee. "All the files on the infected machines are basically useless... you can't do anything with those encrypted files until you pay for it," claimed Tun.

The following are tips that Tun provided to help organisations defend themselves from web malware and attacks.

  • Block inappropriate and malicious sites, as well as control productivity bandwidth by using URL filtering with live lookup to analyse every URL entered in a browser.
  • Keep up with the attackers' distribution networks.
  • Enforce a standard minimal set of web applications and keep them patched regularly.
  • Employ advanced threat protection to identify and contain infected systems on the network.
  • Ensure that your data is continuously backed up as it will help you to recover from any potential infection.

Derisking Big Data
Despite the multiple benefits of Big Data, enterprises need to carefully consider the challenges it pose before embarking on a big data project, according to Winston Chew, Head of Application Security for Global Information Security & Risk (GISTR) at Barclays.

The value of big data lies in the actionable insights it brings to help improve the business. "Data will not have a value if you don't analyse it and deduce relations," said Chew. "The purpose of big data is to derive information and wisdom from processed data so that you can make better decisions with the newly acquired knowledge."

•	Winston Chew, Head of Application Security, Global Information Security & Technology, Barclays Winston Chew, Head of Application Security, Global Information Security & Technology, Barclays

According to research company McKinsey Global Institute, big data is able to help retailers increase profits by 60 percent. Retailers can use their customers' purchase history to tailor their offerings to individual customers or provide customised customer perks based on the customers' loyalty, said Chew. 

As with any technology, big data has its own set of challenges. Firstly, big data requires technologies that will "store a large volume of data effectively, process the data in real-time, and analyse the variety of data" such as structured data, unstructured data, video and audio, explained Chew.

Next, understanding and using big data requires users to have both business domain knowledge and technical skills such as programming, analytics and mathematical knowledge. "As there is a shortage of people having both skill sets, [enterprises might want to use] tools that narrows the gap," suggested Chew.

 

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