Blockchain is usually said to be able to improve the security of data sharing. However, it also requires careful attention to issues such as where and how private keys are stored and used, mechanisms for establishing and modifying how distributed systems obtain consensus as well, as how to recover potential losses if hit by cyberattacks.
To prevent these attacks from taking place, Chia advised financial services institutions to consider security at the early stage, look at deploying predictive security tools, and keep up with latest technology used in the financial domain.
Other stories from the Computerworld Security Summit Series 2017:
- [Singapore] GlaxoSmithKline's Winston Chew: What is Singapore doing to step up its cybersecurity game plan?
- [Singapore] UBS' Christian Karam: How has ransomware evolved over the years?
- [Singapore] GovTech's Chai Chin Loon: Adopt security-by-design mindset to combat new cybersecurity threats
- [Singapore] Singapore Institute of Technology's Steven Wong: How Asian organisations can develop an effective incident response plan
- [Singapore] Defending against the new wave of cybersecurity threats
- [Singapore] How Asian organisations can avoid becoming WannaCry’s next prey
- [Malaysia] Combatting cyberattacks with a strategic mindset
- [Philippines] DICT's Allan Cabanlong shares Philippines' cybersecurity game plan
- [Philippines] Jollibee's Frank Vibar: Why Digital Risk Officers are necessary for digital transformation
- [Philippines] Asian Development Bank's Alain Duminy: Taking a bi-modal approach to IT governance
- [Philippines] How IT leaders can get everyone involved in cybersecurity
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