"[Security is also not just about] acquiring security systems and installing firewalls. No matter how sophisticated the tools/intelligence you put in place, you need to complement them with a strong set of processes, and reinforce the [security mindset to all employees]," he added.
On SWIFT's part, Bindumadhavan shared that the company is working with BAE Systems and other partners to "establish a security operations centre" (SOC). "The SOC will investigate the occurrences of any hacks/attacks. It will also collect evidence from its community, anonymise the data, and pass to BAE Systems or other partners to investigate for signatures or attack patterns."
"Besides that, SWIFT is also working with partners to publish a set of mandatory controls that all members need to comply to, so that we can [prevent future cyber attacks.] This is because SWIFT is all about the community of people using it, so even just one weak link poses a significant threat," he said.
Other stories from CIO Conference 2017:
- [Philippines] MedGrocer allows organisations to go paperless in managing medical benefits
- [Philippines] How DepEd is digitalising Philippines' education sector
- [Philippines] Insurance startup turns to mobile technology and social media to extend services
- [Philippines] Getting smart in manufacturing
- [Philippines] What is the true cost of mismanaged digital projects?
- [Philippines] Are other C-level excutives qualified to take up the CIO role
- [Philippines] How Philippine businesses are faring in the digital transformation race
- [Singapore] Four sustainability tips for startups in Asia
- [Singapore] Embracing disruptive innovation to reduce customer friction
- [Singapore] How to become a successful CIO
- [Singapore] Why organisations should embrace disruption
- [Singapore] How to win in the digital transformation economy: CIO Conference SG
- [Malaysia] The Digital keys to successful Disruption: CIO Conference 2017 in KL
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