Banking / Finance

Cyber security a must for telcos, banks

21st Apr `14, 05:40 AM in Banking / Finance

Banks, telecommunications and government portals in Malaysia must ramp up efforts in adopting advance and effective cyber-defence capabilities…

BDMS
Guest Contributor
 

Banks, telecommunications and government portals in Malaysia must ramp up efforts in adopting advance and effective cyber-defence capabilities to protect against espionage and fraud.

As cyber-criminals are using increasingly sophisticated threats that target specific computer systems in banks, financial institutions, telcos and other organisations, information technology and security professionals must be ready to face the constantly-evolving tactics and approaches used by criminal hackers.

“Companies and government departments form the critical part of the national infrastructure, typically the banks, financial institutions, telcos, resources and intelligence industry and these are critical infrastructure that need to be constantly protected from cyber attacks,” BAE Systems Applied Intelligence (M) Sdn Bhd MD for Asia Pacific and the Middle East Richard Watson told The Malaysian Reserve recently.

Global Economic Crime Survey 2014 conducted by Price Waterhouse Coopers showed that as cyber-crime operates largely unseen, organisations may not even realise they are being targeted until long after the damage is done.

This fact alone makes the many varieties of electronic fraud one of the most threatening types of economic crime and many entities may not have clear insight into whether their networks and the data contained therein have been breached, and they don’t know what has been lost, or its value, the survey said.

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