Banking on security innovation to beat the hackers

The most advanced banks take a pro-active approach to cyber-security.

In the article, " Banking on security innovation to beat the hackers", cybercriminals and the most advanced banks take a pro-active approach to cyber-security.   Banks are being asked to be more open, digital, and customer-focused through the advance of newer technologies like mobile payments, biometrics and wearable devices. This was accompanied by increasingly serious hacker problem. To solve the problem, a project is created. It asks banks think like hackers: conduct external penetration testing against themselves, mine the dark web for their own information leakage, apply data classification products to prevent data loss (DLP).

The aim is to make it too costly for a criminal gang to steal our money. Any criminal gang looks at risk, investment and profit and if that doesn’t match up, they will go elsewhere. There are numerous ways of ‘kicking out’ the hackers. Most forward-thinking banks are now considering honeypots and dummy data sources.

In the lecture, we learned project planning and project management. The first activity of core process identify problem and and obtain approval. In the article, the problem that bank faced is cybercriminals and security problems. The second activity of SDLC core process is plan and monitor. The project plans to test internal applications, perimeter defense and staff against phishing attacks. If banks get penetrated, the project can ensure banks detect hackers, and isolate or kick them out as soon as they are in.

After reading this article, I learned how bank security works and how important IT is. MIS is responsible for company’s information security and clients’ interest.

Citation:
http://www.cio.com/article/3002038/data-protection/banking-on-security-innovation-to-beat-the-hackers.html