MANILA, Philippines – As banks are the most vulnerable to cyber attacks, imposing standards to beef up security as well as promoting greater cooperation among financial institutions would be needed to allow them to better address threats, Tokyo-based information technology (IT) security solutions provider Trend Micro said.
Raimund Genes, Trend Micro’s global chief technology officer, said in a briefing for CLOUDSEC, an event intended to raise the awareness of enterprises on cybersecurity, putting in place standards to be followed to strengthen safeguards, would help financial institutions better respond to cyber threats.
“The banking systems are not standardized enough around Southeast Asia. It could be better and definitely something could be done,” he said.
He said stronger cooperation among banks by sharing of information would also allow them to be more prepared for such risks.
Given higher online threats against Philippine bank clients, Trend Micro recommends that multiple layers of protection are made available internally.
Vulnerabilities must also be addressed immediately.
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As prevention can save the bank or any organization from the stress in dealing with a cyber attack, Trend Micro also recommends the launch of security awareness campaigns in the workplace to ensure employees and clients are prepared.
Genes noted that for every five minutes, 1,800 new cyber threats are being generated.
Within the same period, about 6,730 customer records are also being breached.
“Managing and empowering employees with a security-savvy mindset has to be urgently brought to the top of the corporate agenda,” Genes said.
“People, technology, and processes play equally important roles in ensuring the comprehensive security of enterprise networks,” he added.