RiskTech Forum

SAS: Cyberrisk A Review Of The Key Threats And Responses Ahead

Posted: 6 January 2015  |  Source: SAS

Cybersecurity is a complex and multifaceted challenge that is growing in importance. It is an issue that not only affects the banks and government agencies that are frequently highlighted through the press; its implications continue to expand beyond that. To counter new and emerging threats, organizations will need to learn from previous threats across a range of industries to proactively meet the challenges ahead.

Most organizations have traditionally viewed cybersecurity as an information technology (IT) problem. Today we know that it must be treated as a broader risk management issue, proliferating the risk-based decision making of such events.

In this effort, we recognize the importance of using data to identify trends and patterns. But there is a lot of data: external threat information, internal and external usage logs, customer information, transaction data and more. Added to this is the increasing challenge of mining the data for useful information in the time frames required as the threats become more sophisticated. Harnessing the big data assets in a proactive manner across the fraud and cybersecurity domains will help combat the ever-changing nature of attacks.

Though cybersecurity is clearly a cross-industry issue, financial institutions are leading a trend towards convergence of fraud and cybercrime prevention technology and operations in support of a holistic approach to cybersecurity. This strategy will require new capabilities, not least to fill gaps in the technology marketplace as part of solving the biggest data challenges to date, and in proactively using better analytics to make real-time, risk-based decisions.

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