openPR Logo
Press release

Safeguarding the Digital Vault: An Era of Digi Thieves

12-14-2017 06:20 PM CET | IT, New Media & Software

Press release from: UMS Conferences

Countries across the world are working towards forming a digital economy and shaping its future. Digitization and internet connectivity have become the axis of this transformation. This transformation has also created a challenge for the security community to create a robust framework to ensure that digital vaults of the financial institutions are safe and secure. Security has emerged as the principal requirement for digital financial applications.

The financial technology (fintech) industry is thriving globally and has received approximately $17.4 billion in investment last year alone. Data privacy, customer trust, and long-term growth all depend on the security of a financial application. As these applications are accessed from numerous devices and through various channels, financial organisations strive hard to implement a foolproof security systems. The evolution of technology has also witnessed the changing threats and risks like the APT (Advanced Persistent Threats), phishing, botnets and mobile malware, jackpotting attacks etc.

According to Jordan Savvides, Head of Information Security, National Bank of Bahrain, “We will see more APTs (Advanced Persistent Threats) against the Banking Sector through customized Banking Trojans & Malware by exploiting social engineering & phishing techniques to infect the Banks’ internal corporate network. These type of cyber-attacks are on-going, highly sophisticated, complex targeted stealth attacks that move under the radar, using lateral movement techniques, which makes it practically impossible for traditional signature based cyber-security controls to detect and prevent.”

He continued “Leveraging new banking channels of communication are important to better serve customers, but keeping pace with emerging technologies and their associated threats are also key challenges. Mobile devices and applications are primary examples of the balance between greater efficiency and new kinds of cyber risks. Some financial institutions struggle in this area, while others find ways to combine usability and security. Cyber threat intelligence reveals that phishing, botnets and mobile malware are rated among the most likely threats faced, and also among the ones with the biggest impact. ATM heists are also on the increase as we see cyber criminals employing jackpotting attacks.”

Organizations and experts across the globe have made financial security their priority and are working towards tackling these threats. There are certain elements of a secure digital economy and some countries have excelled at creating safe and secure digital economies. “There are many factors contributing to a secure digital economy such as resilient internet infrastructure, secure business environment, flexibility of the regulatory environment, and international cooperation. These are just a few among other factors. When we talk about individual countries, I think many Asian countries are doing very well is this area such as Singapore, UAE, South Korea, and Japan.” Said Riyad Jazmawi, Head of Information Security, INVESTBANK, Jordan
The future of the financial organizations could be bright and the digital economy is no longer just a buzz word, and according to Stéphane Nappo, Global Chief Information Security Officer & Board Advisor, Société Générale IBFS the future of the payments industry would have “More beautiful innovation for customers with a powerful, but transparent security.”

Top CISOs, regional and international security experts would be joining the 2nd edition of the FinSec Summit organised by UMS Conferences on the 05th and 06th of March 2018 in Dubai, UAE to discuss the trending technologies, their impact on the finance sector and the security threats and challenges associated with them. This year’s speakers include Pillairkulam Parthasarathy, Chief Security Officer & SVP, First Abu Dhabi Bank; Dato’ Arif Siddiqui, Chief Information Officer, Standard Chartered Bank, Malaysia; Benild Joseph, President, Information Systems Security Association, India; Stéphane Nappo, Global Chief Information Security Officer & Board Advisor, Société Générale IBFS; Abdul Manan Qureshi, Vice President, Head of Cyber Resilience, Business Continuity & Crisis Management, Riyad Bank and many more.

About UMS Conferences:
The wholly owned subsidiary of UMS International a multinational media company and publisher of Bloomberg Businessweek Middle East, UMS Conferences is the global leader with several summits, conferences, awards and strategic forums which attracts the world's brightest mind and most influential decision-makers.

UMS Conferences presents an extensive portfolio of industry-leading and stimulating summits, conferences, awards and expos around the world. Known for building platforms which create value and deliver an unmatched delegate experience, UMS events offer premium branding as well as networking opportunities for partners.

With flagship events like UAE India Economic Forum, Arab IPO Summit, CDO Conclave SME Banking Egypt, New Age Banking Summit, our events attract a high caliber of delegates, speakers and partners, who value the knowledge that our events offer. Aligning with our events is a powerful way to engage with this high profile audience and reinforce your expertise and credibility.

Office # 802, Tower ONE, World Trade Centre,
Pune 411014, Maharashtra, India.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Safeguarding the Digital Vault: An Era of Digi Thieves here

News-ID: 860919 • Views: 463

More Releases from UMS Conferences

“Advances in AI will start a new wave of re-shoring & localization”
The 8th Edition of New Age Banking Summit, Nigeria brought together top thought leaders and industry experts who shared the best and next practices that make use of latest technologies, case studies and strategies, thus providing the opportunity to discuss and deliberate on the solutions and opportunities that exist in this new and cognitive age of banking. It was attended by over 200 banking professionals & Fintech leaders.
“Banks Should be Disruptors, Not Incremental Innovators”
Banks in Qatar have recognized the role played by digital transformation in driving growth and efficiency. Banks are reassessing their business models to ensure that they are profitable and remain sustainable in the future. Change in economics, policies and regulations, coupled with the disruption and innovation triggered by technology, compel banks and financial institutions to work on their strategies and push the boundaries when it comes to technology. The 7th Edition
Why Cloud Computing is Gaining Increasing Importance?
With increasing amount of data coming into and flowing out of a company, data analysis, protection and storage has become a hectic job. Organizations are looking for ways to manage this effectively. Cloud technology plays a vital role in data analyzing and storage process. Furthermore, the emergence of big data has necessitated the adoption of cloud analytics. Dell EMC, VMware & Intel are some of the leading companies providing cloud solutions. VMware
Data Analytics and Processing: The 360° Coverage by SAS
Data is the new oil for the businesses across the globe. Data management process is a continuously evolving one. Latest technologies come along every day to simplify this hectic job order and solve business problems with a strategic advantage. As big data, IoT and cloud technologies blend in with conventional methods, businesses are adopting the latest competitive strategies to stay ahead of competition. The two most important components of this

All 5 Releases