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: 323

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


More Releases for Bank

Neo and Challenger Bank Market by Type of Bank (Neo Bank and Challenger Bank)
Neo and Challenger Bank Market is registering a CAGR of 50.6% during the forecast period 2016-2020. Neo and challenger bank market has witnessed healthy growth rate in terms of customer base over the past few years, and is expected to witness optimistic growth in the near future. Access Full Report: https://www.alliedmarketresearch.com/neo-and-challenger-bank-market The global market is driven by factors such as government regulations, convenience offered to consumers, and low interest rates as compared
India Retail Loan Market 2018 - State Bank of India, ICICI Bank, HDFC Bank, Axis …
The growth in the retail finance disbursement would be largely driven by improving affordability, increasing propensity to consume and the fact that the penetration level of retail finance loans is still low. Retail Loan industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Retail Loan market size to maintain the average annual growth rate of X% from XXXX million $ in 2014
Load Bank
Load banks offer one of the most flexible ways to validate critical power systems and components. Load bank testing of power systems includes validating the operational conditions and output of electrical power systems such as generators, gas turbines, transformers, HVAC systems, UPS, batteries, and relays in various industries like oil and gas, power, healthcare, marine and defense, and telecom. It is also very effective in reducing wet stacking problems, removal
Blood Bank Market 2017
ReportsWeb.com has announced the addition of the “Global Blood Bank Market Research Report 2017” The report focuses on global major leading industry players with information such as company profiles, product picture and specification. Blood Bank industry from two aspects. One part is about its production and the other part is about its consumption. In terms of its production, we analyze the production, revenue, gross margin of its main manufacturers and
Trend survey “Bank & Zukunft”
Latest edition in the survey series reveals trends and developments in the financial sector More than 365 decision-makers from the banking sector took part in the Bank & Zukunft 2014 trend survey. In rating current challenges and developments, their responses reveal that banks are generally optimistic about the future. The biggest challenges remain the difficult interest rate situation and how to implement consistent, customer-oriented service. Once a year as part of the
Kaupthing Bank Luxembourg acquires Robeco Bank Belgium
Reykjavik, Iceland--October 21st 2007--Kaupthing Bank Luxembourg S.A., a subsidiary of Kaupthing Bank hf., has signed an agreement by which Kaupthing Bank Luxembourg S.A. purchases Robeco Bank Belgium. Robeco Bank Belgium is a small Belgian bank that was founded in 2002 and focuses mainly on private banking and asset management. The bank has 32 employees and is based in Brussels and Antwerp. Robeco Bank Belgium has 6,800 clients. At the