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Southeast Asian financial services brace for cybercriminals

Anuradha Shukla | March 27, 2017
Likely to remain a top target for cybercriminals in 2017.

Security code
Credit: GraphicStock

The financial services sector in Southeast Asia is likely to remain a top target for cybercriminals in 2017, according to a newly released report by Fortinet.

This onslaught will be due to the sensitive nature and value of financial data the industry holds.

Cloud adoption is set to grow across the industry in 2017, and this is why organisations need to ensure that the data being passed to the cloud is put through the same scrutiny as all other data.

Visibility into that data needs to be maintained, and security policies and enforcement must be applied consistently regardless of the location of that data.

"The financial industry continues to be a prime target given the sensitive nature of its data that is extremely valuable on the online black market," said Peerapong Jongvibool, VP, Southeast Asia and Hong Kong, Fortinet. "Cybercriminals are also capitalising on new ways to exploit increasingly complex network environments in FSI and developing new techniques to bypass security and evade detection."

Two-factor authentication

Fortinet expects two-factor authentication (2FA) to come to the forefront as an additional layer of defence in 2017.

2FA combines passwords, which the user already knows, with another type of authentication that is connected to something the user has, for instance a One-Time PIN (OTP) sent to their mobile phone.

This solution keeps traditional login and security measures in place while giving users stronger security when managing sensitive financial transactions.

The report advises organisations to secure the Internet of Things (IoT) and expects the government to become more involved in cybersecurity, looking forward.

Finally, the evolution of cybersecurity solutions will lead to the increased complexity of the attacks. Thus, in 2017, financial services organisations should consider deploying a Security Fabric architecture that provides awareness and visibility into all security elements.

As the attacks grow in both number and complexity, financial services institutions will have to prepare to better detect and mitigate threats in order to protect their organisation," added Jongvibool.

 

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