Revisit the fundamental element of secured banking : Know your breach likelihood
Saket Modi , Co-Founder and CEO , Safe Security , describes how cybersecurity in the banking sector has now come into sharp focus . He says : “ However , the fundamentals of how cybersecurity is approached are still unclear , which is why we still see businesses spend on the bottomless well and still get breached .”
Can I jump over two or three guys like I used to ? No . Am I as fast as I used to be ? No , but I still have the fundamentals and smarts . That ’ s what enables me to still be a dominant player . As a kid growing up , I never skipped steps . I always worked on fundamentals because I know athleticism is fleeting . – Kobe Bryant
For any discipline – be it sports , music or academics – the grasp on fundamentals needs to be strong . One cannot , after all , write a sentence without first learning the alphabet .
The pandemic has catalysed digital changes within organisations and outside them as their customers embraced open banking and digital transactions . According to Business Insider Intelligence ’ s Mobile Banking Competitive Edge Study , 89 % of survey respondents said they use mobile banking .
Deloitte reports that 35 % of customers increased their online banking usage during COVID-19 , and Visa saw about 13 million Latin American customers make their first online transaction in the first quarter of 2020 .
With such a digital boom , cybersecurity has come into sharp focus . However , the fundamentals of how cybersecurity is approached are still unclear , which is why we still see businesses spend on the bottomless well and still get breached .
Saket Modi , Co-Founder and CEO , Safe Security
According to a Deloitte report , financial institutions are expected to spend roughly 11 % of their IT budget on cybersecurity , with the largest banks in the US . investing US $ 1 billion each ! However , while organisations are improving in cyberattack planning , detection and response , their ability to contain an active threat has declined by 13 %, according to IBM ’ s Cyber Resilient Organisation Report .
What are the fundamentals ?
Currently , the five vectors of the banking sector – people , processes , technology , third parties and cybersecurity products – are viewed in silos and treated as such . People , security , security tools , compliance and audits are considered fundamental to cybersecurity when they are a part of a granular picture . Organisations are purchasing more products to generate more lists , based not on objective measurements but subjective abstractions of the CIO , security team or competitor enterprises .
38