The rapid shift to digital is outpacing the ability of banks to respond to cyber threats

The rapid shift to digital by established banks in Apac is outpacing their capacity to adequately protect themselves from emergent cyber threats, according to an analysis by the Financial Services Information Sharing and Analysis Center (FS-Isac).

Recent developments in financial services such as the move to the cloud, the emergence of new fintech players to compete against traditional financial institutions, and the strengthening of the common use of cryptocurrencies on banks around the world have strengthened. They quickly develop their IT development.

FS-Isac says Teutonic’s rapid shift digital switchover leaves companies vulnerable to ransomware and sales attacks, as well as the resurgence of bank trojans and denial of service (DDoS) threats.

According to the 2021 Check Point report, 75% of companies say the security of their infrastructure is a real concern, as many businesses struggle to address various security challenges related to underlying technologies.

The FS-ISAC 2021 Cyber   Trends and Threats Study also highlighted other key issues facing the region, including tightening the online risk management of bullying, bullying. Organizations to respond to threats, and lack of cybersecurity talent.

FS-Isac said financial companies need to rethink policies and technologies for a new era where businesses connect and threaten online endlessly.

“As the number of financial services in the Asia Pacific region accelerates at a faster pace, companies need to be aware of mutual risks and take steps to reduce them,” said Christophe Barel, managing director for Apac, FS -Isac. “By 2021, the other side of threat and ransomware will take control of the online shopping environment, but replacing threats and DDoS trojans have also made their heads grow. Global and regional coverage can help companies understand not only the tactics and enhancements, methods, and practices that criminals use online, but also four as well as best practices for their defense. “

Threats are not limited to Apac, but they do affect all financial markets. Just yesterday, G7 finance ministers and central bank regulators took part in an online exercise covering how G7 members would try to work together on the idea of priority. Border transport brings it -into the finance department.

At the special meeting, U.S. finance secretary Janet Yellen reaffirmed the Cy7 G7 Expert Group update and reaffirmed the group’s commitment to countering threats from ransomware and other malicious internet activities in the region’s financial and economic services.

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