It is over years back when people are busy thinking of an alternate way
to trade or sell their goods and products without worrying about the barriers or
boundaries, where we are introduced with the new mode of business through e-commerce.
People start to learn various thing about online selling to the very important
point; the mode of payment. Introduction to online payment has increased the
dangers of the internet, as it triggered the need for some security measure
after the online commerce has started to pose some serious threats to the users
in terms of payment. Not only does this introduction to technology changes the
way we do business but it also change the level of trust that we have to
certain people.
Nowadays in bank institutions, data analytics have change the landscape
of many financial firms, giving them new way to outdo their potential. It helps
them to efficiently detect fraud besides helping them to track their customers’
behaviour in real time. Banks have taken the analytics to another level by
using these extensive customers’ data to help further understand their
behaviour and for effective fraud prevention efforts. This explains how recent
innovations will be helping banking institutions to respond in real time for
any fraudulent activity.
These data helps banking institutions to build a predictive model that
will look at a lot of data and behaviours. This will help them to filter and
stop which behaviours that they felt are dangerous and threatening. Fraud detection
historically based on basic steps as flagging transactions which might exceeds
certain amount allowed. Analytics also enables financial institutions to go
beyond their common fraud detection techniques.
MAJOR TRENDS IN CYBER SECURITY
Keep out on these 10 major trends that should be hitting the cyber world
soon. As in 2015, the threats also keep on evolving and most current guard
against them will no longer work against these newly improved cyber threats.
Banks, institutions and other financial firms have been put under major alerts
since 2014, which best-known to them as the year of the breach. So what will
the year 2015 left us with?
Third Party Risk Moves to the Top
of the List
There will be huge intertwined possibilities between a firm’s vendors,
clients and other third parties associated with them to potentially pose a
cyber-risk for a particular firm. Regulations and procedures will be in
question as with the increasing cyber breach detected throughout the year, the
security posture of some critical third parties can pose an impact to the
financial firms. Therefore, third party relationships should no longer be an
afterthought after this as more tight security will be built in by designs in
an ongoing basis with frequent testing and monitoring.
The Rise of Fusion Centres
With the increasing demands for
holistic and integrated approach to cyber security by numerous financial firms
out there, most of them has been proven elusive. However, fusion centres have
proven to be beneficial in the world of big data and cyber security as it is a
critical node in the collection and processing of information intelligence from
various reliable sources. There are for some reasons these fusion centres are
mysterious and controversial. It acts as an interagency for collaboration and
intelligence gathered from various agencies participating with each year.
Naturally, the technology aspect is the critical part of the centre but the
human components from various industries, departments, businesses and agencies
also play quite an important roles in driving it forward. Therefore with these implementations
will result in more efficient and faster cyber threats awareness and
mitigation.
Information protected at a
database and data element level
How usually a firm protects its most sensitive and valuable data assets
and where it is located? The protection method has moved from building “bigger
walls” to providing more “in-depth defences” risk-based approach around the
high risk and high value repositories that will eventually limit the value of
raw data. These approach will render the data powerless for the hackers to use
against.
Rise of alternative payment
options create exposure
As more companies moving forward with alternative wireless payment
options, hackers are exposed with more vulnerable targets. Particularly, usage
of underlying technologies such as Bluetooth devices impose opportunities for
more cyber-attacks and breach.
PREVENTION TECHNIQUES
Normally organisations which were analysed will be divided into two
categories; one is the one that was under attack and another is the one which
will be attacked. It is hard to keep up with the revolutionised technologies
that seemingly to provide winning points to the hackers. People seems to be the
key weak points in terms of maintaining the security of their personal password
and IDs where many cyber-attacks have been successful because of the factor.
Analytics solutions have become an increasing popular tool to combat the
cyber fraud these days. These solutions slightly allow the visibility access to
the network traffic and user activities spanning days, weeks and sometimes
years. However it is best to navigate through all this available information in
real-time to predict the clusters and patterns that later develop sensible
analysis in providing the actual behaviours of the users and significant access
routines. These solutions later helps to drastically speed up the process of
identifying the problem, the investigation process and later the resolution while
minimising impact to a business and reducing the risks of what the hackers will
make off out of these users’ data.
Through the use of big data and analytics in fighting this never ending
cybercrimes, we will be able to reduce the risk of the same threats to occur
again through prediction model that will help you to counter attack and act
before it strikes. Information officers will get a comprehensive and in-depth
view of the risks, both internal and external and tap into the existing
analytical capabilities for further analysis. Management will be well prepared
through the analysis received from the analytical model which helps them in
understanding the current trends in banking activities while at the same time
monitor the habit of their online consumers.
Through analytic approach, organisations will be more proactive and
preventive towards the ongoing cyber threats that will continuously trying to
penetrate into these safety layers of the businesses. Many organisations
successfully utilizes these approaches which finally resulting efficiency in
predicting hardware and software failures, manage risk effectively, supporting
their core business and in the end forming a better cyber resilience to the
whole company.
