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Rob Ratcliff was the Content and Community Manager of IFSEC Global.com. He is a self-confessed everyman in the world of security and fire, keen to learn from the global community of experts who have been a part of IFSEC for 40 years now.
At IFSEC International, Mike Alexander, former head of security at Henderson Global Investments, presented on the changing threats facing global banking institutions.
We are now sharing his slides with you here, including details on how security has moved from being a nonprofit cost centre toward being a central part of the business and a value-adding proposition.
You will find tips on business continuity, the benefits and contents of a security health check, and some of the essential elements of building a business case for security expenditure.
Security Threats in the Banking SectorMike Alexander, former head of security at Henderson Global Investments, presents the changing threats facing global banking institutions.
Robert Ratcliff
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gbrown
August 20, 2013 3:48 pm
This is a good educative powerpoint but what I did not see is how do we establish the cost unit of each security threats. In all this is very good piece of work put together .
Do you mean the cost to protect against or the cost to the business should the threat materialise? Either way, obviously it’s going to be difficult to estimate, but one is certainly going to be cheaper than the other!
SunitaT
August 22, 2013 1:59 am
The FBI is now investigating over 400 reported cases of commercial account takeovers in which cyber criminals have started unauthorized ACH and wire transfers from the bank accounts of U.S. industries. These cases involve the attempted robbery of over $255 million and have resulted in the real loss of approximately $85 million.
@ Rob Ratcliff, it might be difficult to estimate the exact cost in either case, but we can certainly say that cost of taking measures for preventing these threats from materializing is almost negligible when compared to the damage caused by any security incident. Preventive measures are one-time expense which could save heavy potential losses in case of any bad event.
SunitaT
August 29, 2013 9:49 pm
All of these threats shown in the presentation are real. While, in my opinion, physical security at banks is improving, much more needs to be done in cyber security arena. Threats like international terrorism and civil strife may be out of banks’ control, but they can certainly ensure better measures against espionage, good document and information retention management and stringent cyber security initiatives.
Well, yes, and this is why security should (and increasingl is) a central pillar of business continuity and therefore profitability rather than simply being perceived as a cost centre.
Good for them. I jest, but these hackers have exposed a huge hole in banking security and if only they were ethical hackers could be praised. Alas, they are not. Now, when ethical hacker pay reaches silly money you might ask ‘are they worth it’ but that’s an example of ‘yes, they are’.
yes, as no longer only Organize Crime groups get in the game but un-friendly gov. Get in the game creating hackers groups… it no longer 1940 when germans print fake UK pound… now you attack country from inside…
The whole thing needs to be thought out together, not necessarily executed as one, but the cyber sec threat is as real and damaging as any other, of course.
This is a good educative powerpoint but what I did not see is how do we establish the cost unit of each security threats. In all this is very good piece of work put together .
Do you mean the cost to protect against or the cost to the business should the threat materialise? Either way, obviously it’s going to be difficult to estimate, but one is certainly going to be cheaper than the other!
The FBI is now investigating over 400 reported cases of commercial account takeovers in which cyber criminals have started unauthorized ACH and wire transfers from the bank accounts of U.S. industries. These cases involve the attempted robbery of over $255 million and have resulted in the real loss of approximately $85 million.
@ Rob Ratcliff, it might be difficult to estimate the exact cost in either case, but we can certainly say that cost of taking measures for preventing these threats from materializing is almost negligible when compared to the damage caused by any security incident. Preventive measures are one-time expense which could save heavy potential losses in case of any bad event.
All of these threats shown in the presentation are real. While, in my opinion, physical security at banks is improving, much more needs to be done in cyber security arena. Threats like international terrorism and civil strife may be out of banks’ control, but they can certainly ensure better measures against espionage, good document and information retention management and stringent cyber security initiatives.
Well, yes, and this is why security should (and increasingl is) a central pillar of business continuity and therefore profitability rather than simply being perceived as a cost centre.
Good for them. I jest, but these hackers have exposed a huge hole in banking security and if only they were ethical hackers could be praised. Alas, they are not. Now, when ethical hacker pay reaches silly money you might ask ‘are they worth it’ but that’s an example of ‘yes, they are’.
could not agree more interesting and very informative as technology grow… criminals do use it…
yes, as no longer only Organize Crime groups get in the game but un-friendly gov. Get in the game creating hackers groups… it no longer 1940 when germans print fake UK pound… now you attack country from inside…
yes, Rob could not agree more investment in security must increase and no way around it… cost of running bzz…
The whole thing needs to be thought out together, not necessarily executed as one, but the cyber sec threat is as real and damaging as any other, of course.
Yes l agree and l think we necyber ed a collaborative effort to fight cyber security threat