Top 10 cyber security trends for financial services in 2012

Booz Allen Hamilton announced that
increased cyber threats to senior executives, the impact of organized crime and
mobile device security are among the Top 10 Financial Services Cyber Security
Trends in 2012.

These threats have a trickle-down effect on
every part of a financial services organization, with reputational and
financial impacts that can be a huge risk to any organization.

Top 10 Financial Services Cyber Security
Trends for 2012:

The exponential growth of mobile devices
drives an exponential growth in security risks. Every new smart phone, tablet
or other mobile device, opens another window for a cyber attack, as each
creates another vulnerable access point to networks.

Increased C-suite targeting. Senior
executives are no longer invisible online. Firms should assume that hackers
already have a complete profile of their executive suite and the junior staff
members who have access to them.

Growing use of social media will contribute
to personal cyber threats. A profile or comment on a social media platform –
even by the CEO’s son or sister – can help hackers build an information
portfolio that could be used for a future attack.

Your company is already infected, and
you’ll have to learn to live with it – under control. Security should remain a
priority, but today’s risks and threats are so widespread that it will become
impossible to have complete protection – the focus of cyber security tactics
increasingly must be to analyze, detect and expunge threats inside your system.

Everything physical can be digital. The
written notes on a piece of paper, the report binder and even the pictures on
the wall can be copied in digital format and gleaned for the tools to allow a
hacktivist-type of security violation, and increasingly this will be a problem.

More firms will use cloud computing. The
significant cost savings and efficiencies of cloud computing are compelling
companies to migrate to the cloud. A well designed architecture and operational
security planning will enable organizations to effectively manage the risks of
cloud computing.

Global systemic risk will include cyber
risk. As banks and investment firms continue on the path to globalization, they
will become increasingly inter-connected. A security breach at one firm can
create negative ripple effects that greatly impact systemic risk in financial

Zero-day malware (malicious software) and
organized attacks will continue to increase. Like a vicious, insidious virus
that mutates, the tools of cyber criminals adapt and change constantly,
rendering the latest defenses useless. Firms need to be prepared to adapt
quickly as well to zero-day malware and the tactics of organized crime and
foreign adversaries that are increasingly used today.

Insider threats are real. The accidental
insider breach will continue to be the primary source of compromise for the
Advanced Persistent Threat (APT) and other attacks. Organizations need to focus
on security awareness training and internal monitoring to detect intentional
and accidental insider access.

Increased regulatory scrutiny. Recently,
the Securities and Exchange Commission introduced guidelines that require
companies to report incidents that result, or could possibly result in, cyber
theft or a risk of compromised data considered material.

“These trends highlight the fact that cyber
security today is about living with and managing the risk in your network. It’s
more than just preventing security violations,” said Bill Wansley, senior vice
president at Booz Allen Hamilton.

By Team
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