As incidents of cybercrime continue to make headlines across the globe, financial institutions are giving more attention to cybersecurity, but a new survey by FICO suggests that APAC banks may be lagging. In a survey conducted at FICO’s Asia Pacific CRO Forum, 64 percent of senior bank executives from the region said they feel unprepared for cyber-attacks today, despite cybersecurity being a clear priority for them.
According to a 2014 PwC report, cybercrime is the second most prevalent economic crime faced by financial institutions and 36% of people in financial services expect to experience cybercrime in 2015.
FICO’s survey shows that while cybersecurity has become a top priority for leadership, APAC banks may not be up-to-date on the latest technology. 58 percent of respondents in the FICO survey said they had not heard of a predictive analytics alternative to traditional rules-based SIEMs.
According to FICO’s survey, only 41 percent of APAC banks have a cyber-incident response capability in place. 34 percent of respondents indicated that they didn’t have any such capability or they were still considering putting one in place. A final 22 percent were currently developing their response capability.
The survey was conducted at the 2015 FICO Asia Pacific CRO Forum, held earlier this year in Bangkok, Thailand. A total of 34 senior risk officers and banking executives representing 23 financial institutions across the region participated.
While cybersecurity is a popular topic in all industries, it is particularly important on banking because of potential reputational risk concerns. And as banking leaders learn more about the many types of threats constantly assaulting their institutions, their comfort level with the current state of cybersecurity is waning, and the desire for multilayered levels of security is increasing significantly.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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