What next year may hold for banks' cyber security

Booz Allen predicts 10 trends in the financial services industry

After the spate of massive DDoS attacks on U.S. banks earlier this fall, financial institutions are fortifying their data and network security defenses. In the year ahead, we can expect to see a number of emerging trends in the financial services industry's cyber security efforts, reports Greg MacSweeney at Wall Street and Technology.

In general, the security chiefs at banks will have to do a better job communicating among each other and prioritizing the threats to their institutions, according to the consulting firm Booz Allen Hamilton. Thorough self-assessments and information-sharing within the industry will be critical to defense efforts. Booz Allen predicts 10 emerging trends in the industry:

  1. Protecting against risk will be elevated from a strictly technology-related issue to one of people and processes.
  2. Cyber attackers may turn their attention to destroying data, not just disrupting operations.
  3. Attackers, including nations and extremist groups, are using increasingly sophisticated capabilities.
  4. The potential for information-sharing legislation could prompt the industry to establish standards related to risk.
  5. Predictive threat intelligence analytics will help identify potential hackers and methods.
  6. Banks will grow increasingly concerned about the security posture of their vendors.
  7. Boards of directors will have to establish a culture to better deal with risk.
  8. Mobile devices and personally-owned devices will continue to spur banks to improve the control of corporate data flow.
  9. The importance of identity and access management will become increasingly clear.
  10. Cyber benchmarking will become more important as financial institutions and IT leaders better articulate the value of protecting against attacks.

For more:
- see Greg MacSweeney's article at Wall Street and Technology

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