Five Critical Points for Bank Boards' Cyber Risk Agendas

By Rachel Wolcott

Thomson Reuters quotes Viktor Andonov, President of DataArt Bulgaria, in the experts' overview of the main strategies to shape the response of the financial services industry to security risks.

“The rewards for cyber criminals are high and the risks are questionable. There is an elevated level of data in motion that criminals target, where in the past they targeted databases and tried to dig into them. Now they are more like medieval highwaymen holding up travelers.

As banking operations increase their dependence on IT platforms and telecommunication networks, concerns about connectivity and outsourcing to third-party providers have increased. Operational risks are also negatively affected by fragmented and ageing IT systems. Cyber attacks remain a threat.

Vendors don't always follow the same security standards firms expect. Be careful and go through security checks with them.”

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