News > FinTech

No guarantee against hackers

By NexChange
FinTech

hacker

The alleged hacking scheme against 10 financial institutions and other US companies highlights the importance of cybersecurity for every firm.

As Manhattan attorney Preet Bharara, who’s office has indicted three men, said, “[It is] a brave new world in hacking for profit…It is hacking as a business model.”

So, a speech by Singapore’s former head of cybersecurity at FinanceAsia’s Annual Compliance Conference in Hong Kong on Tuesday was rather timely. (paywall)

“We can never be 100% secure from cyberattacks. Never,” warned Alan Seow who was employed at Singapore’s Ministry of Communication and Information.

Companies can put up some resistance by adopting a three-tiered approach: having effective defensive measures, rapid response processes and robust recovery systems.

But, “even companies that spend a lot of money on experienced staff and put sensible measures in place have no guarantee of keeping ahead of hacking opponents,” reports FinanceAsia.

Photo: Brian Klug

Subscribe to our Newsletter

Be one of the first to experience the future of financial services