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Cybersecurity is no longer an IT issue

By NexChange
FinTech

Cybersecurity

Cybersecurity is not the biggest threat facing the financial institutions of tomorrow, it’s the biggest threat facing the financial institutions of today, say industry professionals, and it needs to be tackled differently.

Speaking at ASIFMA’s annual conference in Hong Kong’s Conrad Hotel on Thursday, Ben Wootliff, managing director at Hong Kong-based risk advisory Control Risks said:

Cybersecurity is no longer an IT problem, it’s a general risk problem. Leaving cybersecurity issues to be handled by an IT department is a potential disaster.

His statement was echoed by Todd Stewart, executive director with EY’s cybersecurity advisory, who said there was a need for a better understanding of the types of cybersecurity threats companies face today.

He also added the biggest threat to an organization’s information security can come from insiders, saying: “This could be either through malice, or through a mistake. The key is that people need to be better educated.”  

In a live poll, around 77% of attendees agreed that criminal activity and fraud represented the most critical cybersecurity risk facing institutions today. However, nearly 10% noted that a significant number of cybersecurity risks also came from company insiders. Wootliff concluded:

It is easy to hack meat-based computers. In other words, where humans are involved, their weakness can allow for errors and create a security risk.

Photo: Merrill College of Journalism

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