Cybersecurity is not just ‘a problem’ but also a major threat if not properly handled and familiarized with as discussed in the 2015 Portland Banking Expo. This most critical concern of the banks is in line with the emerging online transactions and the complete digitalization of the world. The expo mainly and comprehensively discussed cybersecurity from its roots, how they evolved, and all the threats that it presents to the banking industry.
What Is Cybersecurity?
Cybersecurity (or ‘cyber security’) is also known as information technology security. From the word ‘security’ itself, it is the protection of information (often transferable through internet-connected systems) from unauthorized access and illegal data sharing. Cybersecurity is also a blanket term for better usability, reliability, safety, and integrity of the these digitally connected systems and extensive networks.
The Present Threat Of Cyber Age To The Industry
Hackers and cyber-attackers are said to have already bypassed mitigation tools and applications even before they are released to the market. Data loss, business interruption, and damage brought by such loss are just some of the many effects that can significantly and negatively impact a financial institution.
In protecting such confidential assets, banks should always think of who should be their one protector of the data. Regulations for compliance should be in mind as well. Moreover, they should also be able to predict other reasons (what and who) that could disrupt the whole cybersecurity network of their institution. Third party contracts and their applications of use may be expensive, but such loss of security will be the most costly problem that any financial institution can ever have.
Attended by cyber experts and different banking officials and employees, the expo was successful in spreading awareness and advanced knowledge about cybersecurity. It explained well how financial institutions could effectively stay ahead of the regulatory curve without worrying about the dangers imposed by cybersecurity. With such a stable cybersecurity framework, vigilant financial institutions will not be swayed.