Minimising the Exposed Cyber Threat Landscape Throughout Global Financial Institutions

Stephanie attended the OECD forum. She is currently studying a Bachelor of Information Technology Network Security at Central Queensland University, alongside her work as a cadet in Computer Forensics at the Australian Taxation Office.

Abstract

Attacks on financial institutions are rampant and set to increase. As technology progresses, the ability to address and mitigate the abundance of possible threats becomes a monumental task. As a result of these attacks on institutions, public confidence has plummeted. Most financial institutions are attempting to address these security concerns however their implementations are not nearly as effective as they could or should be. Each institution has a differing strategy and security focus with policy makers unaware of the multitude of exposed vulnerabilities, both internal and external, which are present.

With financial institutions becoming a popular target for cyberattacks the threat landscape these institutions provide must be strategically assessed and minimised. Through a standardisation framework based on current technical best practises, addressing and governing security implementation may be achieved. However, the impacts of such an overreaching standardisation need to be examined.

Through a holistic approach developing an international governing body and framework that addresses practical implementations and technical practicalities, the threat landscape financial services encompass can be diminished as the security posture coincides with technological advancement.

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