PH banks urged to collaborate, share info to fight hacking

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IBM executive security advisor Diana Kelley IBM executive security advisor Diana Kelley [/caption] While financial institutions are the most private and secretive among business organizations, IBM executive security advisor Diana Kelley said banks would be giving themselves a favor by closing ranks and putting up a united front against hackers. Kelley, a widely acknowledge expert on security, noted that an IBM study found 20 million financial records were breached in 2015 alone. This is because banks and other financial agencies refuse to cooperate with one another for fear of leaking sensitive data. As a result, hackers have found the financial industry an easy nut to crack. Another survey also conducted by IBM among 700 top executives found that many leaders are confused about the true cybersecurity adversary is and how to effectively combat them. The research excluded the CISO (chief information security officer) to get a true picture of what everyone else in C-level thinks about cybersecurity. While on paper, cybersecurity is viewed as a top concern of 68 percent of executives, and 75 percent believe a comprehensive security plan is important, the study found key executives need to be more engaged with CISOs beyond planning for security, and take more active role. A major finding of the study was that 70 percent of CxOs think rogue individuals make up the largest threat to their organizations. The reality is that 80 percent of cyberattacks are driven by highly organized crime rings in which data, tools, and expertise are widely shared according to a United Nations report. The study found that a broad set of adversaries concerned the C-Suite including 54 percent who acknowledged crime rings were a concern, but they gave nearly equal weight of concern to competitors at 50 percent. Over 50 percent of CEOs agree collaboration is necessary to combat cybercrime. Ironically, only one-third of CEOs expressed willingness to share their organization?s cybersecurity incident information externally. This exposes a resistance to widespread and coordinated industry collaboration, while hacking groups continue to perfect their ability to share information in near real-time on the Dark Web. CEOs also emphasize that external parties need to do more; stronger government oversight, increased industry collaboration, cross-border information sharing, competitors ? a dichotomy that needs to be resolved. ?The world of cybercrime is evolving rapidly but many C-Suite executives have not updated their understanding of the threats,? said Caleb Barlow, vice president at IBM Security. ?While CISOs and the board can help provide the appropriate guidance and tools, CxOs in marketing, human resources, and finance, some of the most sensitive and data-heavy departments, should be more proactively involved in security decisions with the CISO.? In fact, marketing, human resources, and finance departments represent prime targets for cybercriminals as they manage some of the most sensitive customer and employee data, manage corporate financials and have access to banking details. In the study, roughly 60 percent of CFOs, CHROs, and CMOs readily acknowledge they, and by extension their divisions, are not actively engaged in cybersecurity strategy and execution. For example, only 57 percent of CHRO?s report they have rolled out employee training that addresses cybersecurity, a first step in getting employees engaged on cybersecurity. ]]>

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