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Quantum related technologies have the potential to massively disrupt financial services industry, in terms of the opportunities that such computing power will enable.
Quantum computers represent such an advance in computational power that they have the potential to expose the financial sector to systemic breaches of existing security measures. Such developments could be disastrous for the financial sector if they are not properly anticipated and managed.
Quantum-related technologies have the potential to massively disrupt the financial services industry: It is expected that this will be achievable in the next years.
This means there is now a pressing need to develop public key encryption capable of resisting such quantum attacks. Lack of quantum-safe public key encryption could result in a systemic failure of the current banking and financial sector approach to information security, while exposing large volumes of high-value data. The significance of the problem for the financial sector cannot be overestimated. Today, fraud linked to on-line banking as well as e-commerce transaction is an ever-growing issue in the classic computing world.
It also addresses the key considerations an organisation needs to take into account when migrating to a new cryptography standard. The paper introduces the MIKEY-SAKKE identity-based public key open cryptography standard, and explains that this cryptography standard, if made quantum safe, would continue to offer its unique combination of benefits for the financial sector.
Designed to be centrally managed, it gives financial institutions full control of system security as well as the ability to comply with any auditing requirements, through a managed and logged process. Additional benefits include scale and flexibility.
Cybersecurity never sleeps. Especially not in the financial industry. Network security manager, Evan Morris shares the top three threats to. 6 days ago Cyber security threats to financial services are especially vulnerable, since cyber criminals target the financial sector in the hopes of larger.
It has also recently been approved by the 3rd Generation Partnership Project 3GPP , the body responsible for standardising mobile communications for use in critical applications,hence receiving endorsement at global level for its innovative approach to public key cryptography. While it is likely to be a decade before quantum computing starts to significantly affect the financial services industry, the potential impact of this technology means that banking and financial sector must begin to prepare for its arrival now.
In security terms, this should be done through quantum risk assessments as well as investment in well-recognised and endorsed quantum-safe public-key cryptography. To download your free copy go to the Secure Chorus website www. Join Our Free Newsletter. Doing exercises, like getting everyone around the table and you recreate different scenarios to understand where your gaps are and what you do well, it also gives an understanding about what needs to be built into your cyber process and resiliency process.
It is essential to do that with everyone within the organization: So the response means we have to work together as an ecosystem.
Moreover, as soon as you make it more difficult, start sharing and taking away the different avenues to target any bank and increase awareness, you making it a less alluring environment for adversaries to engage in. Financial and banking Industry is seeking to get more actionable insights not just for their security analysts but also for the people within the business units.
It allows intelligence to quickly turn into a response by the most relevant people, especially important in a landscape where breaches happen in a heartbeat. It is important in the payments system, to create intelligence inside the bank and publish it out and circulate that fast and someone needs to receive it and do something with it, so actionable intelligence.
That more likely to speak a common language.
So being able to say, here is a set of accounts and a volume of transactions that you should be mindful of so that they can set alerts. Banks need for a change its perimeter security to in-depth multi-layers defence. Realizing the fact that sooner or later someone will get in and catching them when they get in, seeing what they do and being able to respond by having multiple layers of defence is important.
Although originally invented for the cryptocurrencies bitcoins , Blockchain technology can be very useful for tightening cybersecurity. Those who are interested or considering a career in cybersecurity , here are few top online courses:.
Secure Chorus is a not-for-profit membership organisation providing thought leadership, common interoperability standards and tangible capabilities for the information security industry. While it is likely to be a decade before quantum computing starts to significantly affect the financial services industry, the potential impact of this technology means that banking and financial sector must begin to prepare for its arrival now. Take Our Career Guidance Test. Next Post Next post: Quantum-related technologies have the potential to massively disrupt the financial services industry: Last year, the ransomware attacks , which locked up more than , computers across countries, also made headlines all around the world.
Essentials of CyberSecurity — University of Washington. Cybersecurity Capstone Project — University of Georgia.
The article has been co-authored by Parinita Gupta. Last year, the ransomware attacks,…. Contact Form Have queries for this product, fill out this form, and we will get back to you within 24 hours. Take Our Career Guidance Test.
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