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Securing banking systems is a constantly evolving challenge that requires a dynamic and evolving cybersecurity strategy. Augustin Kurian of The Cyber Express recently spoke with Roman Medina, the Senior Vice President and Chief Information Security Officer (CISO) at Jefferson Bank, about the strategies employed to combat the cybersecurity threats faced by banks today.
- Roman Medina stresses the growing trend of fraudsters targeting bank customers directly through methods like fake SMS messages and deceptive phone calls, rather than attacking the banks’ technological infrastructure.
- Customer education and awareness play a critical role in countering these threats; customers need to be informed about potential attacks, how to recognize them and how to respond.
- Adaptation and enhancements in technological defenses are critical, especially against sophisticated attacks like those targeting multi-factor authentication systems.
- Financial institutions continue to be prime targets for ransomware attacks, necessitating robust backup systems and comprehensive incident response plans.
- Medina also discusses the role and integration of Artificial Intelligence (AI) in cybersecurity applications, which is being increasingly seen as a tool to augment human capabilities, improving efficiency and accuracy.
Successful threat intelligence and risk mitigation are critical to securing banking systems. They involve being ahead of potential threats rather than merely reacting to them, monitoring for brand impersonation or spoofing websites, taking swift action to mitigate threats, and continuously educating customers and employees about potential risks.
Another significant challenge in banking cybersecurity is managing legacy systems and policies regarding Bring Your Own Device (BYOD). Medina stresses the need for a clear plan for dealing with these systems, whether through upgrades or transitions to newer, more secure platforms.
Medina also throws light on the process of selection of cybersecurity tools, highlighting that it needs to be highly tailored to the bank’s specific needs and must be compatible with the existing security architecture. Notably, these tools should not only be able to detect threats but also provide clear, actionable intelligence to help respond effectively.
The discussion concludes by emphasizing the importance of resilience, adaptability, and proactive strategies in dealing with the ever-evolving landscape of cyber threats. Ensuring customer awareness and guiding them in preventing fraud is a key part of this strategy.
