March 8, 2018
IDC Tech Spotlight: Opportunity knocks for Asia’s banks, but there’s a catch
Throughout Asia, banking activity and ecommerce are becoming increasingly embedded in our lifestyles, with banking credentials forming part of a customer’s integrated digital identity, according to new IDC findings.
As customers demand and expect more of a digitized experience, the scale and volume of secure data that’s being transmitted across the network is increasing exponentially. At the same time, across the APAC region high digital connectivity, contrasted with low cybersecurity awareness, growing cross-border data transfers and weak regulations have made this data a global target.
The growth in the “as-a-service” nature of the cybercrime marketplace is also fueling an increase in the number of traditional crime groups and individuals drawn into cyber offending. New sources of vulnerability from mobile, BYOD, CYOD, web-services and IoT devices are further broadening the cyber threat landscape with ever-more sophisticated forms of malware and DDoS attacks.
“It doesn't mean that there needs to be a paradigm shift
in the way things are done or managed,
but rather a re-focus on where efforts
and resources should be placed.”
“Whereas prevention has always been a concern, it should now take equal priority to monitoring and response,” says Karen Holland, Juniper’s Vice President, Marketing, APAC in the latest episode of the Shield Podcast. “IDC recommends that organizations, and especially financial services institutions, should focus on three things. Firstly, managing and securing what is an increasingly hybrid environment. Secondly, manageability and simplification of network environments; and, thirdly, designing and implementing robust risk management plans.”
As such, those organizations not investing in a more comprehensive and holistic approach to network security have found themselves performing juggling acts with a widening array of threats. When a significantly disruptive security exploit or data breach does occur, Ponemon research shows the average total financial impact to be $3.3 million.
Through building unified security platforms via software-defined secure networks, Juniper has enabled many of the regions’ leading providers of financial services to leverage automation, machine learning and real-time intelligence to defend their network. By simplifying security team operations while delivering adaptive enforcement and one-touch mitigation, organizations are able to concentrate their finite resources on business innovation.
“It doesn't mean that there needs to be a paradigm shift in the way things are done or managed, but rather a re-focus on where efforts and resources should be placed,” Karen highlights on the Shield Podcast.
Karen shared more of her thoughts on the changing security needs of financial institutions on our podcast, click here to listen to it.