Principles of an Effective Cybersecurity Strategy

According to MetricStream’s, ‘The State of Cyber Security in the Financial Services Industry’ report, around 66 percent of financial services institutions have faced at least one cyber-attack in the last 12 months. The cost of this can even result in a complete shutdown of the business."

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Cloud Computing And Banking Security

Cloud Computing and Banking Security

I have talked about security in cloud computing many times before, explaining why it is just as safe as conventional networking security, even citing its benefits over the conventional. However, there are many who still find cloud computing security lacking.

Individuals which still worry about cloud security, are those that fall under the financial institution category like banks, brokers, lenders and the like. They do not trust third party cloud computing providers and vendors, at least not with their most sensitive information and data. They might use cloud computing for some things like websites and applications that they think they can risk security with, but they would never consider parting with direct access of their financial and other similar data.

The biggest reason behind this is simpler than most would imagine as it has something to do with numbers and probability, thought they probably would not admit it is something as basic as that and would rather cite some technical issue like migration and data integrity. Those are valid points, but they are not truly even problems. With ease and security of data migration through cloning and inter-server data transfers with services like Cloud Velocity, migration is truly a no pain no worry process. The real reason as I have said is the probability of a successful attack. Government systems and financial data systems are under attack multiple times a day, and a sizeable majority of these fail at the first lines of defense. The probability of a successful attack is always real, and this probability of success increases as the number of attempts increases.

When data systems reside behind closed and secret doors, very few people will be able to access it, never mind knowing about it. However, the moment that data resides in the cloud, a sign bearing the words “Step right! Take your chance to earn millions of dollars!” goes up as well; it is inherently an invite to all attackers of all skill levels to at least try. Inevitably the success of an unscrupulous individual/s will prevail. A basic analogy would be to keeping a jar of cookies on a high table when there are a lot of kids around as opposed to keeping it out of reach and out of sight inside the cupboard.

In this case, it’s not a matter of technology but a matter of probability. No matter how advanced your security measures are men can open locks that are made by other men, it is best to keep those that try to a minimum.

By Abdul Salam

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