Cybersecurity is crucial for the ongoing digitization of the banking sector: researchers | Business

Cybersecurity is one of the central challenges of the digital transformation of the banking system. (Photo

City HCM (VNS / VNA) – Cybersecurity is one of the central challenges of the digital transformation of banking system.

To mitigate risk, banks must adopt synchronized solutions that include best-in-class security technologies, an effective cybersecurity risk management process, and a strategy to foster a
cybersecurity culture, according to academics at the Ho Chi Minh City University of Economics business school.

In a study titled “Cyber ​​Security Risks in Digital Banking: The Case of Vietnam,” Dr Phan Chung Thuy and other researchers said in recent years that Vietnamese banks have embraced digital transformation and that carries security risks.

Typically, cybercriminals attack banking systems to steal data or perform acts that cause losses to the bank and customers, he said.

Attacks targeting customers, impersonating bank employees, fake malicious messages allegedly from bank links, and websites disguised as banks to defraud customers are also increasingly common, he said. .

The study quoted Kaspersky as saying that Vietnam ranks 21st in the world in terms of phishing attacks with 673,743 registered in 2020, only after Thailand and Indonesia in Southeast Asia.

According to a survey by the Vietnamese Information Security Association, more than 50% of cyber attacks target banks and financial institutions.

A report by the Department of Cyber ​​Security and High-Tech Crime Prevention of the Ministry of Public Security indicated that in 2020, banks lost nearly 100 billion VND ($ 4.39 million) in 4 000 cyberattacks, a single bank having suffered a loss of 44 billion VND.

To address these issues, researchers have suggested various solutions related to process, technology, and people.

“Process-related solutions will focus on the detailed steps of cybersecurity risk management as well as step-by-step instructions to help banks identify and assess threats, and thus develop active plans to prevent breaches of the security system. cybersecurity and in particular to create effective incident response plans.

“Technological solutions are built by combining modern cybersecurity tools and techniques. They are forcing banks to adopt artificial intelligence and “security orchestration, automation and response” technologies, two types of technologies valued by banks around the world.

“Despite its potential benefits, blockchain should be used with caution. There have been many reports recently that there are still many unknown dangers associated with this technology.

“For HR solutions, we suggest a proactive approach to raise awareness and foster a culture of cybersecurity in banks. “

The report also recommended that the government and State Bank of Vietnam focus more on issues related to the legal framework and the development of a national cybersecurity strategy.

Another solution is to limit the cybersecurity risks for a digital bank model.

“Based on the case of Brazilian digital bank C6, we recommend that authorities draft a comprehensive digital banking cybersecurity strategy.

“In addition, cybersecurity risks can also be mitigated through the use of a three-tier risk control model. In particular, the first layer is linked to operational procedures, the intermediate layer is linked to risk management and compliance with security principles and the last layer is linked to internal control.

It also offered some general advice to bank customers to protect themselves against cyber threats: by protecting as much personal information as possible when using online banking services (installation of anti-virus software and firewalls on devices connected to the network ), being wary of unscrupulous websites and fraudulent emails and messages, and using different and strong passwords for different accounts.

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