Despite cybersecurity being a clear priority, more than half (64%) of Asia Pacific's senior bank executives feel their organizations are unprepared for today's cyber attacks, according to a survey conducted at FICO’s Asia Pacific CRO Forum.
According to a 2014 PwC report, cybercrime is the second most prevalent economic crime faced by financial institutions and 36% of people in financial services expect to experience cybercrime in 2015.
FICO’s survey shows that while cybersecurity has become a top priority for leadership, APAC banks may not be up-to-date on the latest technology. Some 58% of respondents in the FICO survey said they had not heard of a predictive analytics alternative to traditional rules-based SIEMs.
According to FICO’s survey, only 41% of APAC banks have a cyber-incident response capability in place. Just over a third of respondents indicated that they didn’t have any such capability or they were still considering putting one in place. A final 22% were currently developing their response capability.
“For many banks, cybersecurity is a shared domain of the IT and Fraud departments," said Dan McConaghy, President of FICO Asia Pacific. "In order to effectively combat ever-evolving cybercriminals, it is necessary for financial institutions in Asia Pacific to connect fraud and cyber information, systems and investigations. This holistic approach is needed to limit damages to customers, systems and the bank’s reputation.”
The survey was conducted at the 2015 FICO Asia Pacific CRO Forum, held earlier this year in Bangkok, Thailand.