2. The cybersecurity threat landscape has become
more menacing, malignant and malevolent.
Security strategy: identify, protect, detect and respond.
Cyber-crime is escalating and no industry,
business or institution is immune
2
3. CYBER CRIME ESTIMATE
(hype, sensationalism & bluster)
2009 $1 TRILLION
2015 $3 TRILLION
2021 $6 TRILLION
Feb 2016 – June 2018
SWIFT
Payment
Systems
3
5. Bangladesh, Canada, Chile, Ecuador, India, Malaysia,
Mexico, Nepal, Russia, Taiwan, Ukraine, Vietnam
C Y B E R S E C U R I T Y
$81 million stolen from Central Bank of Bangladesh
HACKING SWIFT PAYMENT SYSTEMS
5
6. Union Bank of India Swift Payment System
was hacked in July 2016
$171 Million
SWIFT SYSTEM VULNERABILITIES: DEFICIENT 2FA; DEFECTIVE PAYMENT ENVIRONMENTS
Far Eastern International Bank
Taiwan, October 2017
$81 million
- February 2016
6
20. within 1hour of incident discovery
Notify MAS
Submit Root Cause
Analysis
14 Days from
incident discovery
Implementation of
IT Controls
Data Protection
MAS Notice 644 (effective 1 July 2014)
20
Critical Systems
High Availability
Recovery Time Objective
RTO 4 hours
21. Identify internal and external threats.
Adopt protect-detect-respond security strategy.
Establish strong access and identity management controls.
Deploy business continuity and rapid recovery capabilities.
Enforce data governance and customer data privacy policies.
Fulfill all regulatory compliance and reporting requirements.
CYBERSECURITY POLICY FRAMEWORK
21
Make the Chairman, CEO and EXCO jointly and severally
responsible for cybersecurity and risk management
21
22. 22
Any questions?
Any Questions?
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