Written by: Heer Rangwani - Racepoint Global UK
It was interesting to see that in the same week as Infosecurity Europe 2018 – and only a few weeks after GDPR coming into effect – cybersecurity has replaced over-regulation to become the top concern for banking executives. In fact, seven of the UK’s largest banks, including Santander, Royal Bank of Scotland and Tesco Bank, were impacted by a cyber-attack last year that stalled or completely shut down operations and contributed to an industry loss of $18 billion.
With the financial sector now waking up and realising what is at stake it is good to see the news that Goldman Sachs has become the first bank to partner with Immersive Labs to offer cybersecurity war games to 8,000 of its technology staff. Hopefully, initiatives like this will further increase awareness and best practices in the industry and help prevent future attacks.
This is all in a similar vein as to the keynote address by Baroness Dido Harding at Infosecurity Europe this week, where she clearly outlined how cybersecurity is no longer a niche tech issue, but actually a business critical one. Seeing cybersecurity escalated up the chain is an important next step in the fight against cyber-attacks. Only by taking it seriously and being fully prepared at every level do we stand a chance of beating the hackers.
Nonetheless, the road to serious cybersecurity protection still has a long way to go. Issues such as the skills gap will not be solved quickly, however solving it will lead to other benefits. One major positive that will come out of solving the skills gap is the increased diversity, which will bring new ways of thinking to the table.
So although we are not there yet, the fight back against the hackers is well and truly underway. Furthermore, the journey will no doubt delivery additional unforeseen benefits too. So here’s to the future!
News Round-Up Financial Times
The Wall Street giant, famously described as a technology company, has signed up with Immersive Lbs and is offering its 8,000-strong technology workforce access to the platform where they can test their skills.
The UK’s Immersive Labs has added Goldman Sachs to its growing client roster, with a new deal to help support the global investment bank’s cybersecurity team.
British banks are going to need to take a chance investing in innovative technologies to preserve cyber-security, even though they already outspend the nation’s prison system fighting crime.
Cyber-attacks by cyber states used to be a small part of the problem for state authorities to address, but now all organisations are potential targets of nation-state attacks.