News
U.S. calls on banks to set higher cyber security standards - expert comment
October 2016 by Mike Ahmadi, Global Director – Critical Systems Security at Synopsys
Yesterday, U.S. bank regulators outlined cyber security standards meant to protect
financial markets and consumers from online attacks against the nation’s leading
financial firms. Leading banks will be expected to use the most sophisticated
anti-hacking tools on the market and to be able to recover from any attack within
two hours, said officials briefing reporters on the plan.
Commenting on this, Mike Ahmadi, Global Director – Critical Systems Security at
Synopsys, said "While banks arguably allocate the most resources towards addressing
cybersecurity of any industry, they still lose billions per year due to hacking.
While they have remained profitable despite such losses, one of the major concerns
is a loss in consumer confidence, which is something they cannot easily rectify.
The explosion of technologies now means that banks must manage security for
thousands of applications, which all introduce risk that must be constantly
monitored and managed. In order to be more effective in managing such risks, banks
will need to require their supply chain of technology providers to deliver products
that have been developed using a rigorous secure software development lifecycle."
