Continuous monitoring methods as a mechanism for detection and mitigation of growing threats in banking security system
Bright Gameli Mawudor, Myong-Hee Kim, Man-Gon Park · 2015
The banking industry is continuing to grow and their technology implementation is forever expanding due to the number of customers that they receive and new challenges they have to face periodically. Regardless of that, the present world of threats attacking the banking industry is not reducing neither will it slow down anytime soon. Vulnerabilities are being discovered daily and exploits developed towards them mostly targeting financial institutions. Traditional methodologies for threat detection cannot work anymore thus a need for revolutionary ideas and focus when it comes to the mitigations in banking security industry. Many people focus on just firewalls and applications to do carry out task with default setups to detect and mitigate threats. The effectiveness of such methods in the present Cyber Security world to fight against such threats and forms of attacks can be easily circumvented. Banks have to redefine their security management systems by continuous monitoring methods to be able to have a wider view and knowledge of threats they deal with on day to day basis.