The Banking Executive Magazine, Issue 154, October 2021

Windows 11 Cybersecurity solutions Solutions to curb cybersecurity threats in digital banking include: • Integrated Security: Banks invest time, money, and ef- fort in employing the best technol- ogy which may be sometimes difficult to manage together. Mov- ing towards integrated security where all components work and communicate together is more beneficial. • Machine Learning and big data analytics: Analytics is an essential element in leveraging cyber resilience. A new generation of security analytics has come out which can store and as- sess a huge number of security data in real-time. • Raising Management awareness of the importance of security: Awareness of the risk of security threats and its impact must be raised and well understood and addressed by top management. • Investment in next-generation endpoint protection: Banks and institutions must invest in technologies that can recognize and eliminate cybersecurity at- tacks. • Protecting information: Data is stored in different devices and in the cloud, so every system that holds the sensitive data must be protected with security. • Raising consumer awareness: Consumers must be made aware of the importance of not disclosing their banking credentials to any- one. • Using anti-virus and anti-malware applications: A firewall may increase protection, but will not stop attack unless up- dated anti-virus and anti-malware applications are used. OPEN BANKING CYBERSECURITY IN FACE OF COVID-19 PANDEMIC In the wake of sudden and massive remote working environment accel- erated by the Covid-19 pandemic, cybersecurity has been placed among the top concerns of banking executives. According to head of KPMG’s Cybersecurity practice in Saudi Arabia, the cybersecurity land- scape is rapidly evolving, and there are several key developments that are shaping cyber in the banking sec- tor. In line with the acceleration of digitalization, the prevalence of cy- bercrime has increased during the Covid-19 pandemic. For banks, the threat is pronounced and growing. Though better prepared than most sectors, the banking sector still lags behind the cyber threats landscape. Hackers will find opportunities to ex- ploit flaws in the way banks currently fund, manage, enable, organize and implement their information protec- tion capabilities. Open banking is a practice that pro- vides third-party financial service providers open access to consumer banking, transaction, and other fi- nancial data from banks and non- bank financial institutions using application programming interfaces (APIs). It also allows for greater finan- cial transparency for customers and uses open source technology to build ISSUE 154 OCTOBER 2021 the BANKING EXECUTIVE 33 Figure 2: Cybersecurity Challenges in Digital Banking (Source: Enterslice consultancy)