NBC calls for strengthening cybersecurity across banks, financial institutions | #cybercrime | #infosec

An expert call has gone out to strengthen cybersecurity across banks and financial institutions across the country amid rising number of cybercrime cases.

Chea Serey, Deputy Governor of National Bank of Cambodia (NBC) on Friday asked all banks and financial institutions to step up cybersecurity measures by investing more in the segment as increasing digitalisation contributes to risk factors.

Serey’s statement attains immense significance in light of Interpol’s 2021 Cybercrime Files, which reveal 7,345 cases of data theft in Cambodia. The banking sector was the most targeted sector, receiving 21.3 percent of all phishing attacks in the same year.

“Advanced technologies such as AI, blockchain, and chatbots continue to transform the banking sector to provide the best services that meet the needs of all customers while making digital transactions more secure and reliable. But, with these advantages come risks and threats in the sector,” the leading official at the apex bank alerted.

Serey explained that one of the parallel outcomes of the rapid growth in digitalisation of the banking sector has been the growth of cybercriminals and scammers. “The financial information of thousands of customers is at risk since these scammers are on the prowl,” she said.

“All banks and financial players must adequately develop a cybersecurity system apart from providing the right training to staff, enabling them to instantly identify security breaches and take timely action.”

Serey pointed out that increasing awareness among banking customers will also be an important step to safeguard the banking network and systems.

“All banks and financial institutions should consider cybersecurity as a driving force and train the workforce to be on high alertness.” She urged the banks and financial institutions to strictly follow the guidelines issued by Cisco Corporation, an American multination digital technology firm. “Two out of three companies here are afraid of adding new features, thinking it could provide opportunities for the scammers or hackers.”

Highlighting the fact that increasing cybersecurity can protect users’ data and prevent future cyber threats, she said: “Emerging technologies such as cloud-based security platforms that isolate applications can mitigate these risks by providing full protection across all types of enterprises, which does not require Endpoint Software or end user experience.”

The Deputy Governor also emphasised the importance of ‘Zero Trust’ – a security framework requiring all users, whether in or outside the organisation’s network, to be authenticated, authorised, and continuously validated for security configuration and posture before being granted or keeping access to applications and data.

The framework is becoming increasingly popular across banking and financial institutions as an effective way to protect against cybercrime including data theft.