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Swift bank detect second bank security breach: Comment from Cisco

May 2016 by Terry Greer-King, director of cybersecurity, Cisco, UK, Ireland and Africa

Following the news this morning that Swift detected a second bank cybersecurity breach, the comment from Terry Greer King, Director of Cybersecurity, Cisco UKI & Africa.

“It is vital that the sophistication of today’s cybercriminals is not underestimated and businesses understand that it is no longer a case of if they will be targeted, but when. This realisation and acceptance of the current threat landscape will encourage more organisations to adopt an integrated, holistic and threat-centric security policy that protects the entire business before, during and after an attack. The threat landscape is even more apparent in the fintech sector, it is therefore crucial banks have complete visibility and control over their network and introduce solutions that will protect their customers and employees alike.

Cisco research reveals that within the first few hours of an attack, 60% of data is stolen. However, 50% of attacks manage to persist for months and in some cases years, without any detection which means the damage is usually already done by the time the company realises they have been breached. Going forward, it is vital that financial institutions understand and invest in a reliable security system to ensure the core of the business is protected 24 hours a day and across every access point, as our world becomes ever more developed and digitally driven.”


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