Wiki SCADA-How Much Cyber threats Security Should Banks Have?
What You Should Know About SCADA Systems
From shopping to banking, the internet has changed the very way we operate on a day to day basis. Equally, businesses have adopted the Internet and other information technologies in order to improve their efficiency and quality of service. Unfortunately, our growing dependence on the internet has also created new opportunities for those who seek to access personal information, steal resources and interrupt business processes.
Cyber threats security involves protecting important information by preventing, detecting and responding to these activities. In particular, industry experts are warning that the financial sector is now a prime target for cyber criminals. As banks move from traditional bricks and mortar to a digital space, they are faced with a wide range of emerging opportunities and challenges.
As banking executives gear up for continued growth of the financial industry, increased security measures are needed to regulate and control access to important information across data systems. One of the most solid routes to invest in is third party security solutions. The banking and investment industry has its unique set of needs and as long as these needs are safely regulated, clients can have a bright outlook for the future, despite technological challenges.
Australia’s business landscape is constantly changing. As the Australian economy continues to grow, domestic businesses are geared towards an increase in profitability, most specifically throughout the banking and investments sector. There have been shifts of which some industries will grow and others will most likely suffer. The savvier entrepreneurs will have the upper hand, as they can take advantage of the most recent trends through online sources. Wise business executives will notice the trends and take on a forecasting approach, so that they may direct the business towards further growth through acquisitions or merges.
SCADA or Nada
With so many prospects, it is important for banking executives to secure their data storage and transfer systems early. This is done through gaining a more solid infrastructure. SCADA stands for Supervisory Control and Data Acquisition, and is the premier security system for the banking and financial sector.
Here are general steps by which NADA can be applied to banking:
- Customers encode their personal information from the offline port (i.e. Account application, ATM transactions, or a visit at a brick and mortar institution).
- Offline transactions get translated on to an actual inclusion within a bank’s operational system.
- Clients get to access their account information, transfer selected funds, look up stock options and gain benefit from other applicable services, such as credit card usage.
- Bank executives review customer behavior and project progress, so as to give directions on further developing services and identifying opportunities.
Consultants or suppliers, such as SIS Consulting, have the necessary resources to ensure that transactional information is not compromised due to cyber threats. Some standard measures with NADA as an applicable tool are as follows:
- Installation of applications where operational stages are deemed most susceptible to attacks (with a review of field equipment, or reliance on Cloud Computing and the Internet)
- Pathway blocking, as only authorised personnel would be allowed to access vital and sensitive information.
- Employee training and knowledge base development while standard security policies are set for a company’s personnel to comply with.
- Constant monitoring of clustered and segmented systems and networks.
- Scheduled system check-ups, analysis and points for infrastructure development.
- Conformity with government regulations (i.e., Policy of Use for public documents, Terms of Service for online clients, etc).
The Bottom Line
Australia’s national security, economic prosperity and social wellbeing depend upon the availability, integrity and confidentiality of information and communications technologies. In particular, the changing nature of banking in an online world present risks that needed to be managed.
SCADA is one viable tool that can safeguard the banking and investment industry’s set of operational standards. As bank executives see the industry’s continuous rise over the next few years, it is essential that decision makers source out a reliable SCADA system supplier.