In response to the news that the financial ombudsman has come out today saying that banks should not assume victims are at fault, James Romer, Chief Security Architect at SecureAuth + Core Security and David Kennerley, Director of Threat Research at Webroot commented below.
James Romer, Chief Security Architect at SecureAuth + Core Security:
“Fighting fraud effectively requires a joint effort between banks and consumers, with identity and authentication at the centre of the strategy. Banks need to implement the most comprehensive cybersecurity technology which considers different factors (such as device recognition and geolocation) at the login phase and consistently apply multi-factor authentication(MFA) if risk is detected, to address the threats at the identity level efficiently.”
Dave Kennerley, Director of Threat Research at Webroot:
Banks should take more responsibility for defending against cyberattacks and also assume the role of educator, as they possess the relevant knowledge of emerging threats, as well as the most effective defence. Cybercriminals only need to find one hole in the defence, while security professionals have to secure the entire attack surface area. It’s not an easy or simple task, but an intelligent approach of education combined with the relevant technologies – utilising smart capabilities, such as machine learning – can be used to deliver threat protection and help detect and stop attacks.”
The opinions expressed in this post belongs to the individual contributors and do not necessarily reflect the views of Information Security Buzz.