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Financial services industry vulnerable to cyber-attacks: Fortinet
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The financial services industry is still the main target for cyber criminals, according to the United States-based network security company Fortinet. (Shutterstock/File)
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he United States-based network security company Fortinet has stated that Indonesia’s financial services industry is vulnerable to cyber-attacks due to its obsolete security methods in facing the ever-growing number of highly-skilled cyber criminals.
“The financial services industry is still the main target [for cyber criminals] considering the sensitivity of its data, which is considered very valuable on the online black market,” Fortinet regional director for Indonesia Edwin Lim said in a statement on Wednesday.
“As the quantity and complexity of cyber-attacks have been increasing, the financial services industry should prepare itself to be better in detecting and decreasing such threats.”
(Read also: Police playing tough in combating cybercrimes in Indonesia)
The company said many players in the industry had yet to secure their valuable data through cloud computing, which is the process of storing and accessing data over the internet with a shared connection between computers and other devices on demand.
Therefore, Fortinet calls on each institution to provide two-factor authentication (2FA) in securing its data. Using a 2FA system, data is protected with the combination of a password and another authentication mechanism that is connected to a personal gadget, such as a smartphone.
The company also suggests that all industry players secure their data by investing more in internet of things (IoT) infrastructure.
IoT basically allows every physical object to be interconnected with one another. Every digital process will generate big data or extremely large data sets that can be analyzed to reveal patterns and trends to increase productivity and efficiency in everyday life, including in public safety. (bbn)
