A good friend of mine who is an ethical hacker once shared with me the story of how they found a vulnerability in the systems of a bank which they exploited and added a few zeros to an account balance.
The banks security systems did not spot the breach until these guys reported the case because their motive was not to steal from the bank. That probably sounds unbelievable; however, for members of various white and black hackers forum, this is really the usual line of various discussions.
I have decided to narrow this piece to the financial services industry especially the banking sector for two main reasons. First, I believe that when it comes to technology adoption in Nigeria, they are really at the forefront and second; I was invited to join some bank executives for a one day exposition themed, “Defence In-depth with cognitive security”, organised by ActivEdge Technologies and IBM, both of which are leaders in the space.
For IBM, “Cognitive systems shine a light into data that has been dark to organisational defences until now – uncovering new insights, patterns and security context never before seen.”
From all indications, cognitive security certainly provides effective tools that will allow the financial service industry in Nigeria to better explore structured and unstructured data, intelligence, security, financial information, analysis and much more.
Many IT professionals (and others) also see it as a technology that can trigger the creativity and talents of data and security analysts, relieving them from the usual everyday tasks and making them more focused on what is most important.
The wealth of information under the custody of financial service firms from those that patronise them is huge. The protection of this data is unquestionable and most businesses that seek for information of such try to make the best out of it by gaining competitive advantage.
“All over the world, organisations are continuously exploring means of improving their security and defence posture in a way that meets the operational data protection and privacy and regulatory requirements,” says George Agu, CEO, ActivEdge Technologies Limited.
If a bank, for instance, has a data and security analyst that can only attend to 10 security incidences out of about 50 security cases received per day, the productivity level is affected because, Incidence Response is meant to be handled immediately, no matter the number received per day.
The bank might also decide to deploy more workforce to make sure that IR is increased in the long run, thus, incurring additional cost. All these issues could be adequately handled and effectively managed, if cognitive systems are deployed for the banks and other larger corporations.
Obviously, the above scenario shows the increased possibilities of vulnerabilities due to how — Finish Reading on the Punch