Cybersecurity is one of the central issues in the digital transformation of the banking system. (Photo doanhnhansaigon.vn) To mitigate risks, banks must adoptsynchronised solutions that include top-notch security technologies, aneffective cybersecurity risk management process and a strategy to foster acybersecurity culture, according to academics from the University of EconomicsHo Chi Minh City Business School.
In a study titled ‘Cybersecurity risks indigital banking: The case of Vietnam,’ Dr Phan Chung Thuy and other researcherssaid in recent years Vietnamese banks have embraced digital transformation andit entails security risks.
Typically cybercriminals attack banks’ systemsto steal data or perform acts that cause losses to the bank and customers, itsaid.
Attacks targeting customers, impersonating bankemployees, malicious fake messages purportedly coming from bank links, andwebsites disguised as banks’ to defraud customers are also becoming morewidespread, it said.
The study cited Kaspersky as saying Vietnamranks 21st in the world in terms of phishing attacks with 673,743 recorded in2020, only after Thailand and Indonesia in Southeast Asia.
According to a survey by the VietnamInformation Security Association, more than 50 per cent of cyberattacks areaimed at banks and financial institutions.
A report by the Ministry of Public Security’sDepartment of Cybersecurity and High-Tech Crime Prevention said that in 2020banks lost nearly 100 billion VND (4.39 million USD) in 4,000 cyberattacks,with a single bank suffering a loss of 44 billion VND.
To address these problems, the scholarssuggested various solutions related to process, technology and people.
“The process-related solutions will focus ondetailing steps in cybersecurity risk management together with detailedinstructions to help banks identify and assess threats, and thus make activeplans to prevent cybersecurity breaches and especially create effectiveincident response plans.
“The technology-related solutions are built bycombining modern cybersecurity tools and techniques. They require banks toadopt artificial intelligence and ‘security orchestration, automation andresponse’ technologies, two types of technology that are appreciated by banksaround the world.
“Despite its potential benefits, blockchainshould be used with caution. There have been many reports recently that thereare still many unknown hazards associated with this technology.
“For HR solutions, we suggest a proactiveapproach to raising awareness and fostering a cybersecurity culture at banks.”
The report also recommended that the Governmentand the State Bank of Vietnam should focus more on issues related to the legalframework and developing a national cybersecurity strategy.
Another solution is to limit cybersecurityrisks for a comprehensive digital banking model.
“Based on the case of Brazil’s C6 digital bank,we recommend that authorities draft a comprehensive digital bankingcybersecurity strategy.
“Furthermore, cybersecurity risks can be alsomitigated with the use of a three-layer risk control model. In particular, thefirst layer is related to operating procedures, the middle layer is related torisk control and ensuring compliance with security principles and the finallayer is related to internal control.”
It also offered some general advice to banks’ customers for protectingthemselves against cyberthreats: by keeping personal information as safe aspossible when using online banking services (installing anti-virus software andfirewalls on network-connected devices), being wary of unscrupulous websites andfraudulent emails and messages and using different and strong passwords fordifferent accounts./.
VNA
