Banks 'remain responsible' for security measures to prevent phishing scams, says cybersecurity specialist - The Independent Singapore News

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Singapore – The main responsibility for preventing phishing scams still lies with banks and financial institutions, said a cybersecurity specialist with CrowdStrike, an international cybersecurity technology company based in California. Immediate measures are needed to strengthen digital banking controls while longer-term moves are being weighed, said Mr Mark Goudie, CrowdStrike’s Asia Pacific and Japan …

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Singapore – The main responsibility for preventing phishing scams still lies with banks and financial institutions, said a cybersecurity specialist with CrowdStrike, an international cybersecurity technology company based in California.

With the right security measures in place, such scams can be easily spotted and can be readily reported, Mr Goudie told T“MAS expects all financial institutions to have in place robust measures to prevent and detect scams as well as effective incident handling and customer service in the event of a scam,” it said in its statement on Jan 19, responding to news and social media reports that such crooked schemes had already siphoned off millions of dollars from accounts in Singapore.

The authority also said: “The growing threat of online phishing scams calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months.”So, two weeks from Jan 19 will be Feb 2, the second day of Chinese New Year when many people might be expecting to be banking in theirThat is the date by which banks must ensure they have removed clickable links in emails or SMS messages they send to retail customers.

Mr Goudie noted that incident detection and remediation time plays a vital part in the containment and prevention of similar incidents.According to CrowdStrike’s Global Security Attitudes Survey, 51 per cent of organisations in Singapore cite lack of resources, disparate solutions , legacy infrastructure , and poorly performing existing solutions as the reasons behind not managing cybersecurity incursions and incidents faster.

“We would advise companies to always remain proactive and adopt a robust cybersecurity posture at the backend to ensure existing frameworks remain secure,” he added.

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