Digital banking means more security risks

The shift to digital banking has helped banks to provide modern and convenient services to customers, but this has also exposed them to many security risks. (Photo: vietnamnet.vn)

Hanoi (VNA) – The shift to digital banking has helped banks to provide
modern and convenient services to customers, but this has also exposed them to
many security risks, experts said at a conference in Hanoi on August 16.

The conference was jointly organised by the Information Technology Department
under the State Bank of Vietnam (SBV) and the Information Security Authority
under the Ministry of Information and Communications.

The experts noted that the Fourth Industrial Revolution is taking place in many
countries, bringing opportunities to effect far-reaching changes. This also
applies to the banking system in terms of their asset size, capital and
network, they said.

In May this year, the Prime Minister issued Decision No 632/QD-TTg, under which
the network information security of 11 key areas, including banking, would be
prioritised.

Nguyen Huy Dung, deputy director of the Information Security Authority, said
that even though banking was a pioneering sector to invest in information
safety, the loss of money still occurred because users themselves did not have
enough knowledge and financial organisations did not instruct them properly on
avoiding risks.

“Therefore, the Ministry of Information and Communications is completing a
legal framework on information system security and will announce this in the
coming months,” he said.

Nguyen Quang Hung, deputy director of the SBV’s Information Technology
Department, said many banks in Vietnam adhered to global information security
standards like ISO 27001 and NIST 800-53.

In addition, to ensure information security, the SBV Governor issued a
directive on enhancing security in electronic and card payments early this
year, and recently, a decision on security solutions regarding online and bank
card payments.

Speaking on information security in the Vietnamese banking system, Thanut Pimhataivoot,
an expert from NTT Data Thailand, said that the Vietnamese banking sector had
developed security systems in accordance with international practices, but
there were some organisations that had not fully abided by regulations,
resulting in security incidents.

Ha The Phuong, deputy general director of CMC InfoSec, spoke of disadvantages
regarding information security at Vietnamese banks.

Some projects investing in security focused on buying equipment, but without a
corresponding long-term strategy on human resources and training, he said. In
many cases, employees in information and technology management lacked necessary
security qualifications, he added.

The expert from CMC InfoSec also mentioned advanced persistent threats (APT)
facing the banking information system.

In the context of the increasingly complicated information security situation,
banks, payment portal providers and financial institutions need to be more
aware of the problems, and develop measures in collaboration with security
companies to counter threats and network attacks, experts said at the
conference.-VNA



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