The human variable in security risk management
From physical theft to digital attack, Raiffeisen Banking Association invests in cybersecurity awareness through the use of services offered by Cyber Guru
Raiffeisen is the banking association representing all the Rural Banks in South Tyrol, which were established to support local farms. With 39 banks located throughout the territory, the Raiffeisen Association is the leading financial institution in South Tyrol. Raiffeisen Information Service is the IT service company that manages the members’ information system.
“The financial sector has always been extremely attractive to cyber threats”-explains Massimiliano Ricci, chief information security officer at Raiffeisen Information Service.
“In the past, physical attacks such as theft or robbery were carried out. Today, these methodologies have largely been abandoned and replaced by attacks perpetrated digitally. The perimeter of companies involved has increased exponentially precisely because physical distances no longer exist. In addition to cyber threats, there is therefore reasoning about the level of risk to which the company is exposed.”
As a result, security strategy, budget management, and personnel selection are also driven primarily by the need to accompany corporate business through activities aimed at minimizing risk levels.
“In recent years, the trend of cyber attacks is mainly characterized by ransomware, distributed denial of service (DDoS), phishing, smishing and advanced persistent threats (APTs).
This last type of malware is particularly dangerous: they are in fact viruses that remain dormant for a long time, waiting for a certain condition to activate them, making them extremely difficult to detect even for security experts. The amount of attacks is directly proportional to the evolution and spread of technology.But not only that, factors such as pandemics and wars significantly influence the number.”
THE IMPORTANCE OF TRAINING
But what are the challenges to be faced in cybersecurity?
According to Eng. Ricci, they are mainly of three types: technological, organizational and human.
“From a technological perspective, a cybersecurity strategy must take into account business objectives, risk assessment and market trends. To stay up-to-date, we have adopted a new technology platform to ensure staff training.”
Raiffeisen Information Service’s choice fell on the Cyber Guru platform …
