During this week's keynote address at the 14th annual European Financial Services Conference, global financial messaging network Swift's CEO, Gottfried Liebbrant, announced measures to boost security following multiple cyber attacks involving the network. The speech, delivered in Brussels on Tuesday, detailed a plan to reinforce security by increasing security requirements, developing audit frameworks, improving information sharing in the financial community and toughening third-party certification requirements.
In Liebbrant's own words, the increasing threat of cyber attacks in the banking industry is a "big deal" that "gets to the heart of banking." In two incidents so far this year, cyber attackers obtained user credentials and submitted fraudulent money transfer requests. According to Liebbrant, incidents like these are problematic because they can 1) compromise the viability and future of the bank as a business, and 2) disrupt financial systems that are interconnected and rely heavily on trust. Given the shared risk, Liebbrant says, fighting cyber crime should be a shared effort.
Surely, collaboration and cooperation on the cyber security front can only help in the face of a growing threat landscape. Enterprise software vendors are working hard to keep up with the increased threats of malware, phishing and DDoS attacks, and they're not doing it alone.
This week, data integration and management provider Informatica announced partnerships with NetFlow Logic and Linoma Software to enhance security and compliance capabilities of its Intelligent Data Platform, a suite of data integration, master data management, archiving and security solutions. The combined technology will allow Informatica's Integration Platform as a Service (iPaaS) solution to better keep pace with the ever-increasing pressure of data security regulations from PCI DSS and HIPAA.
Additionally, security startup Demisto emerged from stealth mode and announced a new security ChatBot designed to automate and streamline corporate security operations for the enterprise. According to Demisto team, the bot will enable security analysts to respond to network security breaches more quickly, a capability that can make a big difference in today's threat landscape where zero day vulnerabilities are far too common. The company is already integrating with a number of security products from Check Point Software, Palo Alto Network, FireEye and IBM through Demisto's open API to ensure coverage of the entire security incident cycle.
A final note: Although not collaborative, a few key vendor security updates were unveiled this week that are worth mentioning. On Monday, T-Mobile pushed out a critical security patch for the Samsung Galaxy S7 and S7 Edge with the Android 6.0.1 Marshmallow software update. Additionally, Chrome 51, the latest version of Google's browser, includes 42 security fixes, and Apple released an OS X update that includes patches for roughly 70 vulnerabilities. While most of the OS X v10.11.15 patches addresses minor security issues, a few address more severe vulnerabilities (including a few that could provide remote access to hackers).