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July 27, 2015

64 % of Leading APAC Bankers Feel Unprepared for a Cyberattack

July 27, 2015

FICO Survey: Only 41 % of APAC banks have a cyber-incident response capability in place

SINGAPORE — July 27, 2015

SURVEY HIGHLIGHTS:

  • 55 % of senior APAC bank executives were unsure if their organization currently ran regular audits of data and networks to check if the company had suffered data loss.
  • 73 % of respondents said their CEO/Company board had prioritized a review of cybersecurity in the last 3-6 months
  • 58 % of respondents said they had not heard of a predictive analytics alternative to traditional rules-based SIEMs (security information and event management).

For more information: http://www.fico.com/en/fraud-security/cyber-security

As incidents of cybercrime continue to make headlines across the globe, financial institutions are giving more attention to cybersecurity, but a new survey by FICO suggests that APAC banks may be lagging. In a survey conducted at FICO’s Asia Pacific CRO Forum, 64 percent of senior bank executives from the region said they feel unprepared for cyber-attacks today, despite cybersecurity being a clear priority for them.

According to a 2014 PwC report, cybercrime is the second most prevalent economic crime faced by financial institutions and 36 % of people in financial services expect to experience cybercrime in 2015.

FICO's survey shows that while cybersecurity has become a top priority for leadership, APAC banks may not be up-to-date on the latest technology. 58 percent of respondents in the FICO survey said they had not heard of a predictive analytics alternative to traditional rules-based SIEMs.

According to FICO's survey, only 41 percent of APAC banks have a cyber-incident response capability in place. 34 percent of respondents indicated that they didn’t have any such capability or they were still considering putting one in place. A final 22 percent were currently developing their response capability.

The survey was conducted at the 2015 FICO Asia Pacific CRO Forum, held earlier this year in Bangkok, Thailand. A total of 34 senior risk officers and banking executives representing 23 financial institutions across the region participated.

Dan McConaghy, President of FICO Asia Pacific, said, "For many banks, cybersecurity is a shared domain of the IT and Fraud departments. In order to effectively combat ever-evolving cybercriminals, it is necessary for financial institutions in Asia Pacific to connect fraud and cyber information, systems and investigations. This holistic approach is needed to limit damages to customers, systems and the bank's reputation."

FICO has leveraged extensive IP assets from its banking technology, including streaming analytics and anomaly detection techniques used within its market-leading FICO® Falcon® Fraud Manager software, for the creation of an analytics-driven cyber security solution that is highly differentiated from current industry offerings and complementary to existing infrastructures and investments.

Sobre FICO
FICO (NYSE: FICO) es una empresa líder de software de analítica que ayuda a negocios de más de 90 países a tomar mejores decisiones que incrementen el crecimiento, la rentabilidad y la satisfacción del cliente. El innovador uso de Big Data y de algoritmos matemáticos por parte de la empresa para predecir el comportamiento del consumidor ha transformado sectores enteros. FICO ofrece software de analítica y herramientas que se emplean en múltiples sectores para gestionar riesgos, combatir el fraude, crear relaciones con clientes más rentables, optimizar operaciones y cumplir con estrictas regulaciones gubernamentales. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. Las soluciones FICO emplea estándares de código abierto y cloud computing para maximizar la flexibilidad, hacer despliegues más rápidos y reducir costes. La empresa también ayuda a millones de personas a gestionar su salud crediticia personal. FICO: Make every decision count™. Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

Join the conversation on twitter at: @FICOnews_APAC

FICO is a trademark or registered trademark of Fair Isaac Corporation in the US and other countries.

Contactos de la sala de prensa

Greg Jawski
Américas

greg.jawski@porternovelli.com
+1 212-601-8248

Darcy Sullivan
Europa, Oriente Medio y África

dsullivan@fico.com
+44 (0) 209-940-8719

Saxon Shirley
Asia Pacífico

saxonshirley@fico.com
+65 6422-7795

Marisa Arribas
Latinoamérica

marisaarribas@fico.com
+1 786 482 7231

Milla Delfino
América Latina

milladelfino@fico.com
+55 11 97673-6583