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Western Cybersecurity Standards are Setting the Stage for Banks in Asia to Mitigate Client, Operational Risk

Many investment banks in Asia-Pacific (APAC) are planning to implement new, internal cybersecurity standards in 2016 for protecting their vast warehouses of proprietary client and operational data, according to GreySpark Partners observations of the efforts. Planning by banks in the region to improve their cyber security governance frameworks and systems is coming from a surprising source: the US Commerce Department’s National Institute of Standards and Technology (NIST), which released its first-ever Framework for Improving Critical Infrastructure Cybersecurity endorsed by the Obama administration as a guide for protecting the physical assets of the country’s financial, energy and health care sectors from cyberattack.
However GreySpark consultant Sreekanth Kalloor argues in this op-ed article that the adoption of a one-size-fits-all approach to the creation and implementation of more stringent cyber security defenses for the APAC banking sector will not necessarily yield the results that the banks’ clients and regulators are increasingly demanding.

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