The use of social media raises risk management issues, and education is the key to overcoming the common misperception that "you can say anything you want on social media and not have any consequences," says compliance specialist Roy Snell.
When it comes to cyber threats facing Indian financial institutions, the human element is by far the biggest, says Vicky Shah, founder of the security firm The Eagle Eye, and banks need to have measures in place to address the problem.
Organizations are starting to adapt to cloud computing, but they're hesitant about placing their core assets in the online environment, according to results from the 2011 ISACA IT Risk/Reward Barometer.
As Indian banks have migrated to new, electronic platforms including online and mobile banking, so too have the fraudsters. Vicky Shah, author of a new book on cyber crimes, offers insight to help protect banks and their customers.
Despite improvement in organizations' abilities to plan for and predict disasters, they still lack an effective response. In fact, the biggest gap in business continuity today is understanding, says Lyndon Bird, director at the Business Continuity Institute.
It's clear that major data breaches have become not just a topic of mainstream news, but they're occurring with such frequency and potential devastation that they're almost deserving of a 24-hour news desk.
"Just securing the data is no longer enough," says Trevor Hughes, head of the International Association of Privacy Professionals. 'Privacy professionals, in addition, need to prepare for what happens when things go wrong."
The same approach governments and businesses employ to protect individuals from the dangers of secondhand smoke could be applied to safeguard cyberspace, says Scott Charney, Microsoft's vice president of trustworthy computing, engineering excellence and environmental sustainability.