Cyber scams: Financial enterprises to act cautious

Alkesh Sharma / Emirates Business

As UAE financial institutions face unnerving and intricate challenges in light of increasing cyber scams, big data emerges as one of the major carriers of malware to the company’s system.
According to industry pundits, apart from using a foolproof anti-virus to counter this problem, a close study of algorithms and better usage of statistics can also help in detecting cyber anomalies evolving in normal patterns. This timely detection can help in identifying any kind of objectionable stance and can also predict future behaviour.
“Owing to its strategic location, many financial institutions have set up their permanent bases in the UAE and their daily transactions involve millions of dirhams. This huge money makes them more vulnerable to cyber-attacks and the current situation calls for something more sophisticated rather than mere anti-virus,” Akshay Makhani, a technology researcher with a Dubai-based consultancy firm, told Emirates Business.
“Pattern detection and predictive analysis software companies present a robust solution to cyber hurdles in the UAE. They are offered in the form of smart algorithms that keep a tab on the health of the big data and they immediately alert the owner if any kind of breach is detected,” pointed out Makhani.
Notably, UAE financial firms could be largely benefitted from these next-generation surveillance platforms, which involve machines and statistics guarding the big data of the company to safeguard users’ systems.
According to a recent research by a US-based consultancy firm, it was revealed that UAE stands among top 10 nations that are on the immediate radar of international cyber criminals.
“Statistical learning is very important to tackle cyber-crimes. In most of the cases, criminals try to attack the systems through company’s big data that is inadvertently ignored most of the times. These compromises lead to the stealing of confidential information, money and market reputation,” Ramona Mitchell, a statistical engineer and cyber-crime expert, who is working with different financial institutions and consultancy firms in the UAE, told Emirates Business.
According to a technology research firm Gartner, by 2017, firms leveraging predictive business performance metrics will be 20 percent more profitable due to the fact they are using predictive business performance metrics to guide decisions, provide insights and proactively respond to threats. “Many times companies believe that everything is fine with their big data, which is very difficult to scan,”added Mitchell.