Maximizing Cyber Threat Intelligence (CTI) in the Financial Sector: Benefits and Implementation Challenges
Abdullah bin Mohd Aziz
Department of Computer Science, Universiti Malaysia Kelantan, Bachok Campus, Kelantan, Malaysia
Abstract
Due to the critical importance of financial infrastructures, they are prime targets for cybercriminals, highlighting the necessity for robust security measures. This study explores the role of Cyber Threat Intelligence (CTI) in enhancing the security frameworks of financial institutions and identifies key challenges that could impede its effective adoption. CTI offers numerous benefits to the financial sector, including real-time threat awareness, allowing institutions to proactively address cyber-attacks. It significantly enhances the efficiency of incident response teams by providing contextual information about attacks. Additionally, CTI is crucial for strategic planning by offering insights into emerging threats and helps institutions comply with regulatory frameworks such as GDPR and CCPA. Other applications include improving fraud detection through data correlation, assessing and managing vendor risks, and optimizing resource allocation to address the most critical cyber threats. However, the adoption of CTI technologies faces several challenges. A major issue is data overload, as the vast amount of information generated can overwhelm institutions and lead to alert fatigue. Interoperability is another significant challenge; different systems within the financial sector often use incompatible data formats, complicating CTI integration. Cost constraints can also inhibit the adoption of advanced CTI tools, especially for smaller institutions. A lack of specialized skills required to interpret CTI data exacerbates the problem. The effectiveness of CTI depends on its accuracy, and false positives and negatives can have detrimental impacts. The rapidly evolving nature of cyber threats necessitates real-time updates, posing another challenge for effective CTI implementation. Furthermore, sharing threat intelligence among entities, often competitors, is hindered by mistrust and regulatory complications. This research aims to provide a detailed understanding of the applicability and limitations of CTI within the financial sector, encouraging institutions to adopt it with a thorough awareness of the associated challenges.
Author Biography
Abdullah bin Mohd Aziz, Department of Computer Science, Universiti Malaysia Kelantan, Bachok Campus, Kelantan, Malaysia
