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The Heartbleed heartache

+ Official Coverage on Financial Services Technology (FST) Media’s website

15 April 2014
Financial Services Technology (FST) Media

The Heartbleed heartache

The Heartbleed vulnerability was a massive wake-up call to the entire business eco-system of the internet – particularly the financial services industry, which transacts billions of dollars every day over internet servers. While many organizations were not compromised by it, some experts feel that the full damage has yet to materialize. What are the lessons from this episode and what more needs to be done? Spire was invited to share its comments in FST Media.

Heartbleed was one of the biggest security flaws to hit the internet; opening doors to the theft of servers’ private keys as well as users’ session cookies and passwords.

While some financial services firms felt that escalating innovations had led to “new, previously unthought-of risk scenarios”, others reiterated that much effort had already been put in to ensure that all the relevant risk scenarios had been thoroughly assessed. Banks were also encouraging customers to change passwords regularly and not reuse the same user ID and password across multiple sites as a best practice.

Alyssa Tan, Manager of Group Corporate Communications for Spire Research and Consulting, commented that the key take-away from the Heartbleed episode was that there was a compelling need to step up risk management for “the parts of the whole internet ecosystem lying outside the direct control of the financial services industry, such as web servers and the encryption standards they use”.


For media enquiries, please contact:
Alyssa Tan
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355
E-mail: alyssa.tan@spireresearch.com

Nidhi Singh
Senior Executive, Corporate Communications
Spire Research and Consulting
Phone: (91) 124 646 5499
E-mail: nidhi.singh@spireresearch.com

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