Banks are supposed to put up sturdy walls to protect the sensitive financial information that they closely guard, but sometimes these silos work to the benefit of the fraudsters intent on breaking in and stealing it. When bank teams work together, they present a much stronger unified barrier against cyber-criminals. What five steps do banks need to take to make this collaboration happen?
Cyberattacks have become one of the biggest threats, not only to business but to society at large. Cybercriminals, hacktivists and nation states are now capable of deploying malicious code to bring down everything from corporates to critical infrastructure in an instant.
The banking industry in Ukraine has been beset by conditions so dire—from rampant fraud in its main banks, threats of war to foreign capital flight—that some thought it would never fully recover. Yet with help from international partners, the government, under the leadership of the National Bank of Ukraine, is making impressive strides toward putting its banking sector back on solid, fruitful ground.
ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.
While most people associate cybercriminals with hacking and security breaches, many of them have begun exploiting vulnerabilities in the e-commerce industry as well, using a new scheme called transaction laundering.
Financial services organisations remain a firm favourite for cyber criminals. Industry reports suggest that hackers target financial service firms 300% more often than any other sector – and this situation is unlikely to change.
Digital disruption has dealt the banking industry a serious blow, but how serious is the threat these new entrants pose? Andrew Lawson, UK MD of Salesforce, argues that if banks play their cards right, they can still come up trumps.