In an increasingly interconnected world, all banks have a stake in making it as hard as possible for cybercriminals to achieve their objectives, writes FX-MM’s Paul Golden.
The revelation earlier this year that up to one billion dollars had been stolen from more than 100 banks across 30 countries over the last two years would have come as a shock only because of the scale of the losses.
The Bank of England’s latest systemic risk survey found that during the first half of this year, 30% of respondents described a cyber attack as one of the five risks that would have the greatest impact on the UK financial system. That figure is three times higher than for the last six months of 2014 and at its highest ever level.
On the other side of the Atlantic, cyber risk was identified as the number one concern by a panel of bank chief risk officers at an American Bankers Association risk management forum in May.
There are particular concerns that smaller financial institutions will increasingly be targeted by cybercriminals. The US Office of the Comptroller of the Currency has called for vigilance, with a Federal Reserve Board meeting being told that cyberattacks against smaller banks are inevitable.
In this context, it is concerning that a report produced by IDG Connect on behalf of ForeScout Technologies in 2014 found that only 42% of respondents in the finance sector believed their organisation had acceptable visibility and control in network and endpoint security.