Bankers in the UK and USA have put cybercrime at the top of their list of threats to the industry.
Due to the media attention given to cyber-attacks on big business, the banking sector now classes the threat as more dangerous to its interests than political interference, credit risks and regulations.
The Centre for the Study of Financial Innovation (CSFI) recently released its latest annual survey, which showed that there was a severe underinvestment in technology in the banking sector.
The study surveyed 672 people working in the banking industry from across the world. Respondents from the UK and US put the threat posed by cyber criminals at the top of their lists whilst bankers from other nations recognised the threat.
A minority of the study’s respondents however said that they believe the threat from cybercrime is nothing more than a passing scare with some unbelievably comparing the threat the Y2K bug.
‘Tax evasion and money laundering are two threats that can be managed and controlled. Cyberattacks are a different animal. The threat is so great that some believe that a single cyberattack could bring down a bank,” said an industry observer.
The banking sector is understandably concerned about the threat as in 2014 there was a major data breach at JPMorgan Chase & CO. which resulted in the theft of information from over 83 million accounts. In 2015 we have seen HSBC suffer from a data breach where hackers stole the personal information of some of its mortgage customers.
Normalise the Threat
Whilst the threat from cyber criminals is real, bankers need to normalise the threat by taking common sense measures to deter the hackers. When it comes to physical security, banks are some of the most secure organisations in the world, there is no reason why the same effort in physical security should not be applied to cyber.
Increased investment in the training of staff and technology, as-well-as calling in cyber security experts to assess their security measures are the most effective methods of protecting their organisations.
If you think your organisation needs to improve its cyber security contact the experts at PGI Cyber