fofsummit2019

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The top challenges in fighting cybercrime and fraud in the digital age?

The common perception is bigger institutions have higher standards of security protection. However, security breaches are making headlines these days, not in the smaller institutions that expectedly are more vulnerable, but in the world’s largest companies. Paradoxically, in the cybersecurity world, an institution’s better security standing may be the very reason that it is targeted.

The common perception is bigger institutions have higher standards of security protection. However, security breaches are making headlines these days, not in the smaller institutions that expectedly are more vulnerable, but in the world’s largest companies. Paradoxically, in the cybersecurity world, an institution’s better security standing may be the very reason that it is targeted.

The targeting is not only in terms of identity and data theft of personal customer accounts, but also hacking of business and corporate banking accounts. With the growing digitisation of transac­tions and the increased reliance on mobile digital networks and connections via the internet or “cloud”, complex IT systems of banks have been subject to more frequent cyberattacks and cybercrime. These include online and/or mobile fraud such as fraudulent payments and transfers; and attacks in the form of malware (malicious software), phishing, remote account takeover, and other automated malware-driven threats.

Malware attacks are indiscriminate, and the same ease by which consumers can access financial services today, is the same ease by which attacks have descended upon accounts. And because larger banks—which are perceived as having more sophisticated security measures and are consequently more trusted—have larger customer bases with higher average balances, they are prime targets.

The loss of trust and damage to reputation arising from a successful attack can be irreparable, even though actual financial or monetary loss may be mitigated. Recognising the adverse impact on banks and the financial system as a whole, regulators have put in place requirements to ensure high and robust standards on IT security and risk management.

This teleconsultation will discuss the following issues:


Institution: F5 Networks
People : Daniel Lee
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