Both large-scale organised crime groups and low-level, non-organised criminals have moved their operations online, creating new avenues for profit and diversifying their activities. A big part of that going forward will be a blended learning approach that includes elearning. Financial institutions, particularly those operating across different jurisdictions, are particularly at risk as online banking, frequent international transactions, new payment systems (such as PayPal and Apple Wallet, among others) and the significant databases held by banks provide easy targets and high profits. In response to these kinds of risks financial institutions are beginning to recruit staff with strong security backgrounds to improve employees’ awareness of threats and reduce reliance on technology to stop breaches. This Emerging Insights paper provides a snapshot of issues and dynamics shaping the prevention and countering of violent extremism in Kenya. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. Domain 5: Cyber Incident Management and Resilience Simon Greany is Founder and Chief Product Officer at Elucidat. Fraudsters have borrowed tactics from the hacker world to gain access to accounts without stepping foot in a physical bank branch. on. Source: Mandiant Threat Intelligence. By Simon Greany, Founder & Chief Product Officer, Elucidat. Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Financial Institution Cybersecurity Solutions Cyber-attacks have the potential to impact our national security, economic growth, and consumer confidence. By Yury Namestnikov, Head, Global Research and Analysis Team, Kaspersky. Web hosting experts Fasthosts give their top five tips for keeping customers secure this Christmas Christmas is around the corner,... By Lee Whittington, customer engagement specialist at Pegasystems 5G is key to unlocking business potential in 2021. Financial institutions should address cyber threats posed by their own employees by providing sufficient education about procedures for identifying and responding to risks, while adhering to applicable regulatory and compliance policies. As mentioned above, small financial institutions often become the victims of opportunistic cybercriminals. By that time it is likely that high volumes of sensitive corporate information will already have been siphoned off to outside criminal masters. The public and private sectors must become partners in supporting the development of cyber-security knowledge, investing … The successful launch of crypto currencies such as Libra and Gram might lead to the worldwide spread of this type of asset, which naturally will attract the attention of criminals. 2020-10-07. Evaluating the interdependencies and associated security gaps from third-party vendors should be a key part of your analysis process. Cyber attacks cost financial services firms more to address and contain than in any other industry. In the UK, while there has been an increase in the use of cybercrime by ‘traditional’ organised crime networks, a law enforcement official interviewed for this article said that there has also been an increase in the cyber ‘marketplace’ type of crime, where anyone may purchase tools to carry out fraudulent operations, data theft, ransom and blackmail. They are very likely to exploit these developments. Given the popularity of some fintech companies and exchanges (for both real and virtual money), cybercriminals will realize that not all of them are prepared to deal with massive cyber attacks, as some apps still lack basic protection for customer accounts, and do not offer two-factor authentication or certificate pinning to protect app communication. Governmental and international statistics indicate that the use of information and communication technologies (ICT) to facilitate criminal activity is increasing. For instance, we’re witnessing more engaging approaches to elearning that ensure that training lands in a way that is both targeted and more relevant and impactful. While the survey’s findings don’t paint a rosy picture, there is hope that the ways we’ve changed during the pandemic may actually hold the key to boosting flagging employee engagement numbers. Every financial institution is a potential target. Cyber-enabled (or ‘cyber-assisted’) crimes, by contrast, are ‘traditional’ crimes – such as fraud, robbery and extortion – which are facilitated and made easier by technology, but would still take place if the technology were not available. This includes booking leave well in advance and notifying the people you work closely with, who are most likely to be affected. Searches for symptoms online with terms such as ‘signs of burnout’ have already increased by 24% throughout 2020 compared to the previous year. Cross-site-scripting attacks, are exploits in which the attacker attaches code onto a legitimate website that will execute when the victim loads the website.For financial institutions, this can be a significant risk if an institution ends up being responsible (or at least perceived as responsible) for infecting their own clients. Cybercrime; Cyber-Attack; Financial Institutions. It lets you understand what never before seen threats are happening on the network, why this behaviour is taking place, and what it is doing. For instance, Section 37(1) of the Cybercrimes Act places a duty on financial institutions such as banks to verify the identity of customers carrying out electronic financial transactions. The public and private sectors must become partners in supporting the development of cyber-security knowledge, investing in innovative technology and sharing information. Policymakers must understand the structures and relationships connecting the cyber and financial networks to identify vulnerabilities, prevent failures, and … In the UK, law enforcement has identified marketplace criminals as the most prevalent actors in cybercrime, for whom – in contrast to the larger-scale organised crime groups – political and ideological reasons, rather than economic gain, are the motivating factors. October 25, 2016 The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions on cyber-events and cyber-enabled crime. It is mandatory to procure user consent prior to running these cookies on your website. 3, pp. We consider the following in our assessment of current and potential future cyber threats faced by financial and government institutions… This forecast logically follows from the previous one. at we’re in danger of a January 2021 ‘burnout spike’. At the EU level there are plans to expand legislation on cyber-security that will require operators of essential services in the energy, transport, banking and healthcare sectors, and providers of key digital services such as search engines and cloud computing, to take appropriate security measures and report incidents to the national authorities. Research into Google search data revealing online searching habits show th. The latest Modern Families Index reveals the following stats: Presenteeism in the workplace is bad news for productivity and wellbeing, and the rise in people working from home has seen an increase in virtual presenteeism. So much wisdom can be taken from this tumultuous time, having observed months of work-life altered, marked by working and staying home, traveling less and social distancing. The Council of Financial Regulators demanded banks, insurers and super funds improve fortification of computer systems, issuing a detailed new framework to govern a series of simulated cyber … Some countries are experiencing political and social upheaval, resulting in masses of people seeking refugee status in other countries. But lack of employee engagement wasn’t the only consistent theme pulled from the findings. The pandemic forced many organizations to pivot to elearning to solve immediate issues, but a digital approach to training and learning offers benefits far beyond the current circumstances. Also, half of respondents (49%) skip reading or listening to their mandatory compliance training in detail. These facts are also confirmed by underground forums and chat monitoring. The average annual cost of cyberattacks has been ballooning for many organizations. This category only includes cookies that ensures basic functionalities and security features of the website. Large players in this market should be especially careful, as there are a number of APT groups, such as Wild Neutron and Lazarus, whose interests include crypto assets. Terrorism – Old Threats Returning, New Threats Emerging: What Are The Key Longer Term Trends Business Needs To Worry About? The data demonstrated that cyber-crimes targeting banks and financial institutions have overtaken the traditional bank robbery or bank fraud (Lesk, 2011; Holt& Lampke, 2010). MAS' Cyber Security Advisory Panel stressed the need for financial institutions to review their security controls given the elevated technology-related risks arising from remote working and safe management measures due to the COVID-19 pandemic. The collection is dedicated to developing our knowledge of war and sharing theoretical approaches to modern military thinking... read more, The Library is now closed until further notice due to the Coronavirus. There are a number of steps that financial institutions can take to improve the robustness of their defences to cybercrime: better understanding of the problem through partnerships; investing in technology such as analytics platforms; and sharing information that may be relevant to others. Independent thinking, unique experiences and powerful networks – our members achieve more together. Switch off your laptop and disable email notifications on your phone. Mobile investment apps are becoming more popular among users around the globe. These systems allow them to conduct business transactions (transfers, account management, withdrawals, etc.) Downloadable! The recent UK Talk Talk breach, where the perpetrator was a teenager with no criminal affiliation, and the HSBC DoS attack, where no culprit or motive has been identified thus far, demonstrate how co-operation with law enforcement before and after attacks is crucial to the management of the problem as well as for future learning and behaviour modification. By Research Group A-Z By Theme Media Contacts. Share; Tweet By Yury Namestnikov, Head, Global Research and Analysis Team, Kaspersky. Contractors or freelancers who don’t have the support of HR might need to adopt their own strategies such as setting working hours, turning off email alerts out of these hours and separating work and living space if working from home.”. Financial institutions and systems need to protect themselves at all costs. Typically malware spends some time surveying a network, looking for weaknesses and compromising user accounts with high access privileges. You also have the option to opt-out of these cookies. Justin Bronk, Research Fellow at RUSI outlines the current state of Russian and Chinese air defence capabilities. Google search data, collected from search volume tool kwfinder.com, highlights a gradual increase in volume of searches for ‘signs of burnout’ over the last four years, culminating in a notable spike in January 2020. With intellectual property (IP) being so valuable, it is costly to do business in this digital age while maintaining high privacy levels. AML, while now mainly addressed as a regulatory issue, is seen as being on the next horizon for integration. David Crouch reviews Toxic: A History of Nerve Agents, From Nazi Germany to Putin’s Russia, by Dan Kaszeta. Financial institutions and cyber attacks: a cat-and-mouse game? Cyber-enabled financial crime is a smaller subset of cybercrime and includes crimes with a financial end-goal: ransomware, sextortion schemes, identity theft, money laundering, etc. International Journal of Computer Science and Business Informatics, Vol. New international research network to examine terrorists' use of internet technologies. It’s also best to set an automated out-of-office response on your email, which clearly states when you will be available again. By sharing information with one another, financial institutions may gain a more comprehensive and accurate picture of possible threats, allowing for more precise decision making in risk mitigation strategies. You consent to our cookies if you continue to use our website. In these situations, analytics technology appears to offer the best hope for organisations needing to identify threats and to manage them at different levels. Important initial steps for institutions embarking on an integration effort are to define precisely the nature of all related risk- management activities and to clari… For many workers, this can be a challenge to keep a healthy work-life balance – so, with the holidays coming up, Instant Offices provides an insight into the importance of shutting down work during the festive season. Brandon Hall Group benchmarking data released in June found that 0% of organizations have plans to increase face-to-face in the next 12 months. Malware may quietly collect sensitive information as it traverses the network, harvest users’ internet sessions looking for passwords, send corporate documents or databases to cyber criminals outside the target, or simply sit waiting for an external trigger to take particular actions, such as deleting critical business information. Elucidat recently surveyed finance and insurance employees to see what they thought about their company’s compliance training. The fourth webinar in the Progressive Terrorism Studies series explores the latest research on the making of the Salafi-Jihadi visual presence online. Ideally, this model also means they can do more immersive training tailored to specific teams. It helps to literally unplug and disengage from the technology that keeps us so busy. The impact of cyber-disruptions on financial institutions. Centre for Financial Crime and Security Studies, Future UK Cyber Security Strategy Project, Incentivising Cybersecurity through Cyber Insurance, Radicalisation and Countering Violent Extremism, Rebalancing Expertise in Defence and Security (REDS), RUSI-ACAMS Cryptocurrency Risk & Compliance Survey, Strengthening Resilience against Violent Extremism, The Global Research Network on Terrorism and Technology, Paper Launch - The Future of the NATO Corps, Dead Doubles: The Extraordinary Worldwide Hunt for One of the Cold War’s Most Notorious Spy Rings, Lord Trenchard Memorial Lecture: Implementing the Integrated Review – Building the Next Generation Royal Air Force, 2020-2021: The RUSI Year in Review and the Year Ahead, RUSI in 2020 - A Message from Dr Karin von Hippel, Dr Aniseh Bassiri Tabrizi provides evidence to the House of Commons Foreign Affairs Committee on the UK's relationship with Iran, We must not surrender to China’s hostage diplomacy, Liberté, égalité and weaponry: France awards Egypt’s Sisi its highest award despite human rights abuses, 2016_newsbrief_july_de_oliveira_and_stickings.pdf, When No Diplomatic Immunity is Good News: Equatorial Guinea v France in the International Court of Justice, A Template for the Global South? All of this creates a win-win for L&D and compliance teams as a whole, allowing them to construct a wide and impactful footprint within the business, while also addressing one of the most fundamental problems facing compliance today, getting employees to embrace and become fully engaged with their training. Richard Holmes, Director of Wellbeing at Westfield Health, says: “Burnout is a state of emotional, physical and mental exhaustion caused by excessive and prolonged stress. First, there is growing agreement among financial institutions that co-operation should be encouraged between the public and private sectors, and many such initiatives have already been put in place in the UK and abroad. So while face-to-face training is on ice for the time being, L&D teams have also become creative during the pandemic with their approach, and specifically with the use of elearning, which almost doubled in use between April and June (Brandon Hall Group). The Making of the Salafi-Jihadi Visual Presence – An Evidence-Based Approach, James Brokenshire on the Evolving Threat Posed by Terrorism in the UK, he Library is now closed until further notice due to the Coronavirus. Angela Knox, Director of workplace employee wellbeing program Keep Fit Eat Fit, says: “Recognising burnout or excessive stress in employees is a vital part of the HR manager’s work, and one which sadly often gets overlooked. The inability of small and medium-sized financial institutions to properly take advantage of the same security measures as the major banks is one such blind spot. Financial institutions and systems need to protect themselves at all costs. But opting out of some of these cookies may affect your browsing experience. As people line up to get vaccinated for COVID-19, we are finally seeing a light at the end of the tunnel for a return to normal, or whatever that might look like. Recent high-profile cases of financial institutions being targeted by cyber criminals, such as the attack on the Bangladesh Central Bank in February 2016 that resulted in a loss of $81 million, illustrate the dangers posed by cybercrime to the international financial system. The threat and impact of cyberattacks on the financial sector is increasing, and financial sector authorities are increasingly looking to address cyber risk and cybersecurity. In fact, 40% of remote employees said they struggle to unplug after work hours. According to a recent study of 254 companies in seven countries by the US Ponemon Institute, financial institutions are suffering on average 125 intrusions a year (three times more than six years ago). That parallels Elucidat’s research, which found that a mere 12% of organizations plan to fully revert to pre-pandemic levels of face-to-face training. This ‘attack timeline’ constitutes a double-edged sword for organisations. A study by the Ponemon Institute, a US-based research centre specialising in data protection and security policy, suggests that it can take over eight months (on average 256 days) before a financial institution detects a malicious attack. There are … While the daily foundational risk management work — maintaining networks, updating software and enforcing strong ‘cyber hygiene’ — remains with financial institutions, there is also a need to address common challenges and recognize the spillovers and interconnections across the financial … Banks and financial firms are big targets for cyber crime, so the industry is stepping up its cybersecurity efforts. 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