Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
WorldSeptember 1 2014

Cyber attack: Is your bank safe?

From financially motivated cyber crime to politically influenced cyber warfare, the virtual threats to financial institutions are multiplying. Companies must respond by arming themselves against such attacks or else they risk losing their footing on the new digital battleground.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

Criminals have long targeted banks for the simple reason that this is where the money is, but now financial institutions have another threat to contend with: state-sponsored cyber attacks. No longer simply a topic of conspiracy theories, state-sponsored cyber threats are a reality and are pushing financial institutions to rethink how they share information, among themselves, as well as with other industries and government entities.

Cyber security in the finance industry has been mostly focused on attacks conducted by groups or individuals with criminal motivations. But, says Mark Clancy, chief information officer at US financial services firm Depository Trust and Clearing Corporation (DTCC), “in the past two years we have started to see some activities that cannot be explained by criminal motivations”.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial