Articles - Bank Cyber-Attacks highlight need to simulate 'War Games'


In light of recent news showing $1bn (£648m) has been stolen in cyber-attacks since 2013 from up to 100 banks and financial institutions worldwide Konrads Smelkovs of KPMG's cyber security team comments:

 “These attacks were unique in terms of the organisation it took to execute them. However, the tools used by these cyber-crime gangs weren't particularly sophisticated. It was the persistence and cautious approach of the criminals that netted them the prize. The banks targeted - primarily in Russia and Ukraine - suggest a selective operation in areas where tracking transactions is more complex.

 
 “Financial institutions need to take more of a pre-emptive approach to such attacks. Playing 'war games' is one effective way of highlighting potential weak spots where attacks are simulated. Each organisation should also look to have someone committed to defending their network, rather than someone who merely adheres to prescribed standards. The continued investment towards anti-malware technology and internal network monitoring tools remains crucial to being a step ahead of cyber criminals.” 

Back to Index


Similar News to this Story

Managing active members on the DB pensions endgame journey
Considering options to provide future defined benefit (DB) pension accrual under your long-term plan can help you take advantage of favourable insur
Whats next for innovation
In this episode, Sarah Myerscough from BIBABroker speaks with QBE Insurance’s David Jones about how innovation across an array of industries is creati
Why our health system must be preventative to be sustainable
More than twenty years ago, Sir Derek Wanless and the Health Trends Review team at HM Treasury produced the landmark report: Securing our Future Healt

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.