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

2026 M&A Outlook with 5 trends firms should track for 2026
Buyers have learned to normalise and move through uncertainty, supported by lower financing costs and increased confidence in future growth prospects.
The regulatory future for sole trustees
Last month the Association of Professional Pension Trustees (APPT) published its revised sole trustee code of practice, effective from 1 January 2026.
The Purple Book 2025 Webinar
In this exclusive webinar, Professional Pensions editor, Jonathan Stapleton, is joined by our Chief Actuary, Shalin Bhagwan, and our Actuary, James Em

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.