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

How does QT feed into the DB pensions funding levels debate
Over the past three years, following 15 years of heavy deficits, defined benefit (DB) pension schemes have moved into surplus as government bond yield
August 2025 Edition of the Actuarial Post Magazine
Firstly, many congratulations to the Lionesses for winning EUFA Women’s Euro 2025 and a special mention to Lucy Bronze for playing with a broken leg,
The role of insurance in advancing nuclear energy
As the world accelerates its transition to low-carbon energy, nuclear power stands out as a reliable, carbon-free solution. Its ability to provide con

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.