The report, “Staying Ahead of Cybercrime” discusses how greater cooperation both within businesses and between firms, law enforcement and Government is central to tackling the growing threat of cybercrime. Industry research shows that the finance industry spends three times more on cybersecurity compared to other sectors, but that simply spending money alone will not tackle this threat.
Ensuring internal control and compliance functions work simultaneously to detect and block cyber-attacks, coupled with a ‘community response’ that counteracts the agile and complex cybercriminals, are fundamental to enabling the finance industry to improve its cybercrime prevention, the report suggests.
Commenting on the report, Stephen Jones, CEO UK Finance said “Cybercrime has the potential to seriously damage our economy and broader society, so to get one step ahead, the finance industry must revise its approach to cybersecurity. It’s not just about straight forward governance or risk and control issues as this report demonstrates. Strategic collaboration is needed through close integration with external agencies including the National Cyber Security Centre, National Crime Agency and police forces, to build a robust intelligence sharing model, in order to be more effective about tackling the ever-increasing cybercrime threat.”
David Ferbrache, CTO, Cyber, KPMG UK said “Cybercrime is costing UK institutions billions, but more importantly it erodes trust and leaves customers vulnerable. As a community we need to do more to understand the mindset of the criminals, to share intelligence on their actions and be ready to disrupt those operations. Today’s report highlights the challenges institutions face in tackling cybercrime and sets an agenda for action. Collaboration is vital to putting criminals out of business.”
The report titled ‘Staying Ahead of Cybercrime’ can be viewed here.