Banks go to war on cybercrime

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Banks go to war on cybercrimeWith cyberspace the new global battlefield, the finance sector is finding itself in the firing line; and it’s having to draft in appropriate personnel to fight back – many of them former soldiers, spies or counter-intelligence agents. With cybercrime losses now amounting to $445 billion per annum, the need for military-style countermeasures is greater than ever.

Just as armies constantly hold practice exercises, so financial institutions are staging regular cyber drills and roll-play scenarios – to ensure that, when the inevitable attack hits them, they are in the best possible shape to repel or contain it.

Banks are now prepared to throw unprecedented amounts of money at cyber security, now that cyber-paranoia has taken over from the economy and regulation as their greatest area of concern and preoccupation. As a result, more and more banks are setting up war rooms or fusion centres.