3/23/2023 0 Comments Play nebulous online![]() It’s also about the quantification of these threats, and the fact that calculating the risk of cyber exposure in monetary terms is exceptionally difficult. Most banking losses are cyber- or tech-related and range from phishing scams and amateur scammers (who use existing code to commit cybercrime) to nation-state hackers. * Cyber risk – This is the top non-financial operational risk category in banking. ![]() The challenge is how to introduce robust privilege management and role-based controls such as multi-factor authentication (MFA) and Zero Trust security models, without preventing legitimate actors – such as employees and third-party contractors – from doing their jobs. The proliferation of connected devices and a burgeoning ‘work from anywhere’ culture is radically changing the way organisations assess and monitor these risks. * Employee fraud – Insider threats are difficult to manage and are unique in both impact and scale. Research shows that 1.5bn minutes are wasted per year going through the authentication process – so there’s work left to do to create a seamless customer experience. Fraudsters are also using more sophisticated tactics, from ‘deepfake’ identities to intelligent malware that adapts to its environment to evade detection. * Consumer fraud – This is a high-profile fraud risk financial services organisations face, where 61% of fraud losses involve the contact centre, and is exacerbated by both the increase in work-from-home practices and the use of online and over-the-phone contact centres. The financial services risk environment, though sprawling and complex, can be split into three primary arenas: Instead of a fragmented focus on specific parts of the puzzle and multiple in-country point products as a response, ecosystem thinking allows for a consistent, end-to-end, global solution to be built that brings partners together to stay ahead of the threat. We call it ecosystem thinking.Įcosystem thinking enables fraud and risk to be tackled across the whole organisation. So as digital threats proliferate, malicious actors become more sophisticated and organised, and regulations tighten - the best defence will be a multi-layered, fully integrated approach to fraud and digital risk. These will aim to blend the latest in security technologies to keep their people and customers secure while simultaneously keeping the company compliant. With more and greater digital risks at play than ever in history, and increased regulations being introduced in response, staying ahead will require organisations to draw on critical partnerships. Todd Schoeman, BT client business director in South Africa, explains how ecosystem thinking can help financial services firms keep themselves and their customers safe in a rapidly evolving cyberthreat landscape. Financial services firms face a global threat environment that is constantly evolving as new technologies, adversaries, and criminal techniques emerge weekly.
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