UK Finance report urges financial companies to work together to fight cybercrime

Cybercrime is big business, with the global impact exceeding USD 450 billion a year, and is now second only to political risk in terms of challenges facing the financial sector, Reuters has cited some of the report’s findings. In 2016, UK banks alone spent USD 360 million on IT, however cyber-attacks continued in this space as security approaches are often slow and constrained by regulation. When it comes to the methods used by cyber criminals, they can operate beyond borders and the law and are constantly updating their methods.

The report argues the growing threat cybercrime poses to the financial sector cannot be countered just by spending more money, and that a revamped approach is needed. This includes working together and with governments and law enforcement to render the markets, tools and systems cyber criminals use ineffective, it said. This requires a quicker and more collaborative response, both within and among affected companies and law enforcement and governments, the report concluded.