Cooperation needed to tackle cybercrime

Banks should join forces to tackle cybercrime, claims a key industry figure.

Matt Allen, director of financial crime at the British Banking Association, has stressed a need for cooperation between the major banks to help reduce the global threat to the financial services industry.

A recent report from BBA and PwC highlighted many hackers are targeting the supply chain and this will have an indirect impact on banks and other financial firms. Therefore, it is key for banks to look at ways of tackling the issue on a universal scale.

“Many of the risks to banks come from the outside,” Mr Allen explained.

“There are other types of businesses and industry sectors which hold lots of data. If individuals businesses outside of banking have weak controls, there is a risk to banks that criminals may access data which is relevant to banking.”

He called for changes in the current laws to encourage an international approach to the problem, especially as many of those responsible for the attacks live outside of the UK.

Banks have invested in staff and systems designed to combat potential risks, but Mr Allen believes it is key to expand analytical capabilities and employ experts in cyber-security and financial crime.

The BBA is calling on its members to share information and experiences to guard against cyber-threats.

“What the BBA does is bring together a very large number of banks of all shapes and sizes, both in terms of policy discussions and also sharing of experience and best practice. It is really important as in the banking industry we cannot have any weak spots. The industry has been very proactive in engaging the public authorities,” stressed the BBA figure.