Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cyber criminals out of business according to the latest report from UK Finance and KPMG.
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 cyber crime.
Industry research shows that the finance industry spends three times more on cyber security 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 cyber criminals, are fundamental to enabling the finance industry to improve its cyber crime prevention, the report suggests.
Commenting on the report, Stephen Jones, CEO UK Finance comments:
“Cyber crime 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 cyber security. 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.”
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