On Saturday, it was announced that the G20 would be joining forces in a collaborative effort to fight onlinke banking fraud. This represents one of the biggest coordinated efforts yet to fight back against hacking in the banking industry, and follows on from last year’s $81 million heist of the Bangladesh Central Bank’s accounts. Robert Capps, Vice-President of business development at NuData Security commented below.
Robert Capps, Vice-President of Business Development at NuData Security:
“We’re cautiously optimistic about the news that the G20 finance chiefs have agreed to work together to fight cyber attacks on financial systems. There have been several announcements of collaborative ventures recently (and including Early Warning’s recent alliance with NuData) as banks and FIs seek new approaches to threats that impact the whole industry. Banks are in a street-fight with hackers of all varieties, whether from geopolitical threats or organized crime. The size, effectiveness, and frequency of attacks on banks are increasing and bolstered by some spectacularly successful cyber thefts.
The commitment to form a unified front is encouraging but ultimately must overcome competitive barriers, politics, and geopolitical boundaries. We hope that by involving Finance Chiefs from the G20, governments can also work to benefit and empower smaller banks who may lack the resources to combat cybercrime at a high-level. With better collaboration, the industry as a whole can become more aware of ever-changing threats, share information on these risks, and work on joint initiatives that will improve the cybersecurity threat response for all banks and financial institutions.”
ISBuzz Team embodies the collaborative efforts of the dedicated staff at Information Security Buzz, converging a wide range of skills and viewpoints to present a unified, engaging voice in the information security realm. This entity isn't tied to a single individual; instead, it's a dynamic embodiment of a team diligently working behind the scenes to keep you updated and secure. When you read a post from ISBuzz Team, you're receiving the most relevant and actionable insights, curated and crafted by professionals tuned in to the pulse of the cybersecurity world. ISBuzz Team - your reliable compass in the fast-evolving landscape of information security
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.