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:

Robert Capps“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.”