The risk of cyber-attacks on financial institutions is highly topical but not a new issue. However, what is changing, and rapidly, is the scale, frequency and sophistication of attacks. Financial institutions rely on technology to deliver convenient internet services to customers and to operate more efficiently. But emerging threats and technology development, such as cloud computing, mean more action is needed to identify and mitigate the risks of cybercrime. Cyber-crime has become ‘monetised', where illegally obtained data is bought and sold. As well as financial risk, reputations can be damaged and public confidence lost.
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