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Banks' cyber risks rise as Covid spurs digital trends: Moody's
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SME Times News Bureau | 08 Jul, 2020
Banks face a growing risk of cyber-attacks as the coronavirus crisis
accelerates the shift to digital banking and remote working, Moody's
Investors Service said in a report on Wednesday.
"Social
distancing has created a surge in demand for contactless payments,
digital cash transfers and online banking, as well as remote working by
bank employees," said Alessandro Roccati, Senior Vice President at
Moody's.
Banks' digital customers are a natural target for
fraudsters via phishing emails or social engineering scams. And if bank
employees use devices at home to access office networks, they are more
likely to be or become infected with malware or spyware; unsecure home
Wi-Fi networks may use routers with weaker security.
Cyber-attacks
are mostly financially motivated and seek easily monetised data stored
by the victim organisations. Attacks have various, and sometimes
multiple, goals but the vast majority target personal data, with a
minority focused on credentials and bank data, the report said.
Cyber-attacks
in the financial sector are mostly perpetrated by external actors (64
per cent of data breaches), mostly through web applications and errors
made by company employees, according to a recent report by Verizon. The
major motivation is to get easily monetised data (77 per cent of data
breaches)
The report added that banks mitigate cyber risk in
three ways. The first is strong corporate governance, including
cyber-security frameworks, policy enforcement and reporting. The second
is risk prevention and response, and recovery readiness. And the third
is information-sharing with other banks, and adoption of international
standards and regulatory oversight.
These measures combined mean banks' cyber-readiness exceeds that of most other sectors, Moody's said.
Corporate
managers are well aware of the cyber threat. According to a recent
report from the World Economic Forum, the fourth most worrisome fallout
for companies from the spread of coronavirus is an increase in
cyber-attacks and data fraud.
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