At Prospect's recent event, experts discussed cyber threats to our financial systemby Tanjil Rashid / March 8, 2016 / Leave a comment
This week the former Head of MI5, Jonathan Evans, claimed that cybercrime constituted “the biggest and likeliest threat” to the British economy. Speaking at a Prospect event entitled Cybercrime and cyberattack—the threat to our financial system, to an audience at The City of London’s Guildhall on 1st March, Evans said that it was “now easier to attack banks cybernetically than physically.”
In his keynote speech, Evans warned British companies that cyber-enabled crime is now more lucrative than crime committed in the real world. “It is much more profitable to attack a financial institution through cyberspace than through a traditional bank raid,” he said. He also remarked how the difficulty of landing a successful prosecution in cases of cybercrime is enticing criminals. “If you are a sensible criminal, you will make the internet your attack vector,” he said.
Beyond financially-motivated law-breaking, Evans outlined the diversity of other threats posed by cybercrime. Mark Camillo, Head of Cyber at AIG, argued that to best protect themselves against such threats businesses must ask themselves “What is good cyber hygiene?” He drew attention to the existing cyber security frameworks published by, among others, th…