Cyber Crime
Chris Merchant
Director of Sales & Marketing @ Remora | Developing Innovative Cyber Security Strategies for Clients and Partners
Every year, The European Central Bank, through its ECB Banking Supervision Group – in close cooperation with national supervisors – identifies and assesses the risks faced by Euro area banks. The outcome of this exercise serves as a basis for defining supervisory priorities and determines focus areas for the regular monitoring and analysis of risks to which the supervised banks are exposed.
The ECB Banking Supervision Group are keen to make this information as accessible as possible, to this end they have developed the SSM Risk Map
The most important results of the risk assessment exercise are presented in the Single Supervisory Mechanism (SSM) Risk Map. The Map shows the key risk drivers that are expected to affect supervised institutions over the next two to three years.
The three most important risk drivers identified for 2019 are:
- Geopolitical uncertainties
- Legacy and potential future non-performing loans (NPLs)
- Cybercrime and IT disruptions
Given that last month hackers installed malware onto an external server that hosts the Banks’ Integrated Reporting Dictionary, or BIRD, to aid phishing activities it is possible that Cyber crime and IT disruptions should have been higher up the list.
But for me what was most of interest was the language the ECB Banking Supervision Group uses. Cyber crime conveys the message that so many of us miss. Organised crime has changed so fundamentally in over the past 30 years that it is extremely hard, if not impossible, for police and politicians to keep up with the developments. The digital culture we have created has been of untold benefit to us, but has also made a significant impact on the world of organised crime. The Darkweb is not just people selling drugs, it is rife with the sale of data and tools to keep hackers one step ahead.
The digital culture we have created has been of untold benefit to us, but is also making a significant impact on the world of organised crime.
Your cyber security, should not just be aware of the threats to your company, but who is behind those threats.
#cybercrime #cybersecurity #threatprotection