Report urges UK finance firms to fight cybercrime

A report from professional services and Big Four firm KPMG and industry body UK Finance has urged finance firms in the UK to work together to fight cybercrime.

The report stated that a revamped approach is needed as cybercrime becomes a growing threat to the financial sector.

Ineffective

According to the report, working with the government and law enforcement will enable finance firms to make the tools, markets and systems that are used by cyber-criminals ineffective.

“(That) imposes cost on them (the criminals), because they then have to reconstruct that botnet, those phishing sites,” said KPMG Technical Director and Head of Cyber and Space David Ferbrache,

He added: “For us it's very much a bit of a call to arms across the community ... There's a lot more we can do.”

Amongst the groups that are already taking action is the Cyber Defence Alliance, of which several of the biggest banks in the world are members. However, the report called for even more action to be taken, suggesting that different initiatives should be linked up. 

Challenges

Cybercrime is one of the biggest challenges for the financial sector, and whilst UK banks spent $360 million on IT in 2016 to help tackle the issue, the report believes that a quicker and more collaborative response is needed by firms in the sector, the government and law enforcement.

Ferbrache believes that ultimately, this response needs to be organised by the financial sector as a community themselves.