Why is Cybercrime in 2016 rising?

Cybercrime is growing at a fast pace, every day millions of businesses are targeted by hackers all over the world. Why is Cybercrime in 2016 rising and how to protect yourself?

6 September, AtoZForex – Not only is cybercrime a fast-growing phenomena, it is also recorded as one of the most commonly reported crimes in the financial industry according to PwC. We bet you are already familiar with different forms of cybercrime, such as hacking, back door attacks, cyber terrorism, trojans, whaling and more.

Why is Cybercrime in 2016 rising?

The reason why hackers are targeting financial services sector is this sector being quite a good opportunity to ill-gain. There are so many different ways in which cybercriminals can benefit. On average, it takes the regular firm 146 days, to even realize that cyberattack has taken place. But why financial services sector is so exposed to the cybercrime? There are three reasons for that.

First of all, a number of banks are still underrating the risk involved. It appears, that less than 40% of economic crime in financial services industry is a cybercrime, as reported by PwC. The company believes that the reason for that is that financial services participants are not always able to recognize and monitor the cyber element. This, in turn, has given the banks an imprecise picture of the real risk.

Secondly, the Internet was not created in order to protect us. It was intended to share the information in an open way, but not protected. Lastly, both the data sources and volume of data have been growing. Not only are old technology platforms maxed out to their capacity, but also existing security information and event management lack the ability to recognize cyber elements.

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How to protect yourself?

Nowadays, cybercrime is a fully proved business risk and it requires a number of preventive measures, such as education across the businesses, closer attention to the firms’ culture and controls policies and an integrated technology approach.

When it comes to the education matter, the cybercrime issue is too big to stay just a problem of the IT department. The whole unit/business should be well-aware of the cyber threats and various types of cybercrime. All employees should have training on the matter of cybercrime, therefore guaranteeing the safety across the financial services sector.

Moving to the second point of the precautionary measures, the culture and controls policies should be reviewed across the financial services related firms. The companies should make sure that their risk controls strategies are addressing the cyber risks properly, and that the culture is supporting the system. A good example of the well-maintained cyber-risk process controls system would include firm’s abilities to recognize and prevent changes that might be conflicting with security policies.

Finally, the financial services related business that wants to survive these days needs a good modern technology platform, which is able to maintain the cybercrime issues in an appropriate way. Such platform would need an integrated approach to cybercrime, and it would include the set of defensive means, such as business operations and self-governing audits with comprehensive compliance analytics capable of forecasting the events.

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