As digital technology develops, the business organizations continue to experience more transformations and disruptions exposing themselves to more opportunities and threats.
Attacks against the finance industry are becoming increasingly sophisticated and highly targeted. The economic crime has as well gone digital as every sector of commerce digitalizes.
According to a U.S. cybersecurity report released by IBM, the financial-services industry ranked third in number of cyberattacks in 2015, after health care and manufacturing.
Reports also indicate that there were 2.46 million cyber incidents and 2.11 million victims of cyber crime in the U.K. in 2015.
The emerging channels, such as mobile and online banking, are opening new doors for cybercriminals. To decrease the effectiveness of such attacks, banks have improved both communications to, and the education of, customers, as well as rapidly reacting if a bank cybercrime attack occurs.
However, criminals have responded not only by creating specialised malicious software designed to compromise online bank accounts, but also by subverting the servers and software owned by reputable institutions to improve the effectiveness of their phishing campaigns; a technique known as infrastructure hijacking.
If proper measures are taken by users on how to uphold privacy and online security, the intensity of banking cyber crimes is deemed to reduce. Cyber education increases the knowledge of users on what cybercriminals targets and the infrastructure the use to get to their targets.