Story image

How does cyber crime affect the global finance profession?

28 Jul 16

Computers play a huge role in the day to day role of finance professionals. According to a recent report, said professionals are right in the line of fire for cyber crime.

According to the report titled Cybersecurity – Fighting Crime’s Enfant Terrible, the theft of financial assets through cyber-intrusions is the second largest source of direct loss from cyber crime.

The report also states a key factor to take note of is that cyber security is no longer a purely technical issue. In fact, it is the impact of a cyber-breach that is typically felt across every aspect of a business.

“What is needed, but is still often lacking, is a strategic approach to mitigating cyber crime risks,” the report says.

“Professional accountants and finance professionals can, and should, play a leading role in defining certain key areas of such an approach.”

According to the report, these key areas include:

  • Creating reasonable estimates of financial impact that different types of cyber security breaches will cause, so that a business can be realistic about its ability to respond to an attack and/or recover from it.
  • Defining risk management strategy. 
  • Helping businesses to establish priorities for their most valuable digital resources, in order to implement a ‘layered’ approach to cyber security.
  • Closely following the work of governments and various regulators, in order to have clear up-to-date information on relevant legislation and on requirements for adequate disclosure and prompt investigation of cyber security breaches.

The report quotes a survey that showed 48% of respondents were more concerned about cyber crime than they had been 12 months earlier. A total of 85% respondents in Asia had changed their opinions. 

The report also says that there really is no ‘silver bullet’ solution for cyber crime.

"Even though the benefits that the Digital Revolution has brought us are truly remarkable, but these benefits do not come free."

Twitter suspects state-sponsored ties to support forum breach
One of Twitter’s support forums was hit by a data breach that may have ties to a state-sponsored attack, however users' personal data was exposed.
How McAfee aims to curb enterprise data loss
McAfee DLP aims to help safeguard intellectual property and ensure compliance by protecting sensitive data.
2018 sees 1,500% increase in coinmining malware - report
This issue will only continue to grow as IoT forms the foundation of connected devices and smart city grids.
2019 threat landscape predictions - Proofpoint
Proofpoint researchers have looked ahead at the trends and events likely to shape the threat landscape in the year to come.
Mac malware on WatchGuard’s top ten list for first time
The report is based on data from active WatchGuard Firebox unified threat management appliances and covers the major malware campaigns.
Bin 'em: Those bomb threat emails are complete hoaxes
A worldwide spate of spam emails claiming there is a bomb in the recipient’s building is almost certainly a hoax.
Marriott sets up call centres to answer questions on data breach
Marriott has released an update on the breach of the Starwood guest reservation data breach which affected 500 million guests.
Why there will be a battle for the cloud in 2019
Cloud providers such as AWS, Azure, and Google will likely find themselves in a mad scramble to gain additional enterprise customers.