The pandemic drove dramatic changes in customer behavior, as fraud and risk teams also faced budget cuts, and rising cyber threats. The report provides practical steps for banks on how to mitigate cyber risks and build resilience.
When the pandemic hit, banks worldwide were forced to respond to rapidly evolving circumstances. Dramatic changes in customer behaviours made it harder to spot suspicious activity and drove a rise in false positives. Cyber criminals and fraudsters pounced with customary agility to further their own ends, as fraud and risk teams said that budget cuts would mean they would be unable to fulfil all parts of cyber security strategies. The question for banks today is what happens next? What practical steps can be taken to mitigate the cyber risks that emerged over the past year and build resilience into operations going forward?