With 75% of financial institutions experiencing pandemic-related cyber crime losses, we look at how pandemic-related fraud and cyber crime delivered a new blow to FIs and consumers
The COVID pandemic has impacted the world in ways never thought possible. It has changed both behaviour amongst business and communities, and fundamentally shifted how we live and had a significant impact on the economy. Trillions has been lost globally and the changing conditions of business have driven an opportunistic uplift in online crime and fraud.
A quarter of consumers believe their Financial Insitution could do a lot more to protect them from cyber crime and over half now think it’s the job of FIs to do so - more so than the government, the police or themselves
of FIs see a rise in malicious activity
74% of Financial Institutions have experienced a rise in malicious activity since the start of the pandemic
cut to IT, cyber crime, fraud and risk funding
IT security, cyber crime, fraud and risk funding has been cut by 26% on average over the past 12 months
increase in criminal activity detected
Criminal activity detected by Financial Institutions that had risen by (29%) since the start of the pandemic
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What was the true cost to Financial Services and consumers?'
“We’re noticing a clear collaboration emerging between different groups of criminals across the wider landscape of serious and organised crime. Fraudsters and cyber criminals seek to exploit fear, uncertainty and change, and the pandemic has offered them new opportunities to probe for weaknesses they can monetise and new ways to disguise their activity.”
He continues, “Attackers are building increasingly advanced capabilities to target core banking systems and becoming more aggressive, harming victims’ ability to respond to attacks. Online criminals have reacted fast, adapting their approach to hunt out remote working security gaps and prey on the vulnerable.”
Adrian Nish, Head of Cyber at BAE Systems Digital Intelligence