Banks are undertaking business transformation to reduce costs and remain relevant in a hyper connected world. Couple this with external innovation driving rapid change in the industry and its clear that banks must carefully consider their level of Operational Risk.
The worlds of Cyber, AML and Fraud are increasingly intersecting, but what does this mean for the industry and why does it matter?
An Intersection of AML and Cyber
The banking industry is rife with customer experience innovation and enhancements to the way people interact with their financial institutions. This is driving transformation to a multi-channel operation including internet banking, mobile applications, call centres (automated or live), ATMs and Credit cards.
At the same time, many banks are going through internal business transformation in order reduce costs and successfully leverage the aforementioned innovation. This includes internal supply chain enhancements (using Cloud and ERP software for example), increased staff vetting, innovation marketing and more.
This business transformation offers increased revenue opportunities for banks, however it also widens the attack vectors which criminals have available to them. Banks are now subject to DDoS attacks, Checking Fraud, Data Breaches, Money Laundering, Insider Threats and Synthetic IDs. Therefore, it is increasingly important that - among this rapid innovation-driven change - banks need to think about Operational Risk.
Cyber, AML and Fraud are intersecting - but why does this matter?
It’s much harder to raise red flags without relying on the additional of threat intelligence, and intelligence sharing cross teams. In our Business Defense webinar, we explore some specific scenarios of intersection and how data sharing can help to combat today’s threats.