The financial services industry has long been a target for cybercriminals seeking financial gain, however the threat landscape is changing as criminals seek to exploit the COVID-19 pandemic.
Reports show an increase in coronavirus-themed scams, fraudulent activity, and remote working network vulnerabilities. Back in April, Europol, The European Union Agency for Law Enforcement Cooperation, reported that ‘the impact of the COVID-19 pandemic on cybercrime has been the most visible and striking compared to other criminal activities’.
For financial institutions, cybercrime presents consumer fraud risks, as well as risks to data, networks, and systems. In this blog, we explore how firms can mitigate these risks – by examining their risk management strategy, ensuring the holistic control framework is still effective and ensuring a strong security culture – the human firewall – remains intact.