Cybercrime Breaches: A Double-Edged Sword for Organisations

The delay in discovering cybercrime breaches can have both positive and negative consequences for organisations. On one hand, this time frame allows data analytics to identify the breach before significant data loss occurs. However, it also highlights the vulnerabilities of unprepared organisations that are left exposed to these threats.

Cooperation and Technology Key to Improved Defences

Financial institutions can improve their defences against cybercrime by taking a multi-faceted approach. Here are some key strategies:

• Cooperation: Initiatives such as CERT UK, CiSP, and the Cyber Defence Alliance demonstrate a growing recognition of the importance of collaboration between the public and private sectors.
• Investment in Technology: Advanced analytics technology can provide early warning signs of potential threats, allowing organisations to respond swiftly and effectively. For example, Telstra’s chief information security officer, Mike Burgess, highlights the benefits of analytics in identifying unknown threats and understanding their behavior.

Communication Key to Success

However, many institutions lack the necessary expertise, tools, and resources to implement robust cyber-security systems. As a result, a high proportion of large organisations continue to suffer from breaches.

To improve their defences, financial institutions must:

• Improve Communication: Share information on attacks, threats, and best practices with law enforcement and cybersecurity experts. This includes sharing incident reports and threat intelligence.
• Develop Response Capabilities: Improve response capabilities by collaborating with law enforcement and cybersecurity experts to better understand criminal trends and reduce the risk of reputational damage and financial losses.

EU Legislation and Ongoing Cooperation

At the EU level, plans are underway to expand legislation on cyber-security. The proposed regulations require operators of essential services to take appropriate security measures and report incidents. This will create platforms for cooperation at both a forensic and preventative level, leading to a more effective response to cybercrime threats.

Conclusion

In conclusion, financial institutions must adopt a multi-faceted approach to improve their defences against cybercrime. This includes cooperation between sectors, investment in technological advances, and improved communication with law enforcement and cybersecurity experts. Only by working together can we effectively combat the ever-evolving threat of economic cybercrime.