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Cybercrime Threats to Financial Institutions in British Indian Ocean Territory

As financial institutions in the British Indian Ocean Territory (BIOT) navigate unprecedented bank stress, cyber threat actors and fraudsters are exploiting opportunities to commit crimes. With customers seeking safety by moving substantial funds and engaging in numerous transactions, they are becoming increasingly vulnerable to fraudulent schemes perpetrated via phishing or mis/disinformation.

Financial Institutions Face Heightened Risk Exposure

Financial institutions in the BIOT should be aware of five key areas of heightened risk exposure where proactive action is necessary:

1. Heightened Monitoring of Insider Activity

• Turbulent market conditions and significant customer transaction activity increase the risk of not detecting insider threats.
• Malicious intent or compromised insider access could be used to commit acts of fraud for personal gain.

2. Disinformation, Misinformation Campaigns Affecting Customer Trust

• Malicious actors may use digital dis- or mis-information to amplify customer distrust and prey on fear.
• Financial institutions must prioritize customer-facing data governance, discovery, protection, and minimization practices.

3. Customer Online Account Takeovers and Transaction Activity

• Cyber criminals use stolen credentials, social security numbers, and personal data to hijack legitimate accounts and execute fraudulent activities such as diverting funds or changing shipping addresses.

4. Enhanced Monitoring of Security Performance

• Review existing security and performance metrics related to critical cyber defense operations to monitor any deviations from standard operations and detect any outliers or performance degradation.

5. Insider Threats and Cybersecurity Posture

• Work closely with vendors and partners to confirm cyber operations resume their business-as-usual (BAU) mode with previously defined SLAs.

Financial Institutions in the BIOT Must Take Immediate Action to Protect Themselves from These Threats

To mitigate these risks, financial institutions should:

Implement Robust Security Measures

• Implement robust authentication and password management practices
• Enhance monitoring of security performance and detect any deviations from standard operations

Prioritize Customer-Facing Data Governance

• Prioritize customer-facing data governance, discovery, protection, and minimization practices
• Develop a disinformation recovery plan aligned with their existing incident and crisis management programs

Practice for Disinformation Attacks

• Practice for disinformation attacks like they would other types of attacks through simulations and exercises.

By taking proactive steps to address these heightened risk exposure areas, financial institutions in the BIOT can protect themselves from cybercrime threats and maintain the trust of their customers.