Clifford Chance

Cyber crime - a growing threat to financial institutions

7 October 2015

Combating cyber crime is now at the top of the agenda for government and industry alike.  This is in recognition of the fact that in an increasingly cashless society, the opportunities for cyber-enabled fraud will increase and attract growing criminal interest.  In turn this means that financial institutions need "best-in-class" protection against cyber crime.  The challenges in doing so however were spelt out by the National Strategic Assessment of Serious and Organised Crime 2015 published in June 2015: "the pace of technological change and the adaptability of the cyber criminal means that law enforcement will always be playing catch-up."  In these circumstances what are the expectations on financial institutions?

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