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Cyber Crime and Political Events are the Biggest Financial Crime Risks | Cyberops

Cyber Crime and Political Events are the Biggest Financial Crime Risks

By Chandan Singh 0 Comment May 30, 2017

Cyber crime and political confusion are the two biggest financial crime risks facing banks over the next year, a report said.

A survey of two hundred professionals across banking and asset management found 44% felt new criminal techniques, like cyber crime, presented the most significant threat to firms.

However, the record by LexisNexis Risk Alternatives said 37% believed geopolitical change, such as firmer sanctions imposed by the US, presented an even increased financial crime risk.

Dean Curtis, the UK managing supervisor at LexisNexis Risk Alternatives, said, “Imposing penalty has recently been the tool of the United state of choice when addressing an international threat.

“Over 50 % of these sanctions have been applied since 2009 and the Trump administration might continue to utilize sanctions in preference of costly armed service action.

“Financial institutions have found managing evolving supports policies and the advantages of new targeted supports tools, including the sectoral penalty regime, to be a significant challenge, making them understandably concerned about the necessity to manage and update risk policies, process, and manage.

Changes to penalty following the election of US President Donald Overcome were of more matter to financial crime experts than Britain’s vote to leave the European Organization, the report said.

This added that 30% experienced Brexit would help combat criminals, while 14% assumed it would have a negative impact and 56% were unsure.

Meanwhile, 92% were concerned old technology at organizations could make it harder to deal with financial crime over the next 2 years.

The danger facing the financial organizations was underscored by WannaCry ransomware cyber attack earlier this month, which hit more than 300, 000 computer systems in 150 countries, debilitating organizations and global companies.

Source: www.belfasttelegraph.co.uk

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