Intelligence

Preventing cyber-attacks on banks

Reporter: Bianca Wright

Publication: IDG Connect

Contact: iq@fullyvested.com

Deadline: Apr 7, 2017 11:00 am

With Prof Richard Benham, chairman of the National Cyber Management Centre, warning that “a major bank will fail as a result of a cyber-attack in 2017 leading to a loss of confidence and a run on that bank,” the issue of cyber-security in the financial sector has risen in prominence. The question is: what can be done to prevent such attacks in the current context? Most experts agree it is not a matter of if but when. Looking for sources who can comment on: what form such attacks might take? what can be done to prevent such attacks in the current context? How are banks preparing to defend against such attacks? And what will an attack of such a magnitude mean for the financial sector?