Cyber is the new front line in modern economic warfare

Peter Matthews, Metro CEO, in Global Business and Finance discussing the new front line in modern economic warfare.

Cyber is the new front line in modern economic warfare

The threat to banking and finance across the world can’t be overestimated – cyber is the new frontline in modern economic warfare.

The challenge from underground activists, organised criminals, state-sponsored actors and have-a-go hackers is gargantuan. When your enemy has a global recruiting ground, fast-evolving weaponry and the ability to walk through walls, staying ahead of the game can seem impossible. But while no organisation, institution or territory is impenetrable, the financial sector can – and must –become much more resilient.

A recent consultation paper on cyber security in the financial sector, jointly authored by the Bank of England, Prudential Regulation Authority and Financial Conduct Authority, seeks to redefine resilience by switching the emphasis from systems to services and people.In other words, rather than invest in scheduled system upgrades and renewals as a matter of course, organisations should focus their efforts on those systems that are needed to maintain key services, such as making purchases, receiving payments and delivering lending and saving.

To read more please go to Global Business and Finance.