Cyber-Crime: Strategies and Risks

  • Last week, while discussing financial risks, J.P. Morgan's CEO Jamie Dimon said, “I think the biggest vulnerability is cyber, just for about everybody …  I think we have to focus on it, the United States government has to focus on it … We have to make sure because cyber — terrorist and cyber countries — they could cause real damage. We're already spending a lot of money and J.P. Morgan is secure but we should really worry about that."

  • Separately, as Europol released its “Internet Organised Crime Threat Assessment 2018” report, Catherine De Bolle, its Executive Director, said “Cyber-crime cases are increasingly complex and sophisticated … Law enforcement requires additional training and investigative and forensic resources in order to adequately deal with these challenges … The policing opportunities arising from emerging technologies, such as big data analytics and machine learning, need to be seized.

  •  “While some cyber-attacks continue to grab headlines with their magnitude, other areas of cyber-crime are no less of a threat or concern. Payment fraud continues to emphasise criminal gains and the facilitation of other crimes, as well as significant financial losses for citizens and financial institutions alike.”

  • Finally, White House national security adviser John Bolton discussed the administration’s new cyber-strategy and said, "For any nation that's taking cyber activity against the United States, they should expect [that] we will respond offensively as well as defensively … We're going to do a lot of things offensively.”


OUR TAKE

  • The growth of digital finance and the global digital economy has driven innovation, while introducing complexity that has increased the amount of systemic risk.

  • At the same time, awareness for cyber-security has grown, but many organizations are reluctant to invest in full-scale security measures.

  • As John Bolton suggests using offensive cyber responses, many government agencies (local, state and federal), businesses and citizens remain exposed to cyber-crime and cyber-attacks.

FPM Team