Securities Market at highest risk of cyber threats: BAE Systems and SWIFT

A new report published today by BAE Systems and SWIFT focuses on the cyber threats faced by global financial markets. The report, entitled The Evolving Advanced Cyber Threat to Financial Markets, assesses the levels of threat faced as well as vulnerability of participants and market infrastructure for the securities, trade finance, foreign exchange, and banking and payments market segments. The study reveals that the securities market is vulnerable due to the high number of participants and infrastructures as well as complex interactions involved.

Sanjay Samuel, Financial Services Director at BAE Systems

According to Sanjay Samuel, Financial Services Director at BAE Systems, “It’s all too easy to be lulled into a false sense of security, and place too much faith in systems which cyber attackers can exploit. While the threat is greatest in the securities market, every part of the global financial services sector needs to be aware that cyber crime is evolving. Threats are becoming more intelligent, and criminals are increasingly focused on generating an ROA – return on attack – as quickly as possible.”

“There’s a wide range of cyber threats out there, and that’s why a holistic approach is becoming critical. Cyber security is no longer just a technical issue, as attackers are exploiting weaknesses in market operations, people and processes. So security needs to be embedded and coordinated across all levels and sectors of financial services organisations.”

Brett Lancaster, Managing Director, Global Head of Customer Security at SWIFT said, “Over recent years, SWIFT has made good progress supporting financial institutions in their fight against well-organised cyber attackers – but this report shows that now is not the time to sit back and take the this progress for granted.”

“As cyber criminals become ever more innovative and agile, we need to continue to work together to build even stronger defences. Through our Customer Security Programme, we have been assisting the payments, securities, trade finance and foreign exchange sectors to better protect their immediate surroundings, and have facilitated better information sharing to help equip the industry with the tools it needs to combat cyber crimes. This report is a timely reminder that we need to go further still to keep ahead of the criminals.”

 

 

 

 

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