The virtual war fuelled by dirty money – The symbiotic nature of financial and cyber-crime
Financial crime is advancing in the digital space. The financial motivation for cybercrime is clear, and ‘crime as a service’ is now one of the biggest threats on the internet. Comparable to highly innovative cross-border corporations, criminals establish platforms for trading services and knowledge transfer. Some criminal networks are bigger than state-owned enterprises in medium-sized countries. Business is extremely lucrative and the deterrents apparently few.
What are the means to stay the step ahead?
Information sharing is one key to combat against cyber-crime. To establish scenarios to identify deviations in behavioral patterns and normal trends significant amounts of data in transaction monitoring is required. The alternative, experts say, is to sit down and wait for the attack.
Another key is to understand where competence is needed, and equally important, what kind of competence, to detect rapid changes in transactional and behavioral patterns.
Today many compliance and risk management systems and structures are still addressing formal procedures perhaps more so than purpose. As organized financial crime is converging with cybercrime, regulatory developments are advancing as well with the Digital Operational Resilience Act (DORA) adopted by the EU to counter cyber risk.
A third key is to overcome silo-thinking. Financial crime prevention and cyber security are two domains, but what how can these leverage each other. Moreover, should companies focus less on regulatory compliance to have a fair chance to stay the step ahead of financial crime?
In this session, Carsten Maartmann-Moe and Louise Brown discuss the current scope and scale of cybercrime and how it relates to financial crime prevention, the role of insiders, crypto as a conduit, IT/tech control failures and the questions that should be asked much more frequently.
We look forward to seeing you there. For more information, agenda and registration please click here.
