SC Magazine: G20 finance chiefs agree on concerted effort to fight financial crime

March 21, 2017 — G20 finance chiefs agree on concerted effort to fight financial crime

Robert Capps, VP at NuData, comments on the news that G20 finance chiefs agree on concerted effort to fight financial crime.

In a concerted effort, G20 finance chiefs have pledged to jointly fight cyber-attacks on the global banking system in response to the theft of $81 million from the Central Bank of Bangladesh in 2016. The agreement is set to be finalised on Saturday.

Meeting in German resort town Baden-Baden, the money-men of the G20 have agreed that regardless of the origin of the attack, they will assist each other in fighting off attacks, promising cross-border cooperation to maintain financial stability.

Robert Capps, vice president of business development at NuData Security told SC Media UK: “Banks are in a street-fight with hackers of all varieties, whether from geopolitical threats or organised crime. The size, effectiveness, and frequency of attacks on banks are increasing and bolstered by some spectacularly successful cyber-thefts.”

Capps added: “With better collaboration, the industry as a whole can become more aware of ever-changing threats, share information on these risks, and work on joint initiatives that will improve the cyber-security threat response for all banks and financial institutions.”

It is said that both the heist on the Federal Reserve Bank of News York, and the Bangladesh Central Bank, are the reason cyber-crime has become a top priority, as both elaborate heists exposed vulnerabilities in the system.

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