While rolling out a hybrid working model has several advantages, from gaining access to a wider pool of talent, to providing a better work-life balance for employees, remote working can also act as a gateway for increasingly sophisticated cyber criminals plotting attacks on financial institutions.
As employees share data in different locations and work on a range of personal devices, addressing data privacy risk is high on the agenda for most financial services institutions (FSIs). As the cost-of-living crisis intensifies, criminals are adapting their methods to take advantage of nationwide economic hardship – meaning employees are at greater risk of clicking on the wrong link, accidently sharing important data, or actively engaging in insider fraud.
Lorenzo Grillo, Managing Director of Alvarez & Marsal’s Disputes and Investigations practice in London, recently joined FSTech’s ‘Cybersecurity Live’ panel of industry-leading experts to discuss how remote working and the cost-of-living crisis is impacting the cyber risk landscape. The main takeaways of the session are summarised below:
FSIs reacted well but still have a way to go
Financial institutions have been grappling with new problems in the cyber space since the outset of the pandemic, as the industry began implementing more of a hybrid working model.
Working from home has become a gateway to new forms of data theft, especially as the new working model established itself in parallel with the increased reliance on public cloud and ‘software as a service’ (SaaS) applications.
FSIs were certainly among the best prepared due to the typically high-level security regulatory requirements, but within this there has been a variation in pace; some more structured financial institutions switched cyber security strategy immediately to cover the new threats relat ..
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