Cybersecurity has always been a concern for banks and financial institutions. As data becomes more relevant and in most cases crucial to the core business activities, cybersecurity has quickly evolved into a great challenge to plethora of organisations. And these organisations have every right to worry but, it is the financial sector that should make cybersecurity awareness its top priority.
According to 2018 half year fraud update by UK Finance, which represents almost 300 UK-based, banking, mortgage, markets and payments services providers, financial services firms have been facing an unprecedented level of cyberattacks in recent months. UK Finance distinguishes and publishes data on losses due to few different kinds of fraud, these are: unauthorised fraudulent transactions made using payment cards, online and telephone banking and cheques, and authorised push payment (APP) scams.