Cyber-crime is a major threat in the financial crimes
The new technical advancements in the new generation benefit the consumers in several ways, but it also causes an equal amount of damages. And the banks have reported that the major financial crimes faced by them are due to the political upheaval and cyber-crime.
The report was released after surveying more than 150 professionals across the asset management and banking sector and found that 44% of the financial threats were the cyber-crime that causes a major threat to the large organizations and firms. And another threat under the financial crime is the imposing of sanctions by the United States. Furthermore, half of these transactions were started since 2009 and the new government under
Donald Trump is continuing to utilize the sanction for the military actions.
The financial institutions and banking sectors have identified that managing that involves the sanction policies and the sanction tools like the sectoral sanction regime are the key challenges and is most significant task is to update and maintain the controls, process and risk policies.
Also, many security experts felt that the traditional technology methods used in the organization can be the reason for the financial threat within the next 2 to 3 years.
The recent ransomware attack underscored the financial threat crippling global organizations in many countries. The ransomware attack is named the WannaCry and according to the attack an email link is sent to the user and clicking on the link leads to a malicious site that will control the user’s data band their device.
The hackers demand for ransom and failure to provide it crashes the application. This attack has created major threat among all the global organizations, the business, and its consumers.
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