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Three tips to protect your institution from cyber attacks

Three tips to protect your institution from cyber attacks

29 May 2019 | 2 min read

Learn how you can protect your institution from cyber attacks and how to fight sophisticated and organised cyber criminals.

Strong counter-fraud operations minimise financial crimes and help you reduce regulatory risk and fraud losses. And with institutional payment fraud now a multi-billion-dollar industry, you need to stay one step ahead to protect your organisation.

Here’s how.

1. Secure your systems

Failure to secure your systems and networks leaves you exposed to attack. No system is totally bulletproof, but you can protect your organisation from the complex methods being used by cyber attackers against you. These include ensuring you have a remediation plan in the event that attacks succeed.

Strength comes from multiple layers of defence, which are essential to combat fraud threats. This means safeguarding both logical and physical security, as well as ensuring additional defences around critical systems. You also need to put detection measures in place around and within these systems to identify potential intruders.

How to spot, stop and defend against cyber attacks

2. Protect your institution

The rise in the threat level requires a concerted response. While you are responsible for the security in your own environment, the security of the industry as a whole is a shared responsibility. This is a journey that involves the entire financial community working together to fight against cyberattacks.

Institutional payments fraud

3. Protect your core payment systems

Many banks rigorously check confirmations and statements. Others are unaware these practices can mitigate the risk of fraudulent attacks on their back offices, and are further unaware of how to respond when they do happen. 

By improving the hygiene of operational processes, you can identify fraudulent transactions more quickly and increase the likelihood that funds can be recovered if fraudulent payments are made. It is also vital to consider a tool to protect your payment flows in real time.

The quicker something is identified as fraud the more likely it will be stopped.

Having relevant and timely intelligence helps protect you from cyber threats. You need intelligence on cyber attackers’ latest strategies and activities to adapt your defences and take decisive action to reduce the likelihood of fraud.

Download our ebook

[ebook] Fighting institutional cyber payments fraud in an evolving payments landscape