Europol chief warns of growing cyber threats to financial sector

The Europol chief said on Wednesday, warning that gangs’ technological capability now threatens critical parts of the financial sector.

Online criminals have become so sophisticated that gangs have created “conglomerations” with company structures that specialize in different criminal activities to carry out the attacks, Reuters quoted Rob Wainwright as saying on the side-lines of a conference in Lisbon.

“What really concerns me is the sophistication of the capability, which is becoming good enough to really threaten parts of our critical infrastructure, certainly in the financial, banking sector,” he said.

The financial services sector is seen as a key target because of the potential profits for the criminals, said Wainwright, who leads Europol, the EU law enforcement agency.

Even bank payment systems and ATM cash machines fall prey, he said.

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Commenting on this news is Simon Rodway, Pre Sales Solution Consultant at Entersekt


“This is certainly the case – we have been aware of the sophistication and technological capabilities of criminal conglomerations for some time. This is one of the reasons why we believe innovation in terms of digital security solutions is crucial. For financial institutions, implementing solutions that provide strong authentication and authorization measures can protect customers from cyberattacks that are indeed becoming increasingly sophisticated.”