BAE Systems Applied Intelligence has been commissioned by The British Bankers’ Association to establish a system designed to inform banks of imminent cyber scares.
The Financial Crime Alerts Service system, or FCAS, will enable 12 law enforcement bodies and arms of the government to alert banks of possible threats with as much advance notice as possible.
FCAS will utilise real-time data and share the information with experts in order to assist them in combatting financial crime, fraud, cyber threats, and other wrongdoings.
The initiative comes after the National Fraud Intelligence Bureau teamed up with banks to prevent over £100 million in fraud being stolen through data sharing.
FCAS will give warnings on fraud, corruption, bribery, laundering money, and terrorist financing, as well as other issue.
Anthony Browne, CEO of BBA, commented:
“Receiving real-time alerts from domestic and international bodies will be vital intelligence for the army of staff banks have already hired to combat these threats.
“It’s an example of how banks and government can work together to benefit all customers.”
The Bank of England reported that 25 per cent of banks in the UK view operational risk as among the biggest threats to financial stability, while over 50 per cent regard cyber crime as a genuine threat.
While that may help banks, UK SMEs remain in danger in a climate where cyber threats are ever present. Businesses need to have their own systems in place, which includes filling cyber security jobs to ensure they have people on board who can identify and handle any incidents.
Send us your CV and have our recruiters match you to the ideal opportunities
Do you already have an account with us?Log in
Want to have an account with us?Register
Want to just send us your CV?
By submitting your registration and CV to us you are agreeing to join our database and to be contacted about relevant jobs industry communications. Please read our terms of business for more information.