Banks tipped off on potential cyber threats

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.