Cybersecurity and Protective Measures

Efficient cybersecurity tactics are needed now more than ever to counter the invasive-nature of these attacks. One way to defend against cyber threats includes collaboration among central banks, commercial banks, and government authorities. In this way, it can be seen that cyberattacks against banks affect more than just financial institutions themselves. “Cooperation is essential to strengthening resilience toward cyberattacks, especially since cyber-threats are global”, said a member of Sweden’s Riksbank. According to the same source, Riksbank is part of the European System of Central Banks, a collaborative organization intended for European banking. National institutions have also been created to encourage collaboration. Hans Van Loon of the Dutch Banking Association states, “In the Netherlands, we have the TNO (National Research Institute) that investigates the next generation of solutions to this issue, and ensures that we have the appropriate cybersecurity technology available. It has also pushed for innovation to be available to the market earlier on.” Clearly, banks working together to prevent cybercrime is paramount for the protection of its assets and reputation.