Cyber threat landscape faced by financial and insurance industry

Information technology Crime Australia
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Opportunities for criminals to engage in transnational activities have expanded with globalisation and advancements in information and communications technologies. This paper contributes to a better understanding of the threat landscape.

Cyber criminal activities will increasingly affect the financial security of online business. It is widely accepted that the financial and insurance industry is the ‘target of choice’ for financially motivated cyber criminals. Yet there is a lack of understanding about the true magnitude of cyber crime and its impact on businesses.

Drawing on data from a 2008 Australia-wide survey conducted by the Australian Institute of Criminology, this paper contributes to a better understanding of the threat landscape faced by the financial and insurance industry by assessing the top four risk areas reported by the survey respondents.

The paper also examines whether the results from the financial and insurance industries differ from other industries and identifies ways in which industries (particularly the financial and insurance industry), can neutralise or reduce cyber crime opportunities.

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