Deutsche Bank’s head of securities services has highlighted the importance of training staff to address the constantly evolving cyber threats.
Cyber attacks are moving on from solely being external breaches as individuals within financial institutions are being targeted through psychological manipulation such as phishing emails.
“Whatever you do they will think of something else, but you address that by training people,” said Satvinder Singh, head of global securities services and head of GTB EMEA ex Germany. “Technology can only stop so much.”
Cyber crime has been one of the most pressing themes at this year’s Sibos event, with many believing a change of attitude and culture is needed to combat the threats.
“Someone will always be one step ahead, they are getting much, much smarter now,” added Singh.
Keeping employees motivated and trained to both spot and react to evolving cyber crimes is crucial in the fight against attacks.
Speaking to Global Custodian recently, Nadav Shatz, managing director, Comsec, highlighted a number of ways to implement an effective organisational security awareness plan.
These included, senior management involvement, training and testing.
“It wouldn’t be too much to say that that people can be easily manipulated and by a relatively simple effort in terms of time, financial costs and sophistication,” said Shatz. “An attacker can bypass all of the security layers and security controls without even being physically present.”