Hackers still big threat as finance industry stalls

COMPUTER hackers earned an unprecedented level of notoriety in May following the WannaCry ransomware attack that locked up files in almost 100 countries, disrupting organisations such as Britain’s National Health Service.

However, despite the fact such attacks appear increasingly inevitable, a new report suggests finance industry regulators across the Asia Pacific have yet to effectively mobilise their defences.

Accounting titan Deloitte says the cost of cybercrime is estimated at $US575 billion ($731 billion) a year globally, with companies in the financial services space among the primary targets.

Already this year, Korea’s seven biggest banks have been targeted in a ransomware attack, while last year hackers reportedly linked to North Korea took $US81 million from Bangladesh’s central bank.

But differing regulatory approaches within the Asia Pacific, including Australia, had added to the challenges of establishing a unified front against a borderless crime, Deloitte’s centre for regulatory strategy global leader Kevin Nixon said.

“There are no significant steps yet taken towards harmonised standards across the region,” Mr Nixon said.

Deloitte said companies with a cyber strategy, vigilant workforce and an understanding of potential security breach points would be more likely to retain customers.