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Bank of England Systemic Risk Survey - comment from NETSCOUT Arbor

June 2018 by Kirill Kasavchenko, principal security technologist, EMEA at NETSCOUT Arbor

The latest Bank of England Systemic Risk Survey reveales that cyber attacks are seen as the second most difficult risk to manage after Brexit.

Specifically, cyber security was cited as a risk by 62% of respondents to the survey from the regulator.

Offering his thoughts on this, Kirill Kasavchenko, Principle Security Technologist, NETSCOUT Arbor discusses the importance of collaboration and intelligence sharing of best cybersecurity practices to minimise this threat across the sector and beyond.

Kirill Kasavchenko, Principle Security Technologist, NETSCOUT Arbor commented:

“With the UK’s financial stability at stake, it comes as no surprise that cyber attacks are seen as the second biggest risk after Brexit. Cybercrime is constantly proving as a lucrative source of revenue, particularly when it comes to money-rich and sensitive data-driven sectors like finance.

“To minimise this threat all organisations, particularly those in the financial services industry, must look to adapt a proactive stance, rather than wishing attacks away.

“As part of this, the cyber security community need to collaborate to cut cybercrime frequency, severity, and impact. Security threats cannot be mitigated by any single organisation alone. It requires better intelligence sharing and improved co-operation not only with law enforcement but also with the rest of industry.

“Sharing best threat detection and protection practices will allow a broader and deeper visibility of network traffic, threats and user behaviour. All companies can benefit from taking these steps to increase their security provisions.”


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