Asia is 80% more likely to be targeted by cybercriminals than anywhere else, says US securities company Mandiant*
And in 2016, 90% of the region’s banks and corporates underwent some form of cyber-attack – up by 76% on the previous year. It is no surprise, in light of the rising frequency of high profile cyber hack attempts, that ensuring the safety of correspondent banking networks has propelled to the top of the industry’s agenda, especially as these systems house the world’s largest remittance service providers – and therefore the bulk of the world’s transactions.
Against this backdrop, Nancy So, Deutsche Bank’s Head of Institutional Cash Management, APAC, writes in The Asset outlining considerations for how banks can prevent, combat and detect potential attacks – recognising that, while sophisticated technological capabilities are necessary, these are prone to failure in isolation. What is critical is to adopt a technological and human approach that acknowledges the human causes of cyber-hacks. With this in mind, Deutsche Bank is committed to a three pronged-strategy that engages the wider industry, further advances in preventative technologies and promotes the upskilling of employees to ensure the region’s is best equipped to reduce cyber risks.
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