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Cybercrime affecting the financial services industry


A recent survey conducted by PricewaterhouseCoopers found cybercrime is thought to be the second-most reported crime to financial services firms, with 38 percent of criminal incidents in the field being related to cybercrime.

"Cybercrime puts the financial sector’s customers, brand and reputation at significant risk," said Andrew Clark, a forensic services partner at PricewaterhouseCoopers, in a recent statement. "Regulators are increasingly viewing cybercrime as a key area of focus and financial institutions are expected to have appropriate systems and controls in place."

According to the survey, 29 percent of financial service employees did not receive cybersecurity training, stressing the importance of purchasing cyber liability insurance to protect against issues resulting from the loss of customer data.

In order to combat this problem, Microsoft recently announced it is joining forces with the Financial Services-Information Sharing and Analysis Center, the Electronic Payments Association and Kyrus Tech to fight back against cybercrime including online fraud and identity theft.

Microsoft delved deep into the Zeus threat and found that once a computer is infected with the virus, a user can have his or her online activity monitored, as well as have his or her every keystroke recorded.

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