FSB urges stronger defence against cyber attacks as remote work gains pace

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Cyber activities such as phishing, malware and ransomware grew from fewer than 5,000 per week in February 2020 to more than 200,000 per week in late April 2021

London — Financial firms may need to bolster their defences in the face of rocketing cyber attacks after employees began working from home, the Financial Stability Board said on Tuesday.

“Most cyber frameworks did not envisage a scenario of near-universal remote working and the exploitation of such a situation by cyber threat actors,” the FSB said in a report to G20 ministers and central banks.Covid-19 was the first major test of tougher financial rules put in place after the 2008 global financial crisis and most parts of the system coped well, the FSB said.

 

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