Barclays Fights Off Cyber-Attacks Daily

Barclays Bank fights off attacks from cyber criminals every single day, according to the head of the bank’s cyber security operations centre.

Former Europol cybercrime centre head of operations Paul Gillen told reporters that the number of attempts against the lender each day was “substantial”. However, the attacks vary in degree with the most common being malicious emails, Gillen added.

Over the summer Barclays launched a nationwide campaign to help UK firms tackle cyber-crime and fraud after it posted research with YouGov that showed almost half of all small and medium-sized enterprises had been targeted by fraudsters, with the average cost of a fraud to a business hitting almost £35,000.

“We have gone for a holistic approach to cyber security,” Gillen said, speaking at a Cyber Security Challenge UK event at the bank’s Canary Wharf headquarters, “to make sure that all the systems of the bank are working properly”.

“We play an instrumental role in improving the security of the supply chain...and other people benefit from that,” he said. “We do see what we do as a service.”

“You have got the top tier of banks taking a fairly similar approach,” Cyber Security Challenge chief executive Colin Lobbley said, adding that mid-tier and smaller banks struggle to afford the investment.

Earlier this month the Bank of England tested the financial industry’s ability to withstand a major cyber-attack as the risk of such an event increases, with the results set to be released later this week at the end of November.

“This exercise forms a vital part of the sector wide biennial process that seeks to ensure the industry is prepared for, and can respond effectively to, any major disruption stemming from a cyber incident, protecting the financial system on which the public relies,” the Bank of England said.

“The exercise will help authorities and firms identify improvements to our collective response arrangements, improving the resilience of the sector as a whole."

In 2014 there were five reports of cyber-attacks to the Financial Conduct Authority (FCA), 27 in 2015 and 89 in 2016, the City watchdog revealed. Earlier this month, another FTSE 100 boss told City A.M. that their company is under constant attacks that range from “the malicious” to “more serious and hostile”.

CityAM

You Might Also Read:

Scammers Steal Half-a-Billion Pounds From UK Bank Customers:
 

 

« British Parliament Seizes Facebook Documents
Uber Fined By Regulators In Britain & The Netherlands »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Alvacomm

Alvacomm

Alvacomm offers holistic VIP cybersecurity services, providing comprehensive protection against cyber threats. Our solutions include risk assessment, threat detection, incident response.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

IASME Consortium

IASME Consortium

IASME is one of five companies appointed as Accreditation Bodies for assessing and certifying against the UK Government's Cyber Essentials Scheme.

IoTium

IoTium

Secure Cloud Managed Software Defined IoT Networks. IoTium simplifies establishing and managing secure network infrastructure for Industrial IoT.

Planit Testing

Planit Testing

Planit is a leader in Quality Assurance and a specialist in software testing and training services.

Silicom Denmark

Silicom Denmark

Silicom Denmark is a premier developer and supplier of FPGA-based interface cards for cyber-security, telecommss, financial trading and other sectors.

MerlinCryption

MerlinCryption

MerlinCryption develops infrastructure security software, delivering advanced encryption, authentication, and random data generators, for Cloud, VoIP, eCommerce, M2M, and USB hardware.

CNA Insurance

CNA Insurance

CNA offers a market-leading suite of cyber liability insurance products and risk control resources for businesses of all sizes.

Rule4

Rule4

Rule4 is a global professional services firm that provides practical, real-world knowledge and solutions in areas including cybersecurity, AI, Machine Learning and industrial control systems.

Centre for Multidisciplinary Research, Innovation & Collaboration (C-MRiC)

Centre for Multidisciplinary Research, Innovation & Collaboration (C-MRiC)

C-MRiC collaborates on initiatives, ranging from national cyber security, enterprise security, information assurance, protection strategy, climate control to health and life sciences.

Palmchip

Palmchip

Palmchip is a Cyber Security, SOC and Software consulting company. We design and develop high performance and secure applications.

Zemana

Zemana

Zemana provides innovative cyber-security solutions to deal with complex malicious software and other cyber threats.

Xiarch Solutions

Xiarch Solutions

Xiarch Security is an global security firm that educates clients, identifies security risks, informs intelligent business decisions, and enables you to reduce your attack surface.

Wadilona Cyber Securities

Wadilona Cyber Securities

Wadilona Cyber Securities' sole aim is to bring and secure Information and Communications Technology (ICT) to and work for humans in its simplest terms.

CyberMontana

CyberMontana

CyberMontana is a statewide initiative providing cybersecurity awareness, training, and workforce development for businesses and residents of Montana.

CardinalOps

CardinalOps

The CardinalOps platform continuously assesses your detection posture and eliminates coverage gaps in your existing detection stack so you can easily implement a threat-informed defense.

Breathe Technology

Breathe Technology

Breathe Technology has been providing Managed IT Support/ Service Desk, Cloud Services, Cyber Security & Communications to businesses and schools since 2003.

Cyborg Security

Cyborg Security

Cyborg Security is a team of threat hunters, threat intelligence analysts, and security researchers from across North America.