BSCC Members on Cyber Security
Cyber security is a growing concern for businesses and in 2019 the average cost of a serious global breach amounted to $3.9m. A cost that is expected to rise in the future. In a recent interview , Carl Nightingale, Cyber Security Expert at PA Consulting encouraged businesses to start seriously considering investing in cyber insurance.
Today, only 11% of businesses can bolster that they are adequately covered by cyber insurance, meaning many firms lack proper coverage in the event of a ransom attack. Meanwhile methods of cyber criminals become more sophisticated. The lack of adequate coverage can partly be explained by a general immaturity of the cyber insurance market, partly due to a lack of competence within firms to assess their needs and what cyber insurance providers really are offering.
Interested in Carl’s assessment of the do’s and don’ts when evaluating cyber insurances? Click here for the full article.
SEB continues to work towards becoming a leader in the fight against financial crime. This summer SEB was one of the main sponsors of the 2022 Swedish Cyber Security Challenge. Today they expand their own Financial Intelligence Unit by recruiting Nicklas Lundh, former head of the Swedish Finance Police, and Ravi Shankar Sharma, former head of Intelligence Development at Nordea.
Together they will head a new financial intelligence unit within SEB’s Financial Crime Prevention unit (FCP). According to SEB the establishing of this new financial intelligence unit is part of a larger effort to strengthen the banks defence against financial crime, and its ability to detect and prevent suspicious activity.
Interested in reading more about the Cyber Security Challenge or SEBs New Financial Crime Unit? Follow the links below.