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Published in:
Money Laundering and Combating Finance Terrorism Read chapter Read first chapter

2023 | OriginalPaper | Chapter

4. AML and Cybersecurity in Banking Industry: Challenges

Author : Felix I. Lessambo

Published in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Publisher: Springer Nature Switzerland

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Abstract

Cyberattacks impair the ability of the bank to service running creditors. The banking industry relies heavily on technology. The sheer amount of transactions in modern banking makes the functioning of the financial sector infeasible without automated networking, information processing, and telecommunication services. Banks must identify the risks by fulfilling their AML obligations and taking necessary precautions. Like any operational risk event, a cyberattack can trigger a liquidity run and lead to solvency issues.

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previous chapter AML/CFT, Cybersecurity and International Organization
next chapter AML/CFT and Cyber Security Laws in the United States
Footnotes
1
StefanVarga, Joe Brynielsson, Ulrik Franke (2021): Cyber-Threat Perception and Risk Management in the Swedish Financial Sector, Computers & Security, Volume 105, June 2021, 102239.
 
2
Steven Bowcut (2021): Cybersecurity in the Financial Services Industry, https://​cybersecuritygui​de.​org/​industries/​financial/​.
 
3
Jackie Wheeler (2022): Guidance on Anti-Money Laundering (AML) in Banking and Finance for 2022, https://​www.​jumio.​com/​aml-guidance-banking-finance-2021/​.
 
4
Mohammed Issa, Samuel Antwi, and Solomon Koffi Antwi (2022): Anti-Money Laundering Regulations and Banking Sector Stability in Africa, Cogent Economics & Finance, Volume 10, No. 1, 2022.
 
5
Jessica Day (2022): Cybersecurity in Digital Banking: Everything You Need to Know, https://​stefanini.​com/​en/​trends/​articles/​cybersecurity-in-digital-banking-everything-you-need-to-know.
 
6
Archon Secure (2022): Cyber Threats in the Banking Industry, https://​www.​archonsecure.​com/​blog/​banking-industry-cyber-threats.
 
7
Julie Clements (Apr 28, 2021): Cyber Security in the Banking Industry—Top Trends to Know, https://​www.​managedoutsource​.​com/​blog/​cyber-security-in-banking-industry-top-trends-to-know
 
8
Thomas M. Eisenbach, Anna Kovner, Michael Junho Lee (2021): Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis, Federal Reserve Bank of New York Staff Reports, no. 909, January 2020; revised May 2021, https://​www.​newyorkfed.​org/​medialibrary/​media/​research/​staff_​reports/​sr909.​pdf.
 
9
Emily Flitter and Karen Weise (2019): Capital One Data Breach Compromises Data of over 100 Million, The New York Times, https://​www.​nytimes.​com/​2019/​07/​29/​business/​capital-one-data-breach-hacked.​html.
 
11
Suhail Qadir, S.M.K. Quadri (2016): Information Availability: An Insight into the Most Important Attribute of Information Security, Journal of Information Security,  Volume 7 No.3, April 2016.
 
12
Edward Kost (2022): 10 Biggest Data Breaches in Finance, UpGuard, https://​www.​upguard.​com/​blog/​biggest-data-breaches-financial-services.
 
13
FFIEC (2005): Authentication and Access to Financial Institution Services and Systems, https://​www.​ffiec.​gov/​guidance/​Authentication-and-Access-to-Financial-Institution-Services-and-Systems.​pdf.
 
Metadata
Title
AML and Cybersecurity in Banking Industry: Challenges
Author
Felix I. Lessambo
Copyright Year
2023
Book
Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Print ISBN: 978-3-031-23483-5

Electronic ISBN: 978-3-031-23484-2

Copyright Year: 2023

DOI
https://doi.org/10.1007/978-3-031-23484-2_4