By Irene Madongo (September 21, 2021, 6:06 PM BST) — A global standard-setter has called on supervisors to encourage banks to adopt cyber-tools that are widely accepted in the sector, warning that financial service providers and their contractors face increased threats of attacks.
The Basel Committee on Banking Supervision said Monday that cyber-incidents threaten the stability of the financial system — a concern that has only been heightened since the onset of the COVID-19 crisis.
Employees working from home, alongside an increase in online financial services offered, means that cyber-criminals have more places where they can gain access to banks’ systems.
The committee, which writes standards for lenders worldwide, added that targeted attacks on banks’…
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