Cybersecurity continues to challenge wealth managers, according to a global wealth report released by Boston Consulting Group (BCG).
“Wealth managers face an increasing number of cyber attacks – from insider attacks and fraud, but also from external sources,” states the report.
The report found that in one incident a so-called smokescreen attack disrupted a bank’s operations for two weeks.
Attackers wiped thousands of computers at hundreds of branches. All this was actually just done as a mask to hide millions in fraudulent transfers.
In another instance stolen credentials were used to siphon $60m from customer accounts. Credentials to initiate money transfers were harvested over time via PC malware.
Another example given in the report is of a bank employee who stole 1.5 million customer records and shared it with a criminal third party.
“The Titanic problem of wealth managers regarding cybersecurity is that they pay too much attention on technology and not enough on people, processes and organisation,” states the report.
“Most wealth managers are only partially prepared to meet the upcoming challenges. They have limited awareness of the evolving threat landscape and…
