“The current legal, regulatory, ethical and enforcement framework surrounding cyber fraud simply does not work”
There were almost 10,000 new cases of fraud reported in the UK every day in 2018, according to Office for National Statistics (ONS) figures.
In an interview in BAE Systems Applied Intelligence’s London offices, he told Computer Business Review: “Fraud teams are typically bent on trying to control economic losses; law enforcement are trying to prosecute; security teams only able to look at the initial breach and not necessarily able to gain further behaviour patterns from a bank’s data.”
“Joining up the intelligence part of the fraud-security jigsaw is easier than joining up the technical side.
[And] industry is on the back foot, with the financial services sector understandably often quite reluctant to get involved beyond what their fraud teams are doing, which is asking: ‘Has there been a fraud?
The Intelligence Network names a nine-strong steering committee that includes Microsoft UK’s Chief Security Adviser, Sian John; the CBI’s Head of Digital Policy, Roxanne Morison; Trafigura’s CISO Mark Swift; and cyber security accelerator and seed investment programme CyLon’s co-founder Jonathan Luff.