Cyber Security in the Financial Services Sector

Background

While the world is dealing with the COVID-19 pandemic and companies are scaling up their ICT systems to the cloud to enable remote access, another global pandemic called the “cyber-security pandemic” has been emerging. The shift by companies and organisations to new services and systems has allowed larger volumes of transactions to be executed remotely. The adoption of these new and relevant systems has increased the threat surface and scope for cybercriminals. Several global companies have fallen victim to cyber-security incidents.

The financial services sector is a fertile ground for cyber-criminals as it offers the attraction of access to money, personal information and investments. These are valuable assets separately and/or in any combination to cyber-criminals. These three attractions make the financial services sector a dream for cyber-criminals. In this regard, there is need for organisations to strengthen monitoring, configuration of security devices, adopt security strategies and systems, and improve human capacity to enhance resilience to cyber-crime.

Objective

This course is aimed at raising participants’ awareness on the motives and methods driving cyber financial crimes and equip them with tools for detection, judicially valid and admissible investigations, reporting and prevention techniques as well as necessary internal and external controls management.

Content

The course will cover the following areas:

1. Current and emerging cyber financial crime threat landscape and fraud topologies;

2. Impact of cyber financial crimes on firms and the financial services sector;

3. Relevant legislation;

4. Key security methods used to prevent cyber financial crime;

5. Warning signs of cyber financial crime;

6. Ethical considerations in financial fraud prevention;

7. Anti-fraud measures;

8. Investigating suspected fraudsters;

9. Investigations into social media, malware, viruses, and ransomware; and

10. Detection and prevention of Money Laundering.

Target Group

Senior and middle level professionals in the following departments/units: internal audit, risk management, security, legal, regulatory compliance, operations and finance.