CHAPTER 11Cybercrime and IT Resilience
SUMMARY
When considering the impact of advanced analytics and AI for banking, it would be incomplete to omit the issue of cybercrime and IT resilience as an area of interest. In the context of the Bank of the Future, there is an essential requirement of trust and security. Therefore, it's necessary to recognise the increased risk and impact of cybercrime on the banking system.
The harsh reality is that if the banking industry, based on trust and increasingly based on digital transactions, can't get this aspect of its operation right, then customer confidence will at best be eroded and at worst could be lost entirely. This section aims to give greater understanding of the nature of cybercrime at both a general and banking specific level, and how banks (by way of example) need to prepare themselves for both the present and the future. This includes topics such as cyber security toolkits and the emergence and importance of new roles.
With fraud being one of the key areas of concern, the use of analytics and AI is also considered in this particular context. Finally, the chapter closes with some insights into issues of cyber law.
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