Active cyber defence strategies and techniques for banks and financial institutions

Yorrick Creado and Vidyavati Ramteke

Journal of Financial Crime, 2020, vol. 27, issue 3, 771-780

Abstract: Purpose - With the growing penetration of financial technology, financial firms and banking institutions have seen a rise in the volume of cyber-attacks in recent years. Cyber criminals are using more sophisticated techniques to beat traditional passive defences. The purpose of this paper is to explore, analyse and recommend various active cyber defence strategies and techniques that can be implemented by organizations in financial sector to secure and safeguard their assets and cyber space. Design/methodology/approach - This paper adopts a secondary research approach on the various techniques that can be used effectively to adopt active cyber defence strategy. Findings - Based on the existing strategies and techniques available and those being currently developed, this paper proposes a holistic approach that can be adopted by banks and financial institutions to secure their cyber space. This involves a combination of active and passive cyber defence techniques and effective threat intelligence. Originality/value - The following paper has been checked for plagiarism and is within the acceptable standards for publishing in this journal. Appropriate references have been duly cited, and the formulation of the final recommendation is the original work of the authors.

Keywords: Financial sector; Active cyber defence; Active defence; Cyber-attacks; Passive cyber defence; Passive defence (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-01-2020-0008

DOI: 10.1108/JFC-01-2020-0008

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