This is the first part of a three-part series exploring the rise and power of cyber-criminals; anatomy of cyber-attacks targeting banks; and defending a bank against cyber-criminals

Today banks are under threat from increasingly audacious and highly networked cyber-criminals attacking from within; exemplified by the February 2016 attempted theft of $951 million at Bangladesh Bank’s account with Federal Reserve Bank of New York.

Cyber-criminals are now behaving like determined, resourceful, and innovative adversaries – leveraging know-how, technology and insights to seek lower costs and higher returns. At the same time risk and security professionals at banks are still thinking primarily in terms of compliance. While banks do consider cyber-crime as a threat to their brand as well as profit-margins, it doesn’t take a rocket scientist to realise that mere focus on compliance is not going to keep the new cyber-criminals at bay.

The question remains whether banks are prepared and equipped to start understanding the cyber-criminals as intimately as the cyber-criminals are starting to understand banks?