Stopping Fraudulent Transactions Before they Take Place: Lessons from the Cosmos Bank Attack
India's Cosmos Bank has lost USD 13.5 million in a cyber-attack. It’s a statement that should render shock, but these situations are becoming so commonplace that whilst such headlines are discouraging, they are no longer a surprise. One has to wonder whether we’ve become desensitised to them.
This seemingly fatalistic attitude that hackers will have their way and little can be done about it is quite unsettling. But something can be done – and it’s not only possible, it’s easy and achievable.
Average annual cost of cybercrime in the financial services industries is $20.8 million. What can you do to win the fight?
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