Cyber-enabled crime is growing in scale and sophistication and has a huge impact on individuals and society. In fact, these crimes account for over half of all fraud cases in England and Wales.
It is becoming apparent that law enforcement and financial institutions are facing challenges in preventing and responding to cyber-enabled fraud, thus struggling to deliver the outcomes needed. This calls for a fundamental reassessment of the law enforcement approach to financial cybercrime at the national and local level, as well as a clearer articulation of the roles and responsibilities in the financial sector, to help tackle the threat more effectively.
Huntswood, in partnership with Gadhia Consultants and the Royal United Services Institute (RUSI), are undertaking an independent research study into this matter. The research findings will provide recommendations in overcoming existing barriers faced by law enforcement and the financial sector, and will suggest ambitious improvements to the current policy model. These findings will be outlined in an occasional paper published in early 2021.
Ahead of the occasional paper, RUSI have released a briefing paper outlining the key challenges faced in responding to cyber-enabled fraud in the UK, and a need for a rethink into the future approach.
Take part in the research
If you’re a financial institution and want to share your views on what can be done, take part in the research today facilitated by Gadhia Consultants and RUSI.
Simply complete the form and we’ll be in touch.
Over half of all fraud in England and Wales is cyber enabledHenry Rex, ‘ONS Crime Stats: Fraud & Cyber Crime Still Dominate’ Techuk, 19 July 2018
Financial institutions spend three times more on cyber security than other sectorsUK Finance and KPMG, 'Staying ahead of Cyber Crime', April 2018
Less than 1% of UK Policing’s total workforce is involved in fraud investigationMackey and Savill, ‘A Review of the National “Lead Force” responsibilities of The City of London Police and the Effectiveness of Investigations In The UK’
Businesses are under acute stress and it is against this backdrop that we urge firms to remain vigilant about their arrangements with third party suppliers.
Gadhia Consultant Mike Peckham suggests staying 'cyber secure' is a matter of understanding the threat landscape