Financial centres, governments and law enforcers must work closely together to prevent organised criminals and terrorist organisations bringing global markets to a standstill by cyber attack. So City of London Police Commissioner, Adrian Leppard, told the Financial Crimes and Cyber-Security Symposium in New York City.
The event, hosted by the New York County District Attorney’s Office and held in the Federal Reserve Bank, was attended by more than 300 delegates from policing, finance and public and private sector cyber security.
Commissioner Leppard, whose UK force is the National Policing Lead for Fraud, highlighted the sophisticated fraud and cyber threats facing world financial centres, with a particular focus on the City of London and Wall Street. He pointed to the risks posed by state-sponsored espionage and terrorism using complex malware, such as Ransomware and Direct Denial of Service (DDoS) attacks, to threaten the integrity of trading platforms and deals.
Leppard also stated that it is now vital that law enforcement and financial institutions share information on threats. He called for companies to be legally obliged to report to authorities when they have fallen victim to a cyber attack to ensure steps could be taken to protect other financial institutions and target the offenders.
The City of London Police and New York County District Attorney’s Office are to forge a closer alliance. From spring 2015 there will be a staff exchange programme between the two agencies aimed at developing greater operational collaboration, intelligence sharing and debriefing of investigative best practices. As featured in the December 2014 print issue of Professional Security magazine, City of London Police signed recently an agreement with Royal Bank of Scotland to have financial staff from the bank providing specialist advice under the force’s new Corporate Volunteer Consultancy Scheme.
Speaking from New York, Leppard said: “We cannot underestimate the determination of international criminals, operating alone or as part of serious organised crime gangs or terrorist organisations, to launch a major strike against our financial centres, especially in London and New York. It is therefore crucial we take a proactive approach to this threat by putting in place the technical and legal systems that will keep trading platforms secure from m alware and prevent companies from being compromised by a rogue employee or weak IT systems.
“The agreement signed by the City of London Police and the New York District Attorney is another important step in the right direction, bringing the people who protect the Square Mile and Wall Street closer together and ensuring we are doing everything we can to thwart what has become a common enemy.”
And Cyrus R Vance, Jr, added: “An increasingly close connection between cybercrime and financial crime means that cooperation is more important than ever. Our international partnerships, in particular our ongoing collaboration with Commissioner Leppard and the City of London Police, reflect a changing landscape and the understanding that cyber-criminal attacks will not be limited by state or national borders. This is why it is essential for financial institutions, governments, and law enforcement agencies to work together to protect the integrity of our markets and financial systems, as well as all our citizens.”
