Cyber attacks on banks are not just becoming more determined and sophisticated, but the evolution of business models is making banks even more vulnerable, creating a big headache for the industry and regulators. Digitisation may well be driving greater customer convenience and reducing costs, but it has also opened up a whole new frontier for criminal activity, which could have devastating consequences for the financial system and society if not contained. There are a baffling array of ways for cyber criminals to attack banks. Frustrat-ingly, these are constantly evolving, pitting the two sides against each other in a technological arms race.
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