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#Cybercrime & #Cybersecurity Does the #EuropeanCentralBank Really Understand?

TheMerkle_European Central Bank Headquarters And Frankfurt's Financial District Ahead Of Comprehensive Bank Assessment

According to businessinsurance 'The aim is to collect information on major cyber incidents that present serious security dangers, allowing the #ECB to spot patterns and warn other #banks of emerging threats....

....(Reuters) — The European Central Bank will set up a database to register incidents of cyber crime at commercial banks, aiming to create an early warning and analysis system for big lenders, it told a German newspaper on Thursday....'

However according to themerkle 'Rather than looking at solutions to ensure cybercrime cannot take place to begin with, the #EuropeanCentralBank wants to create a #database #cataloging all #cyberattacks against #commercialbanks. This should effectively create an #earlywarning and #analysissystem for #biglenders, although it remains to be seen how this will work exactly.

Given the recent attacks against the #SWIFT payment network, it has become apparent a solution needs to be created to ensure the safety of banks against #cybercrime. However, implementing these solutions is a lot easier for bigger banks compared to their smaller counterparts, due to budgeting and having the right personnel on the job.'

In the society we currently live in today #technology has become significantly integrated into our lives. #Cybersecurity is not just a concern for the individual but also for any institution.What is clear is that traditional solutions are no longer sufficient given recent examples.

While collecting information on cyberattacks is useful for developing strategies and identifying patterns of attacks so that they can be combatted in the future. Will this solution really work?

In the end it comes down to how much any institution is willing to spend on cybersecurity. Ensuring that the correct measures for prevention are in place to prevent attacks cost a lot of time and effort. However as the level of technology advances so does the level of crime.

will there ever really be any system in place that can protect a centralized institution?


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