Fear of increasing cyber attacks due to work from home in Corona
- Shocking revelation in FSB report
- Less than 5000 attacks per week before Covid 11 lakh per day after Covid
LONDON: The rise in work-from-home jobs among employees around the world during the Corona era has also led to an increase in cyber-attacks, prompting financial firms to strengthen their defenses, the Financial Stability Board (FSB) has said.
The FSB, which focuses on co-ordinating the financial rules of the G20 countries, said the Covid-18 had led to a significant increase in the number of remote working or work-from-home homes being imposed by various economies. This has also significantly increased the likelihood of cyber attacks. The work-from-home (WFH) industry in the financial services sector is now expected to last for some time.
The FSB said in a report to the G20 ministers and central banks that most cyber frameworks have not imagined or reviewed the situation, which is now a currency of work from home in almost every country, and what should be done to deal with a massive increase in cyber attacks.
This report is a review of the lessons learned from the impact of the epidemic on financial stability. Covid-12 is the first major international event since the 2008 subprime crisis to have passed a rigorous examination of financial rules. Most of the world's financial systems have coped well with Covid-18, the FSB said.
Lockdown restrictions have eased but financial firms have told employees they can work from home some days of the week. The rest of the time he can work from the office.
Cyber activities such as phishing, ransomware and malware were less than five thousand per week till February 2020, while in April 2021 it was more than two lakh per week.
The FSB said financial institutions are generally strong, but it needs to sharpen the cyber risk management process, cyber incident reporting, response and recovery activities, and the management of key third-party service providers such as cloud services.
The meeting, chaired by Federal Reserve Vice-Chairman Randall Quarrels, will give a final report on the regulators of leading financial centers and central banks in October.
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