Banks warn of rise in ransomware attacks

OpRisk Europe: Banks must improve resilience of remote-working staff, says Wells Fargo financial crime expert

Cyber threats

Cyber threats from ransomware and other types of attack have risen since the onset of the coronavirus pandemic as criminals look to exploit gaps in defences magnified by remote working, banks say.

“The pandemic has caused an epidemic of financial crime around the world. Over the past few months, ransomware has really taken off,” said Lester Joseph, manager of the global financial crimes intelligence group at Wells Fargo.

With a majority of bank employees working from home, experts say the

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