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This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Risks in the Digital Age

Risks in the Digital Age

Ciaran Rooney

20 years: technology, cybersecurity & operations

How secure are you? It’s a simple question that has many implications. We're not just asking about your computer. We're asking about every internet-connected device you own, every email account, work or personal, every service you use online and every business you've ever bought from. Daunting right? Join Ciarán Rooney and he introduces what risks we encounter in this digital age.

How secure are you? It’s a simple question that has many implications. We're not just asking about your computer. We're asking about every internet-connected device you own, every email account, work or personal, every service you use online and every business you've ever bought from. Daunting right? Join Ciarán Rooney and he introduces what risks we encounter in this digital age.

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Risks in the Digital Age

8 mins 42 secs

Overview

How secure are you? The question may seem straightforward but is far from it. As far back as 2007, the University of Maryland found that a computer with an internet connection, is being attacked on average once every 39 seconds. 65,000 SMEs in the UK are targeted with attempted cyber attacks every day, according to data from the insurer Hiscox. While most attempts are unsuccessful, a successful attack is carried out every 19 seconds. On average, companies take over nine months to identify a breach and take the necessary corrective measures, and typical cleanup costs run to over £25,000. The modern internet has introduced a raft of potential threats that most people don’t even think about. Cybercriminals have attacked universities, national governments and multinational companies indiscriminately.

Key learning objectives:

  • Understand how digitally secure we really are

  • Understand how anyone can be targeted by cybercriminals

  • Outline are main cybersecurity risks and protection methods

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Summary

How substantial are cybersecurity threats?

The threats posed by the internet are not new, studies in 2007 showed that on average, a computer connected to the internet is attacked once every 39 seconds and over 65,000 UK SMEs are targeted by cyberattacks daily. The cleanup costs associated with these threats also run up to very high amounts. IBM suggested that the cost of a data breach suffered by a large organisation is around $3.6mn. 

What are the areas of risk?

Cybersecurity risks aren’t associated with just our computer - it encompasses every single internet device we own, every email address we use, every online service and business we have ever used. The modern internet has a raft of threats that we do not realise because we believe the sites/services we use are safe. 

Almost all activities in our daily life that involve access to the internet can lead to cybersecurity risks and need to be monitored carefully. From our usual morning scroll of the news on our phone to social media, food delivery apps, banking apps, and entertainment services as well. 

What are the different ways in which we could be attacked?

Hackers could trick us into visiting a fake version of a website and this could potentially enable them to steal our data, identity and even our money. We could also face direct attacks which grant access to hackers through malware. Simply having an antivirus software or having a secure password will not be enough to help us in this situation. 

Increasing scale of cyberattacks 

The corporate world is seeing an increase in cybersecurity related risks as a direct consequence of the shift to working from home. Studies suggest that most companies have witnessed a 91% increase in cyberattacks as a result of this. 

However, this is not limited to employees working from home and cyberattacks spare nobody, anyone can be targeted at anytime. This is evident from the large number of big organisations, from different industries and countries that have recently faced cyberattacks. This includes the likes of Aramco, The University of California, San Francisco and also the BlackBaud Ransomware attack which affected several charities in the US and UK. Similarly, in the UK, the WannaCry ransomware attack in 2017 had crippled the NHS and cost over 92million. The most infamous of cyberattacks is arguably the one on Yahoo! in which all 3.1 billion accounts were compromised and data had been stolen. 

What are the techniques to help protect ourselves from these threats?

It is important to understand the vulnerabilities we face such as malware and network risks. It is also prudent to understand the ways in which we can protect ourselves. The different techniques that will help us prevent being victims of a cyberattack include authentication, network security, encryption and cryptography. Finally we need to keep in mind the steps that need to be taken in a situation where we have been victims of a cyberattack.

 

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Expert
Ciaran Rooney

Ciaran Rooney

Ciarán is the Chief Technology Officer of Finance Unlocked Ltd, the company behind the learning platforms Finance Unlocked and Sustainability Unlocked. He has over 20 years of experience in technology, cybersecurity and operations. Ciarán has held the role of CTO of several successful startups, including; busuu, one of the world's largest language learning platforms; the ad tech company Skimlinks, a content monetisation platform for some of the world's largest online publishers; and Swoon, a leading direct to consumer furniture brand. He has also been a technical consultant, a startup mentor, a conference speaker, and the Chair of the PHP UK Conference.

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