“As state and crime threats merge in some areas, that’s something which needs more work,” he said, using North Korea as an example. “Institutions tend to think that states wouldn’t want to damage the international financial system which they have a stake in, but of course North Korea doesn’t have a stake in it and doesn’t really care.
“That crossover of crime and state is here to stay. I think, thinking beyond fraud and crime, companies need to think about the motives of states that might want to access their data. Financial institutions hold very personal data about millions of people.”
“Cyber crime certainly is capable of causing the next financial crisis – anything that undermines confidence in the banking system could have that effect,” adds Mr Moir, underlining the severity of a potential attack. “Suppose hackers penetrate a bank’s systems and manipulate balances or mortgages so they can no longer be trusted?”