Current defenses are inefficient and need to be rebuilt from the ground up, a report claims. The way financial firms in the UK handle cybersecurity is inefficient and needs to be rebuilt from the ground up, a new report by KPMG and the industry body UK Finance has said.

The new approach needs to be built on teamwork between different financial firms, backed by government and law enforcement agencies. By attacking the cybercrime infrastructure, criminals can be ‘put out of business’ the report says.

“That imposes a cost on the criminals because they then have to reconstruct that botnet, those phishing sites,” said David Ferbrache, technical director and head of cyber and space at KPMG.

The way financial institutions currently handle cybercrime is simply by spending more money. However, a ‘quirkier and more collaborative’ response is necessary.

Kirill Kasavchenko, the principal security technologist, EMEA at NETSCOUT Arbor, says financial institutions should heed the warning, because cyber threats are constantly evolving.

“To keep pace, the cyber security community must collaborate to cut cybercrime in terms of frequency, severity, and impact,” he says.

“At the heart of this is the drive to stop cybercrime being such a lucrative source of revenue. There’s no one-size-fits-all way to achieve that, but consistently preventing attackers from fulfilling their aims is a key. That consistency can be delivered through collectively applying best practices, opening up availability to specialist tools, and sharing threat intelligence. This creates a far more accurate and actionable view of the threat landscape – nipping emerging threats in the bud and unlocking faster mitigation times.”