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Cyber Security And Other Geopolitical Risks Present Unique Oversight Challenges

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Cyber-security and other geopolitical risks present unique oversight challenges

Module: Financial Services Risk Management (FIN10109)
Module leader: Mauricio Silva
University: Edinburgh Napier University
Matriculation number: 40182308
Date: October 30, 2014

Table of content
Introduction 3
Cyber-attacks 4
Challenges 4
Business and Governments 5
Other geopolitical risks 6
Conflict in the Middle East 6
Political risk in Europe 6
Conclusion 7
References 9

Introduction
By the year of 2016, investments in online security are expected to reach $86bn (Contu et al, 2012). Although this might seem a large sum of money, it is considered necessary since there is an increase in online risks from all over the world. Professional hackers develop malware on a global scale and on a 24/7 basis. Hackers have five objectives when spreading malware over the Internet: to infect/distribute, to steal, to persist, to control and for intelligence (Morris, 2010).
The purpose of the review is to inform the reader about the possible dangers geopolitical risks might have on the financial industry when the industry does not look after them. I was intrigued by this dark side of modern communication and the effect it has on the safety of the banking sector.
Financial institutions work with a large amount of data, often sensitive information. The computer software banks use are quite complex, which makes them a target for fraud and

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