Demonstrate a critical understanding of current issues in either Essay

Demonstrate a critical understanding of current issues in either investigation or prosecution of a aspect of cybercrime or e-investigation - Essay Example Increase in financial crime activities has become widespread, but there is still difficulty in maintaining transparent policies and actions of financial information. The problems faced by financial institutions continue to rise with issues relating to politics, legal, technology and economics arising with time. Financial institutions increasingly face challenges in managing cyber-attacks. Malicious attackers are increasingly becoming more sophisticated and widespread in devising methods of financial fraud. Banking institutions in Europe mainly face denial-of-service on a large-scale basis hindering their daily investigations. Institutions that handle regional bank and credit Sacco’s often face challenges in financial security breach. Enemies of the state breach their financial systems to seek for intellectual property and intelligence. Hackers use the security breaches to make political statements to their enemies. Cyber gangs working in crime groups opt for the vice to gain money by stealing finds in accounts or hacking into ATMs. A reduction in technology costs leads to the decrease of barriers implemented to curb cybercrime, providing criminals with cheaper and easier ways to penetrate into financial networks. The growing black market encourages a new generation of wrong doers wi shing to breach data services for financial institutions. 1In June 2014, the Bank of England increased its efforts in the protection of the UK’s financial institutions from cybercrime. The testing framework aims at combining government intelligence with security industries assessing the risks. Implementing the new cyber security strategy named CBEST seeks to ease pressure on financial services in England. With this in mind, the study seeks to analyze the financial security of the Bank of England. Financial crime in indicates that both internal and external rely on IT systems to manage information (BBC,