PA’s Mark Stollery, cyber security expert, is quoted in SC Magazine in a news article about the Metropolitan Police persuading London's banks to help pay for a major expansion in its cyber crime unit.
There may be controversy against the Met Police asking banks for funding, however Mark shares some examples of this sort of funding already in existence: “The City of London Police force Insurance Fraud Department (IFED) is funded by Association of British Insurers members, and the Dedicated Cheque and Plastic Crime Unit (DCPCU) – made up of officers from the City of London and Met Police forces – is fully sponsored by the banking industry.”
He goes on to explain: “I can see why the banks may be sucking their teeth and saying this is police work - but the fact is the banks are going to be suffering indirectly because they're having to pick up the pieces of their customers who are going to be suffering. However unjustifiably, they will be risking a bit of reputational damage.”
Mark concludes by explaining why being joined up pays: “One of the key points about cyber crime is lots of it is high-volume, low-value so no-one will be bothered to investigate one incident. But if you can join the dots and show that this particular £200 fraud is part of a multi-million pound scam, then the authorities will take action and actually start to get to the root of it. By solving that you make life better for lots and lots of people. The UK is at last trying to pull together everyone who has some skin in the game.”