LONDON, June 12 (UPI) -- BAE Systems Applied Intelligence announced it has joined the British Bankers' Association to collaborate on countering cyber-enabled financial crime.
BAE's associate membership in the organization is part of a broader working relationship that includes its associate sponsor of the BBA's inaugural Cyber Security Summit, which took place earlier this week.
"Millions of peoples' lives have already been hit by cyber-crime and the threat will only grow as the internet brings us closer together," said Anthony Browne, BBA's chief executive. "That's why our partnership with leading technology solution providers such as BAE Systems will be so useful as we look to turn the heat up on cyber criminals by sharing ideas on how to develop more efficient and effective services. "
The BBA represents more than 240 organizations in the banking center.
Martin Sutherland, managing director of BAE Systems said at the summit that recent high-profile attacks have spotlighted the prevalence of cyber-threats to the banking community.
"What we are now seeing is a new era of digital criminality in which highly organized criminal groups are taking these cyber techniques a stage further and using them to carry out fraud and other financial crimes on an unprecedented scale," he said.
"The ability to steal vast quantities of personal data, access critical networks and attack multiple targets simultaneously provides these (criminal) organizations with a wealth of opportunities to exploit ... if successful the damage they can cause is enormous."
He did not elaborate on the recent cyber attacks.