Cybercrime Support Hub

Our Cybercrime Support Hub has been designed to provide you with articles, resources and commentary that are easy to understand about how you, as a firm or as an individual, can help protect yourself and others such as your strategic partnerships and suppliers against being victims of a cyber-attack. The guides and information can also be shared directly with your clients, ensuring that they feel safe and comfortable when making important decisions about their money and finances.

With more reliance on technology than ever before, as a result of global development and changes in the way everyone is working, cybercrime is now the fastest growing criminal offence in the world.

We’re aiming to build an extensive library of information that will help you understand your regulatory responsibilities as well as simple, easy, and cost-effective tips on how to prevent a cybercrime attack. We have provided a glossary of terminology used that will help you understand common terms and phrases used by IT experts in relation to cybercrime.

Our first articles available to read and take any appropriate action can be found in the Blog Articles section at the foot of this page.

Latest News

Here we’re sharing some recent cybercrime articles that we think you might find useful when it comes to understanding the threats and risks posed by cybercrime, recent developments in this area and measures that your business may wish to consider in order to protect yourselves against such risks. Please be aware that by visiting the links below, you will be taken to a third party website. Paradigm cannot accept any responsibility for the use, or content contained therein, of any third party website.

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What is Cybercrime?

Cybercrime is a criminal activity which targets users of computers, tablets, mobile phones, and computer networks to make a profit. Cybercrime is generally carried out by ‘hackers’ who, using their technology skills, are able to gain access to people’s personal details and private accounts. They can use this information to assume people’s identity and gain financially from doing so, or they may even hold the information to ransom and profit from larger organisations having to pay to retrieve any stolen data that the hackers may have in their possession. On rare occasions some ‘hackers’ gain access to information for political gain or for acts of terrorism, but the main reasons is generally to make a profit.

Ransomware

What types of cybercrime are there?

There are a number of different types of cybercrimes, some examples of which can be found below:

  • Email and internet fraud
  • Identity fraud
  • Theft of financial or card payment data
  • Ransomware attacks - demanding money to prevent further attacks or to retrieve stolen data
  • Cyberespionage – Where hackers access Government or large corporate company data which could have global consequences

Blog Articles

Paradigm have written the below articles which could make an immediate difference to protecting your firm from a cyber-attack.

What are your regulatory responsibilities
for the prevention of cybercrime?

The Financial Conduct Authority (FCA) is the regulator for financial services in the UK. Its role includes protecting consumers and keeping the industry stable. They also promote healthy competition between financial service providers.

The FCA expects that all firms should have systems, controls, and processes in place to protect their consumers and the markets they operate in from risk. The FCA separates firms into different types of groups called ‘portfolios’ based on their business models. Each group is supervised and managed according to key drivers of harm. One of those key drivers of harm, which features across all of these portfolio groups, is the potential for fraud. The risk of fraud, both in terms of having inadequate systems and controls and risk management frameworks and firms not being fully aware of the threats from cyber attacks will lead not only to greater client detriment, but the overall loss of integrity of the financial services industry. The FCA expects that firms should be aware and up to date with cybercrime attacks, including the latest scams, and be able to defend themselves effectively by responding proportionately to cyber incidents.

The FCA works on a principle-based approach and have 11 principles for business. Principle 11 is around relations with the Regulator and how a firm needs to be open and cooperative in the way they deal with its regulators. A firm must disclose to the FCA anything relating to the firm of which the Regulator would reasonably expect notice which includes making them aware of any cyber incidents, and where any customer harm occurs as a result of an attack. 

More information on what the Regulator is looking for a firm to do,  can be found by reading the FCA consultation on Operational Resilience and also their cyber insights publications.

Useful Resources

By visiting the links below, you will be taken to a third party website. Paradigm cannot accept any responsibility for the use, or content contained therein, of any third party website.

National Cyber Security Centre

Tips to improve your online security today

CLICK HERE

National Cyber Security Centre

Create your Cyber Action Plan

CLICK HERE

National Cyber Security Centre

Glossary of Terms of straight-forward definitions for common cyber security terms

CLICK HERE
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Paradigm Protect is a trading name of Paradigm Mortgage Services LLP
Office address: Wellington House, Starley Way, Birmingham International Park, Solihull, B37 7HB
Paradigm Mortgage Services LLP is registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.