Information unaudited Information ungeprüftCyber security at the LLB Group:
Focus on protection and awareness

Protecting sensitive data and ensuring security are key challenges for banks and financial institutions worldwide. Cybercrime is on the rise, with the financial sector being a primary target. According to the International Monetary Fund, one in five cyberattacks now targets a bank or financial service provider. The potential consequences are severe, both financially and in terms of client trust.

At the LLB Group, responsibility for protecting against cyber threats lies with the Business Risk Management Unit. Jousry Abdel-Khalek, Head of Business Risk Management, provides insight into the LLB Groupʼs security strategy, the methods used to detect and counter threats at an early stage, emerging trends in cybercrime, and the measures planned for the future.

What role does cyber security play within the LLB Group?

Cyber security is one of the key challenges for financial institutions worldwide. Threats must be detected and countered at an early stage to ensure system security and the protection of sensitive data at all times. The Business Risk Management Unit is structured into three areas: Operational Risk, Data Protection & Outsourcing, and Information & Cyber Security. A team of 15 specialists works daily to assess and address emerging threat scenarios.

What trends are currently emerging in cyberattacks on financial institutions?

We are seeing an increase in attacks, even on smaller financial centres. Large institutions have highly developed security systems, prompting attackers to adapt their strategies and seek new targets. This makes it essential for medium-sized banks like the LLB Group to take proactive security measures.

How does the LLB Group respond to a cyberattack?

Our response depends on the type of attack. If a client advisor, for example, reports a suspicious email, the situation is analysed immediately, and targeted countermeasures are initiated. For broad-based attacks, we respond on a wider scale, while for targeted incidents, our defensive measures focus precisely on the affected area. Depending on the case, additional internal and external partners may be involved. In certain situations, we also cooperate with law enforcement agencies to counter major threats. However, as a private institution, we are not authorised to actively track criminals or infiltrate external systems. Instead, we focus on securing our own systems and protecting our clients through comprehensive security measures.

How do you ensure that you keep up with the evolving threats of cybercrime?

Cybercriminals are constantly evolving their methods and are often one step ahead. Our strategy is to continuously adapt our security measures. Regular security exercises with ethical hackers help identify vulnerabilities. Additionally, we invest in employee training and awareness programmes, as human error remains the greatest potential weak point in any security framework.

The importance of data security in the LLB Group is also reflected in the multi-year “Cyber” Group project. What results were achieved through this initiative?

A key objective was to enhance our response capability in the event of an emergency, and the corresponding defensive measures were significantly strengthened. One major success was the implementation of automated systems that detect suspicious activities in real time and trigger immediate alerts. The effectiveness of these measures was demonstrated in the most recent red teaming test, where a simulated attack was detected and repelled more quickly and efficiently than before.

“Cyber security is not a one-time project but an ongoing process.”

Does that conclude the topic of cyber security?

No, cyber security is not a one-time project but an ongoing process. New measures are continually implemented, including enhanced penetration testing and the deployment of new security technologies.

Why is continuous investment in cyber security so important?

The potential consequences of a cyberattack can be severe. A worst-case scenario could involve a ransomware attack that encrypts systems and paralyses payment transactions, affecting not only the bank but the entire Liechtenstein financial centre. Equally concerning would be a large-scale data breach, which could result in a significant loss of trust. Thatʼs why prevention remains the best defence.

What is the LLB Groupʼs vision for the future of cyber security?

The goal is to remain a leader in security. This means adopting new technologies at an early stage, continuously expanding specialist knowledge, and fostering a corporate culture where cyber security is second nature. Only with strong awareness and proactive measures can the LLB Group effectively safeguard itself against the growing threat of cybercrime in the long term.