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Becca Lipman
Becca Lipman
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Cyber Risk Is World’s Third Corporate-Risk Priority

Financial services topped the list of 26 different industries that cyber criminals most targeted.
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"U.S. financial services companies lost on average $23.6 million from cybersecurity breaches in 2013, which represent the highest average loss across all industries." According to the authors of Deloitte's recent report, Transforming cybersecurity - New approaches for an evolving threat landscape.

"To underscore the rapid rise in cyber threats, this number is 43.9 percent higher than in 2012, when the industry was ranked third, after the defense and utilities & energy industries."

Deloitte highlights a Bloomberg Government/Ponemon Institute reportthat calculates financial services companies would "face the steepest increase in spending to reach an ideal state of protection, — 13-fold rise to $292.4 million per company to fend off 95 percent of cyber attacks." This would also explain why 44 percent of global financial services firms cited "lack of sufficient funding as the primary barrier to implementing an effective IT security program."

 

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

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Nathan Golia
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Nathan Golia,
User Rank: Author
3/13/2014 | 5:59:16 PM
re: Cyber Risk Is World’s Third Corporate-Risk Priority
Regarding FIs status as the top cyber target: "That's where the money is." If online art could be flipped for a profit I wonder if we'd have international online art thieves, who suavely infiltrate the esteemed world and charm their way to a fortune.
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Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
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