Cyber Risk Is World’s Third Corporate-Risk Priority

Financial services topped the list of 26 different industries that cyber criminals most targeted.
March 07, 2014

INCREASED COSTS


"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."

Wall Street & Technology encourages readers to engage in spirited, healthy debate, including taking us to task. However, Wall Street & Technology moderates all comments posted to our site, and reserves the right to modify or remove any content that it determines to be derogatory, offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM. Wall Street & Technology further reserves the right to disable the profile of any commenter participating in said activities.

 
Disqus Tips To upload an avatar photo, first complete your Disqus profile. | Please read our commenting policy.
 
< Previous 1 2 3 4 5 6 Next > 

< Previous 1 2 3 4 5 6 Next >