> Delta Risk > Cyber Security Primer for Banking and Financial Institutions

Cyber Security Primer for Banking and Financial Institutions

Published By: Delta Risk
Delta Risk
Published:  Sep 21, 2016
Length:  15 pages

It takes twenty years to build a reputation, and five minutes to ruin it. ~ Warren Buffett 

Nowhere else could that wise advice be more relevant than in contemplating the effects of cyber attacks on financial institutions. As stated in a recent issue of the FDICs Supervisory Insights, the risks presented by cyber attacks have become one of the most critical challenges [in the last decade] facing the financial services sector due to the frequency and increasing sophistication of cyber attacks. In just a years time, from 2014 to 2015, the occurrence of security incidents increased 38 percent as reported in a survey of 10,000 security, IT, and executive personnel. Just as concerning, the attackers perpetrating these breaches were able to compromise the victim organization within a matter of minutes in 60 percent of cases.

Tagscyber threats, security breaches, malware and vulnerabilities, internet security, security