Transforming Cybersecurity: New Approaches for an Evolving Threat
July 10, 2014
Over the past three years, growth in cyber crime has continued, if not accelerated, in the financial services industry.
According to a report from Deloitte, U.S. financial services firms lost on average $23.6 million from cybersecurity breaches in 2013. This represents the highest average loss across all industries. While this trend is not to be ignored, these actual financial losses are sometimes not meaningful to firms' balance sheets. The potentially greater impact from cyber crime is on customer and investor confidence, reputational risk, and regulatory impact that together add up to substantial risks for firms.
The relatively static compliance or policy-centric approaches to security found in many financial services firms can be long outdated, according to Deloitte. A new secure, vigilant and resilient strategy will have to be considered to effectively manage risks and drive innovation in the cyber world.
Deloitte’s report provides information on how financial services firms can create a cyber risk management policy to prevent, detect, respond to and recover from the potential damages from cyber attacks.