The annual IBM Cyber Security Intelligence Index report offers a high-level overview of the major threats trending across businesses worldwide over the past year.
This report will help you understand the current threat landscape by offering a detailed look at the volume of attacks, which industries are most affected, the most prevalent types of attacks and attackers, and the key factors enabling them.
In today’s world, the continued existence of a financial services institution depends on reputation and trust. A strong reputation generates stakeholder trust. If a financial institution is trusted, customers feel confident about entrusting sensitive personal data and using online services. Should that trust be compromised, there can be serious consequences.
The unfortunate reality, however, is that each year it becomes more challenging to protect against cyber security threats. The challenge is particularly significant for the financial services industry, which attracts significantly more incidents than many other industries. To would-be attackers, the financial services industry offers the allure of a significant potential payoff.
A single breach can result in both a major business disruption and big
paydays for successful cyber criminals. As a result, cyber attacks against financial services firms have become more frequent and sophisticated over the years. Some attacks are aimed at critical information, others are aimed at critical infrastructures and still
others are hostile government and terrorist-sponsored attacks intended to cripple a country’s financial system.
Diverse as their intent may be, all of these attacks can significantly impact financial services companies, not only in terms of monetary losses but also in terms of credibility and reputation. If consumers lose faith in a company’s ability to keep their personal
data safe, the company can ultimately lose customers.
Most certainly financial services providers stand to lose money in the event of a data breach. In its most recent analysis, the Ponemon Institute found that in 2013 each lost data record cost companies participating in the research an average of US$145 per record, with companies in the United States losing the most per record for each data breach (US$201), followed by Germany (US$195), and companies in India the least at US$51.
Ponemon also found that heavily regulated industries such as finance had a per record data breach cost ranging from US$177 to US$359—placing them well above the average of US$145.
To download the report click here.
2014 Cyber Security Intelligence Index
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