A new survey out today by the Depository Trust & Clearing Corporation (DTCC) shows that 61% of risk managers believe that over the last six months, the probability of an event that turns over the entire global financial system’s apple cart just went up. And among them, 70% cited cyber risk as a top five risk for initiating that kind of event. That puts cyber attacks at the top of their global concerns. Meanwhile, the Bank of England’s Financial Policy Committee (FPC) also released its Financial Stability Report today with thoughts along the same lines, warning that cyber risk is a strategic priority rather than a narrow technology issue.
With so much money at stake within financial systems, its little wonder that financial services firms of all types are a huge target for cyber criminals. According to the Websense Security Labs 2015 Industry Drill-Down Report for financial services, financial services encounters security incidents 300 percent more frequently than other industries. And while many financial services firms do spend much more than their brethern in other industries, gaps still remain that threaten the stability of the financial ecosystem and the economic continuity it supports.
The massive attack against JP Morgan in 2014 is a testament to that. In that case, over 83 million customers saw their data stolen, and that incident was just a sliver of the activity perpetrated by the criminals who carried it out, according to indictments made public last month.