THE PERSISTENT THREAT OF INTERNET ATTACKS IS A SOCIETAL ISSUE FACING ALL INDUSTRIES, ESPECIALLY THE FINANCIAL SERVICES INDUSTRY.
- ONCE LARGELY CONSIDERED AN IT PROBLEM,
- THE RISE IN FREQUENCY AND SOPHISTICATION OF CYBER-ATTACKS NOW REQUIRES A SHIFT IN THINKING ON THE PART OF BANK CEOS THAT MANAGEMENT OF A BANK’S CYBER SECURITY RISK IS NOT SIMPLY AN IT ISSUE, BUT A CEO AND BOARD OF DIRECTORS ISSUE.
- Cyber security experts expect the trend toward increasingly sophisticated cyber-attacks to continue in the near future. And the financial services industry, a vital component of the nation’s critical infrastructure, remains a prime target for cyber criminals.
- Cyber risks, like reputation and financial risks, have the ability to affect a bank’s bottom line. It can be costly, compromising to customer confidence, and, in some cases, the bank could be held legally responsible.
- Beyond the impact to an individual bank, cyber risks have far-reaching economic consequences. Due to the inherent interconnectedness of the Internet, a security breach at a few financial institutions can pose a significant threat to market confidence and the nation’s financial stability.
- No institution would argue with the notion that ensuring the protection and financial safety of the commercial customer is a top priority.