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- Most financial institutions are ill-equipped to respond to cyber threats against their systems, a comprehensive report on the state of wealth management recently highlighted.
- The cost of dealing with a cyberattack’s aftermath is particularly high for wealth managers and banks, Boston Consulting Group found in an annual report.
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Cybersecurity is a growing threat for global financial institutions, yet most of them are ill-prepared to respond within their current infrastructure, according to new report.
The cost of dealing with a cyberattack’s aftermath is particularly high for wealth managers and banks, Boston Consulting Group found in its annual report on global wealth-management trends.
“I would have expected wealth managers, in the context of cybersecurity, to be a lot more ready, a lot more agile, and a lot more on their toes,” Anna Zakrzewski, the firm’s global leader of its Financial Institutions practice’s wealth management segment and the report’s lead author, said this week in an interview with Business Insider.
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