Financial Services Firms Face Increasingly High Rate of Cyberattacks

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Cyberattacks against financial services firms increased by over 70 percent in 2017, which reflects that the financial services sector is currently vulnerable to such attacks, states a recent report from Market Expertz. In the previous year, cyberattacks against the sector had increased by 60 percent.

The global cybersecurity in financial services market is expected to expand at an annual growth rate of 9.81 percent, leading to a global revenue of $42.66 billion by 2023, the report estimates.

Still, a Deloitte survey of 51 CISOs at U.S. financial services institutions in May suggests financial institutions aren’t spending enough to adequately defend against attacks.

The survey encourages more innovation among financial services institutions, recommending that spending on transformational initiatives could go further than merely operational initiatives. Overall, large companies dedicated less than one-third of their cybersecurity budgets to transformational initiatives, compared to one-quarter dedicated by midsize and smaller companies, according to Deloitte.

Small companies also lagged in the percentage of revenue dedicated to cyber-risk management, the study states.

According…

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