It’s no secret that cyber attacks are on the rise. In parallel, a common perception is that cyber security is a topic only reserved for tech experts. The first step to stay ahead of the game is to grasp the big picture and clearly understand what is at stake. Being informed is key to proactively mitigate cyber risk.
We’ve pulled together five reports we believe provide a good overview of cyber security issues, as well as essential insights into the current challenges and trends: cyber crime, cyber resilience, impacts on the targeted financial services industry and how technology (especially data security) can effectively help solve these challenges.
2016 Financial Industry Cyber Security Report – SecurityScorecard
A 22-page study on the state of cyber security across +7,000 US financial institutions (commercial banks, investment banks and asset management firms). Security standards are cross-reference with compliance framework adherence and recent data breaches such as the Central Bank of Bangladesh attack are analysed.
Key stat: “The U.S. Commercial bank with the lowest security posture is one of the top 10 largest financial service organizations in the U.S (by revenue).”
2016 PwC Global Economic Crime Survey – mainland China, Hong Kong and Macau Supplement
With data taken from the Global Economic Crime Survey 2016 and a focus on the 3 key Asian territories mentioned above, the report highlights the dominant themes in Hong Kong and Macau: cybercrime and money laundering, and the strategies implemented to tackle those concerns.
Key stat: “50% of respondents in Hong Kong and Macau who reported suffering from economic crime claimed to have experienced cybercrime.”
Path to cyber resilience: Sense, Resist, React – EY’s 19th Global Information Security Survey 2016-17
An insightful survey that goes deep in the broad and sensitive topic of cyber resilience. Even if organisations are increasingly more aware of existing threats and work of malicious cyber attackers, concrete preventive actions are, it seems, a long time coming.
Key stat: “89% of organizations do not evaluate the financial impact of every significant breach” and “49% have no idea what the financial damage of a cyber attack is or could be.”
2016 Vormetric Data Threat Report – Trends in Encryption and Data Security
Key stat: “To some extent, our results reflected that perception, and across nearly all geographies and industry verticals, “complexity” was the number-one barrier to adopting data security tools and techniques more widely, selected by 57% of respondents.”
A comprehensive look at companies’ internal and external threats, related organisations’ exposure to cyber crime and changes undertaken to protect businesses’ sensitive information. The specific approach of data security is here covered with the report closely examining drivers of encryption use case and the barriers to adoption of data security.
2016 Cost of cybercrime study and the risk of Business Innovation – Ponemon Institute – 2016
In today’s business word, cyber crime is an ever-increasing threat where data loss or theft is a critical consequence. However, technology can help resolving these challenges.
Key stat: “In this year’s study, we compare cost averages for 17 different industry sectors. The cost of cyber crime for companies in financial services and utilities & energy experienced the highest annualized costs.”
Digital Security Perfected – APrivacy Ltd. is an award-winning company which combines military-grade data security with a seamless user experience on any platform, any device, anywhere. APrivacy Ltd.’s enabling technology now allows the financial services industry to confidently communicate with clients using their favourite channels leading to increased revenues and reduced costs while meeting the strictest regulatory requirements.
