Canada Banks See Cybersecurity as One of Top Threats, Survey Shows

Technology risks such as cybersecurity are the greatest threats facing financial institutions, according to a survey of industry executives by the Global Risk Institute.

As Canadian banks are increasingly focusing on growth from digital channels, almost half of attendees at a conference of the Toronto-based research organization named technology risks as the No. 1 hazard facing the industry.

Executives expressed concerns about the theft of client information, including credit card data, and denial of service attacks which can disable a company’s computer systems, said Richard Nesbitt, President and CEO of the Global Risk Institute, in an interview.

“No one can go in and use your computers for perhaps days,” said Mr. Nesbitt, who is also a former executive at Canadian Imperial Bank of Commerce. “That’s terrifying to financial services institutions.” For the full article click here 

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