Investment professionals need to focus on the threat poor cybersecurity poses to asset managers of all sizes.
Cybercrime and cyberespionage cost the US economy about $100 billion annually, and the worldwide toll is climbing toward $300 billion. These numbers are projected to rise even further as the severity and frequency of attacks increase.
Firms that fall victim to cybercrime potentially face a complete loss of client confidence. How much damage can result from weak cybersecurity? Just read the latest headlines about data breaches at large, sophisticated firms like Home Depot, JP Morgan Chase, and Experian.
Regulators have also taken a hard stance against asset managers with lax cybersecurity and have issued reprimands and fines to firms that are just at risk of a data breach. For the full article click here
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