Financial Services Cybersecurity Weekly Briefing 05-11-2018

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

Mark Your Calendar! Hack Timing Patterns
Companies and governments know they are targets for people looking to cause harm or profit by attacking their networks. Those threat actors are constantly evaluating networks and looking for ways to gain access. Most public and private organizations take this as a given and prepare appropriately. Those who aren’t already actively thinking about security should begin to do so immediately, and everyone should recognize that, yes, there are times when threat actors are particularly active. When a malicious actor decides to attack an organization, they consider a few things. First, they decide what they are trying to achieve with the attack.

FS Firms Ramp up Cybersecurity Investment
Of more than 100 senior execs quizzed, 87% have become more concerned about cyber-risks over the last year, with nearly a quarter becoming significantly more worried. This trend appears to be reflected in the fact that 85% of respondents say that their firm has spent more on tackling cyber risks in the past year, with 14% reporting a significant rise.

Cybersecurity Risks to Get Worse: Warren Buffett 
Showing his concern about the threat to the insurance industry, CEO of multinational conglomerate Berkshire Hathaway Warren Buffett has said that cybersecurity risks will get worse in the years to come. […] He said he believed that cybersecurity incidents would rise and with it the potential to significantly harm the insurance industry. “There’s a very material risk which did not exist 10 or 15 years ago and will be much more intense as the years go along,” he added.

Financial Sector Cyber-related Laws are a Bellwether, says Deloitte
“We think financial services is the canary in the coalmine,” Bonner told delegates at the 2018 IISP Congress in London. “We see that whatever regulation starts in financial services ends up being copied in other industries,” he said. “So what we see starting to be developed in financial services around the management of cyber risk, we expect to see implemented in other industries.”

 

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