As interactions with customers, partners and suppliers increase, the financial services industry could be opening itself up to cyberthreats.
According to data collected by CDW for a post on FinTalk blog, stock exchanges, broker-dealers and advisers have all fallen victim to cyberattacks. In fact, hackers have stolen 500 million financial records over the past 12 months, costing firms an average of $200 per record.
The figures represent a need for stronger cybersecurity, but capital market firms are falling short — 59 percent of CISOs said the sophistication of attackers was “outstripping their own defenses.”
In response, some financial services organizations are bringing in reinforcements; 48 percent are recruiting cyberrisk experts, while 36 percent are employing fraud experts. Boards of directors are also getting involved in risk oversight with hopes of minimizing vulnerabilities and attacks.
For more information on the importance of cybersecurity, check out the full capital markets infographic below.