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Cyber Security Primer for Banking and Financial Institutions

White Paper Published By: Delta Risk
Delta Risk
Published:  Sep 21, 2016
Type:  White Paper
Length:  15 pages

“It takes twenty years to build a reputation, and five minutes to ruin it.” ~ Warren Buffett 

Nowhere else could that wise advice be more relevant than in contemplating the effects of cyber attacks on financial institutions. As stated in a recent issue of the FDIC’s Supervisory Insights, the risks presented by cyber attacks have become “one of the most critical challenges [in the last decade] facing the financial services sector due to the frequency and increasing sophistication of cyber attacks.” In just a year’s time, from 2014 to 2015, the occurrence of security incidents increased 38 percent as reported in a survey of 10,000 security, IT, and executive personnel. Just as concerning, the attackers perpetrating these breaches were able to compromise the victim organization within a matter of minutes in 60 percent of cases.

Tags : 
cyber threats, security breaches, malware and vulnerabilities, internet security, security

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