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Banking on security innovation to beat the hackers

Discussion in 'CSO' started by RSS, Nov 5, 2015.

  1. RSS

    RSS New Member Member

    Banks are being targeted by cybercriminals, and that looks likely to continue in a world with more data and devices. Are banks being innovative enough with information security to ward off the threats?

    From chip-and-pin fraud and distributed-denial-of-service (DDoS) attacks to malware and nation-state APTs, cybercrime has become a big problem for banks across the world.

    In the last year alone, we’ve seen the emergence of Carbanak, the Russian gang which stole $1 billion from more than 100 banks across 30 countries, as well as high-profile data breaches at JP Morgan Chase, HSBC, Halifax and Barclays. JP Morgan subsequently pledged to spend $500 million on security following its breach in late 2014, a trend adopted by many other companies post-breach. Indeed, PwC predicts that US financial services companies will increase their cyber security budgets by $2 billion by 2017.

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