3rd Edition FINSEC – The Financial Services Security Summit
Cybersecurity threats in the financial sector are on the rise and this risk has increased in the past years due to rapid advances in the technology. Although, financial institutions have been addressing the security threats for decades and are increasingly spending on cybersecurity, many still fall prey to cyber-attacks. Security leaders need to find effective ways to improve their abilities to defend against cyber threats. It is estimated that cybercrime will cost the global economy $2.1 trillion by 2019 and it costs more to the financial services firms than to any other industry. The annual average cost of cybercrime for financial services has increased by more than 40 percent over the past three years.
