Cyber security costs soar at global financial institutions with increasing hacker attacks

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://in.lifestyle.yahoo.com/cyber-security-costs-soar-global-financial-institutions-increasing-101700086.html

Beijing, Sept. 18 (ANI): IT experts have revealed that cyber security cost
at global financial institutions have increased manifold with the aim to
secure their own and customers' assets with increasing number of hacker
attacks and internal threats.

A four-day exhibition, Sibos, organized by Belgium-based global
transactions service provider SWIFT for the first time in the Middle East
kept the central topic as cyber security at global financial institutions.

Most IT security experts at the Sibos agreed that cyber security shall not
be considered as a cost center, but as an investment into a bank's
financial soundness and reputation.

The banks are keeping up with the latest technologies to secure their
assets from hackers.

According to a study released on June 25 by Russian anti-virus software
producer Kaspersky and research firm B2B International, 649,000 U.S.
dollars is the average cost at large companies in the wake of a cyber
attack rise.

Earlier this year, a series of cyber attacks had knocked down the websites
of major U.S. lenders, including Citigroup, J.P. Morgan Chase and Bank of
America.

A survey at the summit also revealed that over 30 percent of bank
technology experts fear internal attacks, such as data stealing by
employees or business partners.

IT security costs were also raised due to implementation of encryption
codes and procedures to control internal threats.

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