Are we sleepwalking into a cyberattack crisis?! The next wave of risks is one we are NOT prepared for…
With 91% of banks being targeted, cyber-attacks have become a real concern for all financial institutions. The threats are becoming more cutting-edge and are sure to cause potential risk. Soon, 5G mobile technology will be implemented leading to a surge in data collection by businesses, multiplying cyber risks. Recently, a new threat has emerged with quantum computers, which can solve mathematical problems we once thought to be unsolvable such as crypto code breaking.
To shed some light on this threat: a standard computer encryption is so secure that it could take 6 quadrillion years to break the code but quantum computers could break the code in a matter of minutes.
Read More >
Cybersecurity myths debunked- don’t get caught in the weeds
Myth #1: "Cybersecurity is IT's job." Data breaches and cyberattacks affect the entire organization. It is the executive team that must manage operational risks and communications internally and externally.
Myth #2: "We don't need to worry--only the big banks are at risk of cyberattacks." Wrong. In 2016, 81% of cyberattacks were financial institutions with less than $35 million in revenue, a 54% increase from 2015.
Myth #3: "We can gain a competitive advantage by being good at cybersecurity." Simply put, no, you can’t. It takes a lot of resources to lead the pack on cybersecurity, small to medium sized firms simply do not have an abundance of resources to carry the task out well enough to deem themselves as experts.
Myth #4: "A national digital identity scheme will emerge to improve cybersecurity efforts." This doesn’t seem to be on the government’s horizon and banks who are looking to fulfill this task might find some resistance.
Myth #5: "We're doing fine as long as we pass our annual exams." Some might argue that the law cannot keep up with technological change.
Cybersecurity success relies on intricate measurement and management. Regulators have put cyber guidance in place at a bare minimum; however, financial intuitions need to get in front of these myths to mitigate risk, so you do not end up a statistic.
Read More >
See our Cybersecurity brochure to view more myths that have been debunked