Banking on security innovation to beat the hackers
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.