McLean, VA —Booz Allen Hamilton (NYSE: BAH) today cited increased cyber threats to senior executives, the impact of organized crime and mobile device security as among the Top 10 Financial Services Cyber Security Trends that will make 2012 a pivotal year for banks and investment firms as they try to stay ahead of the IT security curve. These threats have a trickle-down effect on every part of a financial services organization, with reputational and financial impacts that can be a huge risk to any organization.
“These trends highlight the fact that cyber security today is about living with and managing the risk in your network. It’s more than just preventing security violations,” said Bill Wansley, senior vice president at Booz Allen Hamilton. “Every day, it’s essential that the financial services industry – from small community banks to large Wall Street institutions – know what cyber security threats are on the horizon, and how the cyber and technology industries are meeting these concerns. Today’s business environment requires financial institutions to be more creative in meeting the demands of their customers, shareholders, and regulators,” Wansley said.
The following list was developed from research by Booz Allen, which has years of experience in financial services consulting for federal, nonprofit and commercial clients:
More information on these trends is available here.
In its 2011 U.S. Cost of a Data Breach, the Ponemon Institute reported that the financial impact of hacks continues to rise, with the cost per compromised record now at $214 (up from $204 in 2009) and the total price tag for each data breach event averaging around $7.2 million. In August 2011, hackers were able to steal $2.7 million from 3,400 customers of a major financial institution, which contributed to the $48 billion in identity fraud losses in the United States each year.
“As the list of companies victimized by hacking grows, it is clear that no network is completely impenetrable, but there are effective solutions that can help” said Wansley. “To thwart these attacks, one must embrace a dynamic defense that embodies the same aggressive, nimble, and methodical approach as our cyber adversaries use against us today. As the daily headlines remind us, cyber security isn’t something on which anyone can declare victory. Cyber security is now a relentless operational risk issue for every organization that develops or delivers value.”
Booz Allen Hamilton (www.boozallen.com) is a leading provider of management and technology consulting services to the U.S. government in defense, intelligence, and civil markets, and to major corporations, institutions, and not-for-profit organizations. Booz Allen is headquartered in McLean, Virginia, employs more than 25,000 people, and had revenue of $5.59 billion for the 12 months ended March 31, 2011 (NYSE: BAH). For more information about Booz Allen, visit www.boozallen.com.
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