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November 19, 2014
WIRELESS PAYMENT SYSTEM RISK, CREATION OF "FUSION CENTERS", AMONG LIKELY DEVELOPMENTS IN 2015
McLean, VA — If 2014 was the “year of the breach,” then what future cybersecurity threats await us? What’s the next mode of attack, and how much worse will it be? That’s the question on the minds of financial services companies as they invest in cyber protection measures, manage growing customer concerns and try to predict what’s next.
It’s also the question the cybersecurity experts at Booz Allen (NYSE: BAH) have sought to answer as they look to 2015 and beyond.
Today, cyber security is a priority issue for every stakeholder in the financial services industry – investor, consumer, regulatory, employees – all the way up to boards of directors. That makes the “tomorrow” question – how will the threat evolve? – all the more important.
“When it comes to cyber, clients are wary that they are studying to fight the last war,” said Bill Stewart, a Senior Vice President with Booz Allen who leads the firm’s work in the financial services sector. “They’re looking for a fundamentally different way to deal with the cyber threats of the future, based on a clear understanding of those emerging threats. Yet, we must remember that people are launching these attacks and people are making business decisions that create vulnerabilities. To get ahead of and manage these threats we need the right balance of technology and highly skilled analysts with intelligence tradecraft and data analytics skills.”
To help financial services companies better anticipate future threats and identify new approaches to cyber security, Booz Allen, as it does annually, has assembled its list of Cyber Trends for 2015 and beyond. The list is based on conversations with CISOs, CIOs, CPOs chief risk officers, and other leaders in the financial services sector, as well as Booz Allen’s own extensive analysis of cutting-edge cyber issues and threats.
“Even as cyberattacks are a daily occurrence, we are seeing some major changes on the horizon,” observed Booz Allen Principal Albert Belman. “We know the nature of attacks will evolve, yet how? Booz Allen takes a lifecycle approach – Anticipate, Protect, Detect, Respond and Recover – that can address critical questions such as this. When you link together all of these segments, they become very powerful tools that can help our clients thrive in this time of increasing peril.”
The Top Financial Services Cyber Security Trends for 2015:
“In the months and years ahead, what it means to detect and protect in cyber will be redefined,” said Sedar LaBarre, a Principal with Booz Allen. “We are working with clients to look at their business and operations in a fundamentally different way, as hacking becomes the weapon of choice for criminals, state supported actors and anyone with a grievance and a computer.”
About Booz Allen
For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital, engineering, and cyber, we help organizations transform. We are a key partner on some of the most innovative programs for governments worldwide and trusted by their most sensitive agencies. We work shoulder to shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision. With global headquarters in McLean, Virginia and more than 80 offices worldwide, our firm employs more than 26,100 people and had revenue of $6.7 billion for the 12 months ending March 31, 2019. To learn more, visit BoozAllen.com. (NYSE: BAH)