Top 10 Cyber Security Threats in 2012 And What Advisory Firms Can Do About Them
The average price tag for a data breach now is $7.2 million. How are you supposed to value the loss when your crown jewels – trading algorithms – get put on data sticks or uploaded to remote servers, as happened to Goldman Sachs? Or you have to face down billions in verified losses, because you couldn’t control “unauthorized trading,” as occurred to UBS? And if you're a financial advisor or smaller advisory firm, how do you safeguard data while also taking advantage of social media and mobile devices to service your clients?
The National Security Agency has begun providing Wall Street banks with intelligence on foreign hackers, a sign that financial sabotage from abroad is imminent, if not already in progress, in the estimation of Booz Allen Hamilton.
Here are the Top 10 Financial Services Cyber Security Trends to act on in 2012 and recommendations on what to do about them, from senior vice president Bill Wansley.