Banking on Cybersecurity White Paper

Best practices to strengthen data security and regulatory compliance in financial services In the spring of 2020, a U.S. Congressional hearing brought together the chief executives from the six biggest banks on Wall Street to discuss the most significant threats facing the modern financial system. Their resounding answer: cybersecurity. Just prior to that hearing, U.S. Federal Reserve Chairman Jerome Powell called cybersecurity “the risk that we keep our eyes on the most now,” noting that a cyber attack could cause the global financial system to “come to a halt.

In fact, while cyber attacks are a growing risk in every industry, financial services firms are as much as 300 times more likely as other organizations to be targeted by a cyber attack.2 And the average total cost of a data breach in the financial services sector in 2020 was nearly $6 million – almost twice as high as the overall average and following a steady increase over the last five years.

Banking on Cybersecurity White Paper