Mon, Dec 22, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Cybersecurity, a key risk for financial firms over the next year

Friday, December 06, 2013

Bailey McCann, Opalesque New York:

Cybersecurity seems to be topping the list of potential risk factors for financial firms heading into the new year. Booz Allen Hamilton, providers of technology, security, and former employer of Edward Snowden, have released their annual cybersecurity trend forecast for 2014. In it they say that cyber attacks on financial firms are expected to be the 'new normal.' Sentiments in the forecast were echoed by panelists throughout the day at the Economist World Summit, held separately, in New York.

"Cybersecurity is the number 1 risk that we focus on as an institution," said Gerald Hassell, Chairman and CEO of Bank of New York Mellon at the Summit.

In the report, Booz Allen says the trends that matter to CISOs, CIOs, chief risk officers, board members at large, and small financial services enterprises reflect their acute concerns about cyber security risk management. In recent years, executives have watched the landscape change, seeing how Directed Denial of Service (DDoS) attacks from the Izz ad-Din al-Qassam Cyber Fighters had the potential to destroy data, and reputations.

"Our conversations with clients have significantly evolved from a focus on threats and capabilities to creating a balanced and holistic cyber program that responds to an institution’s critical business risks, while considering the new realities of a complex and interconnected operating environment," said Bill Stewart, senior vice president and head ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  4. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  5. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und