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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 ......................

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