Tue, Dec 1, 2015
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. David Einhorn's hedge fund plunged 5.2% in November, set for 2015 loss[more]

    From Bloomberg.com: David Einhorn’s main hedge fund at Greenlight Capital fell 5.2 percent in November and is poised for only its second losing year in almost two decades. The losses bring the fund’s yearly drop to almost 21 percent, according to an e-mail sent to clients that was obtained by Bloomb

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From PIonline.com: Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From Bloomberg.com: It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Regulatory - Major changes in partnership audit procedures contained in 2015 Budget Act[more]

    Contained in the Bipartisan Budget Act of 2015, signed by President Obama on November 2, is a rather complex provision that materially changes how partnerships are audited. Generally effective for tax years beginning after December 31, 2017, the so-called “TEFRA” and “Electing Large Partnership” rul

  5. Following review Yuan included in reserve currency basket[more]

    Bailey McCann, Opalesque New York: The International Monetary Fund has confirmed the inclusion of the Chinese Yuan in the reserve currency basket. This means that loans will be available in Yuan alongside other major currencies including the US Dollar and the Euro. The basket of reserve curr