Booz Allen Report: Top 10 Financial Services Cyber Risk Trends for 2013; Mike McConnell Comments

Mike McConnell

Booz Allen Hamilton released a report today about the cyber risks the financial services industry could encounter in 2013.

Mike McConnell, Booz Allen vice chairman and former director of National Intelligence, said chief information security officers must perform “self-evaluations and industry-wide conversations” for a successful cyber defense.

“There are many cyber trends – including the sophistication and lethality of the attacks – that the financial industry should be aware of,” he added.

“Even though it is difficult to look into a crystal ball and predict the future, these events are happening now and could cause significant reputational, financial and infrastructure damage to any ill-prepared firm. Individual companies should not wait for legislation or an Executive Order to come together with their government counterparts to find dynamic solutions to these big issues.”

Booz Allen forecasts that next year, some of the cyber issues in the financial industry will be:

  • technology risks from employees and processes
  • data destruction attacks 
  • state-sponsored attacks 
  • vendor risk management 
  • continued board-level attacks 
  • adapting a “boundless network 
  • heavy reliance on cyber benchmarking 

The report also said that there will be legislation ready to protect banks and other financial institutions next year.

Furthermore, the report added that threat intelligence analytics will be more effective in 2013.

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