Cyber attacks have emerged as the top security concern of chief information officers in the financial services industry, a new Booz Allen Hamilton report says.
The “Top Financial Services Cyber Security Trends for 2014“ report mentioned denial-of-service attacks and cross-platform malware among the most disruptive and noted potential to take over or destroy data and damage reputations, Booz Allen said Wednesday.
Bill Stewart, senior vice president and commercial finance head at Booz Allen, said the new reality is pushing banks to build better cyber defenses.
“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,“ he said.
The report noted that cyber criminals are now more likely to target mid-tier and non-banking financial services because they have smaller budgets and less manpower to fully secure their systems.
Booz Allen further urged risk managers to undertake enterprise-wide planning and preparation efforts, especially against insider threats.