The risk of cyberattack on financial services firms cannot be overstated. Cyberattacks cost financial services firms more to address than firms in any other industry at $18 million per firm (vs. $12 million for firms across industries). Financial services firms also fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries. In other words, while the typical American business is attacked 4 million times per year, the typical American financial services firm is attacked a staggering 1 billion times per year.
Among financial services firms, banks lost $16.8 billion to cybercriminals in 2017. Attacks on SWIFT—the leading global network for money and security transfers—alone cost $1.8 billion year-to-date.
Citigroup draws from the military best practices with its War Games cyber-security simulation exercise to help the bank prepare for cyber threats.Read More
Source : Forbes