http://www.forbes.com/sites/stevemorgan/2015/12/13/j-p-morgan-boa-citi-and-wells-spending-1-5-billion-to-battle-cyber-crime/
By Steve Morgan
Contributor
Forbes / Tech
Dec 13, 2015
There’s a showdown between the world’s largest corporations, governments,
and cybersecurity companies who are going up against a global network of
cyber criminals.
The British insurance company Lloyd’s estimates that cyber attacks cost
businesses as much as $400 billion a year, which includes direct damage
plus post-attack disruption to the normal course of business. Some vendor
and media forecasts put the cybercrime figure as high as $500 billion and
more.
The banking and financial services sector has been the prime target of
cyber criminals over the last five years, followed by IT & telecom,
defense, and the oil and gas sector, according to TechSci Research, an IT
market intelligence firm. Infosecurity Magazine stated in an article
earlier this year that financial services firms are hit by security
incidents a staggering 300 times more frequently than businesses in other
industries.
Deloitte states that the financial services sector faces the greatest
economic risk related to cybersecurity. The biggest U.S. banks are
responding to the cyber crime epidemic with some of the biggest security
budgets.
[...]
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