Slideshare financial-services-security-the-real-extent-of-the-dangers

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Cybercrime is a growing problem for financial services organizations.

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Slideshare financial-services-security-the-real-extent-of-the-dangers

  1. 1. Financial Services Security:The Real Extent Of The Dangers
  2. 2. Cybercrime is Hitting FinancialServices Firms HardCybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  3. 3. Cybercrime is Hitting FinancialServices Firms HardTypes of cybercrime reported, 2011:Asset misappropriation67%59%Source: Fighting Economic Crime in theFinancial Services sector - PwC20112009Cybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  4. 4. Cybercrime is Hitting FinancialServices Firms HardTypes of cybercrime reported, 2011:Cybercrime38%0%Source: Fighting Economic Crime in theFinancial Services sector - PwC20112009Cybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  5. 5. Cybercrime is Hitting FinancialServices Firms HardTypes of cybercrime reported, 2011:Accounting fraud26%19%Source: Fighting Economic Crime in theFinancial Services sector - PwC20112009Cybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  6. 6. Cybercrime is Hitting FinancialServices Firms HardTypes of cybercrime reported, 2011:Money laundering24%28%Source: Fighting Economic Crime in theFinancial Services sector - PwC20112009Cybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  7. 7. Cybercrime is Hitting FinancialServices Firms HardTypes of cybercrime reported, 2011:Bribery and corruption16%19%Source: Fighting Economic Crime in theFinancial Services sector - PwC20112009Cybercrime is the 2nd mostcommonly reported type ofeconomic crime for financialservices companies – and itis also the fastest growing.Just two years ago, it wentalmost entirely unreported.
  8. 8. How Crooks Target Financial FirmsThieves have developed a range of techniquesto snatch money from financial services firms.Here’s how.Source: Gordon M. Snow, Assistant Director, Cyber Division, FBICyberattacks infinancial servicesAccounttakeoversAttackingpaymentprocessors
  9. 9. How Crooks Target Financial FirmsThieves have developed a range of techniquesto snatch money from financial services firms.Here’s how.Source: Gordon M. Snow, Assistant Director, Cyber Division, FBICyberattacks infinancial servicesAccounttakeoversAttackingpaymentprocessorsStock marketexploitationATM skimmingMobile bankingattacks
  10. 10. How Crooks Target Financial FirmsThieves have developed a range of techniquesto snatch money from financial services firms.Here’s how.Source: Gordon M. Snow, Assistant Director, Cyber Division, FBICyberattacks infinancial servicesAccounttakeoversAttackingpaymentprocessorsStock marketexploitationATM skimmingMobile bankingattacksInsider jobsSupply chaininfiltrationDisruptingcommunicationsnetworks
  11. 11. The Effect on Financial CustomersSource: KPMG Data Loss Barometer 2012Financial services customers represent 14.8% of the people affected bydata loss between 2008-2012.GovernmentHealthcareEducationFinancial servicesRetailProfessional servicesTechnologyInsuranceMediaOrganizationNot for profitIndustrial marketsData servicesOther business sectors5.2%3.2%5.4%14.8%13.7%0.7%23.6%1.3%12.5%2%0.8%1.5%14.2%1.1%
  12. 12. The Effect on Financial CustomersSource: KPMG Data Loss Barometer 2012Financial services customers represent 14.8% of the people affected bydata loss between 2008-2012.GovernmentHealthcareEducationFinancial servicesRetailProfessional servicesTechnologyInsuranceMediaOrganizationNot for profitIndustrial marketsData servicesOther business sectors5.2%3.2%5.4%14.8%13.7%0.7%23.6%1.3%12.5%2%0.8%1.5%14.2%1.1%
  13. 13. It’s Only Getting Worse...Source: Detica Cybersecurity Monitor, May 201288%88% of financial servicescompanies expect the numberof cyberattacks to grow in thenext few years
  14. 14. It’s Only Getting Worse...Source: Detica Cybersecurity Monitor, May 201288% 5%88% of financial servicescompanies expect the numberof cyberattacks to grow in thenext few years5% say that the number willremain constant
  15. 15. It’s Only Getting Worse...Source: Detica Cybersecurity Monitor, May 201288% 5% 8%88% of financial servicescompanies expect the numberof cyberattacks to grow in thenext few years5% say that the number willremain constantWhile 8% don’t knowNo financial servicesorganizations think that thenumber will shrink.
  16. 16. The Budget BarrierLack of sufficient budget is the biggest barrier toimplementing an effective information securityprogram, say financial institutions.Barrier to info security program:Lack of sufficient budget43.9%Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security Study
  17. 17. The Budget BarrierLack of sufficient budget is the biggest barrier toimplementing an effective information securityprogram, say financial institutions.Barrier to info security program:Lack of sufficient budget Lack of clarity or mandate43.9% 27.1%Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security Study
  18. 18. The Budget BarrierLack of sufficient budget is the biggest barrier toimplementing an effective information securityprogram, say financial institutions.Barrier to info security program:Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security StudyLack of sufficient budget Lack of clarity or mandate Increasing sophisticationof threats43.9% 27.1% 27.9%
  19. 19. It’s Getting SeriousJust remember...Cybercrime is on therise within the financialservices sector
  20. 20. It’s Getting SeriousJust remember...Cybercrime is on therise within the financialservices sectorCrooks have their arsenalswell stocked with a variety ofdastardly methods
  21. 21. It’s Getting SeriousJust remember...Cybercrime is on therise within the financialservices sectorCrooks have their arsenalswell stocked with a variety ofdastardly methodsSufficient budgetaryallowances and adequate datasecurity measures are vitalfor data compliance - andto bring an end to the surgein cybercrime
  22. 22. For more information about newthreats, download our eGuide:Pitfalls for ComplianceOfficers: The ChangingThreat and TechnologyLandscapewww.clearswift.com1www.clearswift.comPitfalls for Compliance Officers:The Changing Threat and Technology LandscapeStay ahead of the game and prepare yourself for the newest threatswww.clearswift.com1www.clearswift.comPitfalls for Compliance Officers:The Changing Threat and Technology LandscapeStay ahead of the game and prepare yourself for the newest threatsDOWNLOAD NOW!

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