2. Cybercrime is Hitting Financial
Services Firms Hard
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
3. Cybercrime is Hitting Financial
Services Firms Hard
Types of cybercrime reported, 2011:
Asset misappropriation
67%
59%
Source: Fighting Economic Crime in the
Financial Services sector - PwC
2011
2009
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
4. Cybercrime is Hitting Financial
Services Firms Hard
Types of cybercrime reported, 2011:
Cybercrime
38%
0%
Source: Fighting Economic Crime in the
Financial Services sector - PwC
2011
2009
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
5. Cybercrime is Hitting Financial
Services Firms Hard
Types of cybercrime reported, 2011:
Accounting fraud
26%
19%
Source: Fighting Economic Crime in the
Financial Services sector - PwC
2011
2009
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
6. Cybercrime is Hitting Financial
Services Firms Hard
Types of cybercrime reported, 2011:
Money laundering
24%
28%
Source: Fighting Economic Crime in the
Financial Services sector - PwC
2011
2009
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
7. Cybercrime is Hitting Financial
Services Firms Hard
Types of cybercrime reported, 2011:
Bribery and corruption
16%
19%
Source: Fighting Economic Crime in the
Financial Services sector - PwC
2011
2009
Cybercrime is the 2nd most
commonly reported type of
economic crime for financial
services companies – and it
is also the fastest growing.
Just two years ago, it went
almost entirely unreported.
8. How Crooks Target Financial Firms
Thieves have developed a range of techniques
to snatch money from financial services firms.
Here’s how.
Source: Gordon M. Snow, Assistant Director, Cyber Division, FBI
Cyberattacks in
financial services
Account
takeovers
Attacking
payment
processors
9. How Crooks Target Financial Firms
Thieves have developed a range of techniques
to snatch money from financial services firms.
Here’s how.
Source: Gordon M. Snow, Assistant Director, Cyber Division, FBI
Cyberattacks in
financial services
Account
takeovers
Attacking
payment
processors
Stock market
exploitation
ATM skimming
Mobile banking
attacks
10. How Crooks Target Financial Firms
Thieves have developed a range of techniques
to snatch money from financial services firms.
Here’s how.
Source: Gordon M. Snow, Assistant Director, Cyber Division, FBI
Cyberattacks in
financial services
Account
takeovers
Attacking
payment
processors
Stock market
exploitation
ATM skimming
Mobile banking
attacks
Insider jobs
Supply chain
infiltration
Disrupting
communications
networks
11. The Effect on Financial Customers
Source: KPMG Data Loss Barometer 2012
Financial services customers represent 14.8% of the people affected by
data loss between 2008-2012.
Government
Healthcare
Education
Financial services
Retail
Professional services
Technology
Insurance
Media
Organization
Not for profit
Industrial markets
Data services
Other business sectors
5.2%
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. The Effect on Financial Customers
Source: KPMG Data Loss Barometer 2012
Financial services customers represent 14.8% of the people affected by
data loss between 2008-2012.
Government
Healthcare
Education
Financial services
Retail
Professional services
Technology
Insurance
Media
Organization
Not for profit
Industrial markets
Data services
Other business sectors
5.2%
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. It’s Only Getting Worse...
Source: Detica Cybersecurity Monitor, May 2012
88%
88% of financial services
companies expect the number
of cyberattacks to grow in the
next few years
14. It’s Only Getting Worse...
Source: Detica Cybersecurity Monitor, May 2012
88% 5%
88% of financial services
companies expect the number
of cyberattacks to grow in the
next few years
5% say that the number will
remain constant
15. It’s Only Getting Worse...
Source: Detica Cybersecurity Monitor, May 2012
88% 5% 8%
88% of financial services
companies expect the number
of cyberattacks to grow in the
next few years
5% say that the number will
remain constant
While 8% don’t know
No financial services
organizations think that the
number will shrink.
16. The Budget Barrier
Lack of sufficient budget is the biggest barrier to
implementing an effective information security
program, say financial institutions.
Barrier to info security program:
Lack of sufficient budget
43.9%
Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security Study
17. The Budget Barrier
Lack of sufficient budget is the biggest barrier to
implementing an effective information security
program, say financial institutions.
Barrier to info security program:
Lack of sufficient budget Lack of clarity or mandate
43.9% 27.1%
Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security Study
18. The Budget Barrier
Lack of sufficient budget is the biggest barrier to
implementing an effective information security
program, say financial institutions.
Barrier to info security program:
Source: Deloitte 2012 Global Financial Services Industry (GFSI) Security Study
Lack of sufficient budget Lack of clarity or mandate Increasing sophistication
of threats
43.9% 27.1% 27.9%
19. It’s Getting Serious
Just remember...
Cybercrime is on the
rise within the financial
services sector
20. It’s Getting Serious
Just remember...
Cybercrime is on the
rise within the financial
services sector
Crooks have their arsenals
well stocked with a variety of
dastardly methods
21. It’s Getting Serious
Just remember...
Cybercrime is on the
rise within the financial
services sector
Crooks have their arsenals
well stocked with a variety of
dastardly methods
Sufficient budgetary
allowances and adequate data
security measures are vital
for data compliance - and
to bring an end to the surge
in cybercrime
22. For more information about new
threats, download our eGuide:
Pitfalls for Compliance
Officers: The Changing
Threat and Technology
Landscape
www.clearswift.com
1
www.clearswift.com
Pitfalls for Compliance Officers:
The Changing Threat and Technology Landscape
Stay ahead of the game and prepare yourself for the newest threats
www.clearswift.com
1
www.clearswift.com
Pitfalls for Compliance Officers:The Changing Threat and Technology LandscapeStay ahead of the game and prepare yourself for the newest threats
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