To quantify the risks, a recent study by the Ponemon Institute noted that the average total cost of cyber protection for financial service firms was $20.8 million in 2014. Because the size of institutions often dictates the resources available to stand guard against cyberattacks, middle market and smaller financial institutions present high-risk targets as cyber attackers believe smaller organizations have less sophisticated security controls and are therefore more viable targets from their pointof-view. Accordingly, such institutions face, among other cyber attacks:
- Malware attacks
- Insider threats
- Data or systems destruction and corruption
- DDoS and other communications disruptions
- Online credentials theft, fraud, and other business disruptions
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