The new report highlights eight attacks that the financial services sector is subject to, and outlines the financial impact of data breaches, including both the immediate and 'slow-burn' costs that could dramatically increase the final bill for businesses.
In light of recent global cyber-attacks, KPMG in the UK joins insurance market Lloyd's of London and international law firm DAC Beachcroft to provide a cross-sector assessment of the cyber threats facing companies today. The new report highlights eight attacks that the financial services sector is subject to, and outlines the financial impact of data breaches, including both the immediate and 'slow-burn' costs that could dramatically increase the final bill for businesses.
Why is this important for our asset management clients?
While it is not possible to be 100 percent secure from cyber-attacks, cyber insurance is one of the measures asset and wealth management firms can take to mitigate risks, minimize the consequences and recover more quickly from a breach.
In fact, only 39 percent of asset management CEOs believe they are fully prepared for a cyber event. Likewise, many prevailing factors are aggravating the damage caused by cyber-attacks, which may pose further threats for our clients:
— forthcoming European General Data Protection Regulation will mean higher penalties for businesses that breach new cyber security legislation
— victims of cyber breaches are becoming more willing to sue companies that have lost/abused their data
— greater vulnerability through increased use of connected devices
— criminals are becoming more financially savvy and have started to target financial infrastructure
— retail sector is increasingly being targeted by cyber-attacks but the financial services sector continues to find itself at the sharp end.
KPMG member firms around the world have over 3,000 cyber security professionals who can support and guide your clients in mitigating the inevitable risks from the increasingly digital world. We encourage you to share this article with your clients to start the conversation.