Cyber security costs soar at global financial institutions with increasing hacker attacks

Last Updated: Wednesday, September 18, 2013 - 18:46

Beijing: IT experts have revealed that cyber security cost at global financial institutions have increased manifold with the aim to secure their own and customers` assets with increasing number of hacker attacks and internal threats.

A four-day exhibition, Sibos, organized by Belgium-based global transactions service provider SWIFT for the first time in the Middle East kept the central topic as cyber security at global financial institutions.

Most IT security experts at the Sibos agreed that cyber security shall not be considered as a cost center, but as an investment into a bank`s financial soundness and reputation.

The banks are keeping up with the latest technologies to secure their assets from hackers.

According to a study released on June 25 by Russian anti-virus software producer Kaspersky and research firm B2B International, 649,000 US dollars is the average cost at large companies in the wake of a cyber attack rise.

Earlier this year, a series of cyber attacks had knocked down the websites of major US lenders, including Citigroup, J.P. Morgan Chase and Bank of America.

A survey at the summit also revealed that over 30 percent of bank technology experts fear internal attacks, such as data stealing by employees or business partners.

IT security costs were also raised due to implementation of encryption codes and procedures to control internal threats.


First Published: Wednesday, September 18, 2013 - 18:46

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