The bad guys always go where the money is. And financial firms are grossly ill-prepared for cyberattacks and suffer higher costs in addressing successful attacks. Boston Consulting Group found in its annual report on global wealth-management trends some very surprising data around just how poorly prepared financial firms really are. Firms were asked to rate a number of cybersecurity measures on a scale of 1 to 5, where 1 represents “No setup” and 5 represents “Optimal”. As shown below, no single measure was rated higher than a 3 (basic setup), with the majority of rankings at 2 (inadequate setup).
According to the report, one of the primary reasons for financial firms being ill-equipped is “a lack of security awareness in company culture.” The result of this lack of preparedness is “dealing with those attacks and their aftermath carries a higher cost for banks and wealth managers than for any other sector”, according to the report.
Financial firms need to begin with establishing a security strategy that includes creating a security culture within the organization. Tactically speaking, financial firms need to address the lack of security awareness with Security Awareness Training, teaching wealth managers about the dangers of phishing and social engineering scams, as well as what to do about it.
Financial Firms need to do something about their lack of a security stance rather sooner than later.
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