Big Banks Spending Big Bucks to Fight Cyber Crime

Big Banks Spending Big Bucks to Fight Cyber Crime

cyber sec graphicThe biggest banks in the U.S. are responding to the cyber crime epidemic by beefing up their cybersecurity programs to defend the financial industry.

It is no secret that cyber criminals are winning. It is estimated that cyber attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business.  A recent study published by the Atlantic Council and the Zurich Insurance group estimates that cyber attacks could cost up to $90 trillion by 2030 if cybersecurity fails to advance at a rapid pace.

The banking and financial services sector has been the prime target of cyber criminals over the last five years — financial services are 300 times more likely to get hit by an attack than other industries. In response, Forbes reports that the biggest U.S. banks are responding to the cyber crime epidemic with some of the biggest security budgets — roughly $1.5 billion in cybersecurity spending from J.P. Morgan, Bank of America, Citi, and Wells Fargo.

This announcement comes on the heels of proposed legislation referred to as the “Cybersecurity Act of 2015,” which is designed to encourage companies to share with the government and each other technical details of hacking threats (for example, IP addresses or malicious code), as close to in real time as possible.

What does all this mean for your SMB? You can’t fight cyber crime alone, you need a cybersecurity partner you can trust. Through our IBM partnership, we are well positioned to create highly effective security solutions. Our security minded clients with the right strategy in place will be better prepared and protected for any potential threats or hacks and for future cybercontrol initiatives they will be implementing.

Contact ACE IT Solutions at 646.558.5575 to schedule a security assessment

Read more at forbes.com