[ISN] J.P. Morgan, BOA, Citi, And Wells Spending $1.5 Billion To Battle Cyber Crime

www.forbes.com/sites/stevemorgan/2015/12/13/j-p-morgan-boa-citi-and-wells-spending-1-5-billion-to-battle-cyber-crime/ By Steve Morgan Contributor Forbes / Tech Dec 13, 2015 There’s a showdown between the world’s largest corporations, governments, and cybersecurity companies who are going up against a global network of cyber criminals. The British insurance company Lloyd’s estimates 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. Some vendor and media forecasts put the cybercrime figure as high as $500 billion and more. The banking and financial services sector has been the prime target of cyber criminals over the last five years, followed by IT & telecom, defense, and the oil and gas sector, according to TechSci Research, an IT market intelligence firm. Infosecurity Magazine stated in an article earlier this year that financial services firms are hit by security incidents a staggering 300 times more frequently than businesses in other industries. Deloitte states that the financial services sector faces the greatest economic risk related to cybersecurity. The biggest U.S. banks are responding to the cyber crime epidemic with some of the biggest security budgets. […]




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