Cyber security: making banking safer

Protecting the banks’ crown jewels – money and personal data – may have become more difficult than ever, but financial institutions have fortified their defences with a little help from their fintech friends.

by Joy Macknight

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Cybercrime is the greatest existential threat banks face today. According to The Depository Trust & Clearing Corporation’s latest Systemic Risk Barometer Survey, cyber risk remained the number one concern globally among financial service professionals, with 70% of all respondents citing it as a top five risk.

This anxiety is well founded. Verizon’s 2015 Data Breach Investigations Report found that the financial services sector experienced 277 confirmed breaches in 2014, second in number only to the public sector.

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Joy Macknight

Joy Macknight is the editor of The Banker. She joined the publication in 2015 as transaction banking and technology editor. Previously, she was features editor at Profit & Loss, editorial director at Treasury Today and editor at gtnews. She also worked as a staff writer on Banking Technology and IBM Computer Today, as well as a freelancer on Computer Weekly. She has a BSc from the University of Victoria, Canada.