The number of cyberattacks in the industry in 2017 rose 80%, with the rate of breaches in the industry tripling since 2012, Financial Conduct Authority (FCA) data shows.
The financial services industry is embracing technology such as online products to make it easier for people to do business. However, the new digital era makes cyber security a major risk factor, with financial services firms increasingly concerned about cyber-attacks.
The global cost of cybercrime incidents to financial services firms surged by more than 40% over three years, from US$12.97 million per company in 2014 to US$18.28 million in 2017, according to the Cost of Cyber Crime Study, a study by the Accenture Security (NYSE: CAN). Cybersecurity Ventures, a cyber economy researcher, forecasts that the global annual cost of cyber-crime could total US$6 trillion by 2021, up from US$400 billion in early 2015.