20 Oct

Firms Cannot Afford to Ignore the Dangers of Cyber Security Non-Compliance

In this contributor article, David Copland, Vice President at Duff & Phelps’ Kinetic Partners division, discusses cyber security and whether financial firms are acting fast enough to defend themselves from potential attacks.

The cyber security regulations and guidelines promoted by the Securities and Futures Commission (SFC) of Hong Kong and the U.S. Securities and Exchange Commission (SEC) so far seem to have had only a minor effect on the activity of banks, asset managers and hedge funds, as all are yet to actively address the issue. Indeed, a study conducted by Risk Based Security, a leading information technology solutions provider, revealed that there were 904 million records exposed and 1,922 data breaches reported within the first nine months of 2014. This figure has since grown, and several high-profile breaches at companies including Sony and Target

READ THE FULL ARTICLE
http://www.financemagnates.com/fintech/bloggers/firms-cannot-afford-to-ignore-the-dangers-of-cyber-security-non-compliance/

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