US Based Banks Plan to Invest Large Amounts on Cybersecurity

Banks and hedge funds are investing heavy on internet security to secure client data and their massive software systems.

Large and small banks and hedge funds from the US anticipate to invest heavily in internet security as attacks and threats are rampant and threat client data and the banks core financial premise.

Recently a survey from Thales-eSecurity showed that senior officials from the security departmentssaid to have plans to spend more on cybersecurity this year, up from 78% to 84% this year.
These details were mentioned in a report which was made available recently.

Seems that 36 percent of large and small based financial firms had some risky encounters with a form of intrusion in 2018. This is almost a quarter more compared to 2017.

Cybersecurity remains the one existential threat to banking system, says Rodge Cohen from CNBC

This report shows that there is a massive increase in spending for cybersecurity. Including some of the largest U.S. banks.
$1 billion has already been spending this year as a result of high profile cyber attacks at high profile companies such as Equifax Inc, Anthem Inc, Yahoo and most recently Marriot.

These U.S. based banks including hedge funds have massively increased
data sharing and rigid industrywide systems backup with regards to
client data. This cooperation is supposed to halt major disruption of the financial system when a major hack takes place.

How to become a Cyber Security specialist.

Not every penny is spent wisely though as it seems that some firms spend
their money on ineffective methods. For example, money spent on
securing personal computers. This seems to be the least effective method, even on a broader scale.
Network security, however, needs more attention and has been proven to be a more plausible solution.

So in a nutshell data protection needs to be more emphasized.
The question arises why the big divergence in effectiveness and spending behavior is taking place. It rather seems that banks and hedge funds are afraid data protection may have an adverse result on their business model.

Consultants currently have found ways to tackle this disruptive mindset and have found sound solutions for these firms which will have an effect starting from 2019.


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