Cybersecurity - It's Time For a New Approach

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Today, cybersecurity management is a priority issue, not just for IT, but also for every stakeholder in the financial services industry, including investors, consumers, regulators, and employees—all the way up to boards of directors.

In 2014, according to the “Global State of Information Security® Survey 2015,” respondents reported 42.8 million cybersecurity incidents, which translated to 117,339 cyberattacks per day—an increase of 48% over 2013. Moreover, the survey indicates that detected security incidents grew at a compound annual growth rate of 66% between 2009 and the present day[1].

The financial industry, in particular, knows that it is in the cybercriminal’s crosshairs. In its most recent “Systemic Risk Barometer Study,” the Depository Trust & Clearing Corporation (DTCC) reported that almost half of the respondents (46%) rated cybersecurity as their top concern, and 80% of respondents rated cyber risk as one of their top five concerns[2].

 

We believe that it is time for a new approach that includes robust governance, tool consolidation, and the gathering and dissemination of threat intelligence.

 


 

"We really couldn’t find another solution in the market that did what DefenseStorm did, in terms of bringing together IT governance and incident management workflow into a single system."

JIM BROCKETT CIO
Washington Trust Bank

 

"The value of the DefenseStorm solution to our operations is incalculable. Within a few months, the system transformed our security response from reactive to proactive, saving us tens of thousands in hard expenditures instantly—and averting fraud that could have had massive systemic and enterprise impact, with losses in the millions.”

NEIL UNDERWOOD PRESIDENT
Live Oak Bank

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