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The Business Case for Preparedness
Impact on Financial Losses
May 24, 2008 12:19 AM
Among the majority of global financial institutions, cyber attacks are increasing with many resulting in financial loss.
Source: "Testimony delivered by Louis Rosenthal, Executive Vice President, LaSalle Bank Corporation on June 1, 2004 to the House Committee on Government Reform Subcommittee on Technology, Information Policy, Intergovernmental Relations and the Census, United States Congress" (also found under Information Technology), Statement of Louis F. Rosenthal Executive Vice President Lasalle Bank Corporation, BITS Financial Services Roundtable, June 2, 2004
Key Points:
* Information security is a complex challenge. Among industry sectors, the financial sector is particularly aware of the challenge, in part because customer trust is so vital to the stability of financial services and the strength of the nation's economy. At the same time, we are a favorite target of criminals operating in cyberspace and of terrorists, as was made clear on 9/11. The Deloitte Global Security Survey 2004 finds that the majority of global financial institutions have seen an attack on their IT systems within the last year, and that many of those breaches resulted in financial loss. Eighty-three percent of respondents reported their systems had been compromised in 2003, versus 39 percent in 2002."
Link: http://www.bitsinfo.org/downloads/Testimony/rosenthaltestimony.pdf