How Banks' Spending on Cybersecurity Ranks If They Were Small Countries
Last week, our team predicted the biggest cybersecurity trends in the new year – specifically, that as attacks grow in complexity and sophistication, breaches will be the new normal.
Indicative of the growing importance of cybersecurity to critical infrastructure industries, the financial sector is responding to this new normal, and is investing its resources accordingly. In light of high profile breaches like JP Morgan Chase and the Carbanak campaign, current and anticipated spending on cybersecurity in the financial sector exposes the resources required to counter this new normal. To highlight this, we’ve compared cybersecurity spending of four of the largest banks to the GDP of four small countries to demonstrate the vast resources required to manage current and emerging threats.
With the new year kicking off with a high profile attack on the Ukrainian power grid, it is increasingly evident that the new normal is here to stay. Tackling this dynamic and complex threatscape requires organizations – especially those in the highly targeted critical infrastructure sectors – to think like the adversary. That’s why we’ve built a solution that intimately understands adversarial techniques and tactics – enabling our customers to go from being the hunted to the hunter and identifying threats at the earliest possible moment before damage and loss can occur.