Tag Archives: Cyber Risk

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Financial Services Firms Report Losing 27% of Revenue Due to Poor Reputation

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Improving reputation remains a chief objective in the financial services industry — and rightfully so, according to a new study that reports firms saw an average of 27% of revenue lost in the past two years due to reputation and customer service issues stemming from the financial crisis.

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The 2014 Makovsky Wall Street Reputation Study found that 81% of financial service firms are still feeling major negative impacts on stakeholder perception, and over three-quarters of financial services executives say industry risk is the same or worse than in 2007.

Public perception, riskier markets, and regulatory actions are the biggest impediments to industry recovery, executives told the communications firm. The biggest drags on reputation come from negative public perception (64%) and regulatory actions (55%), they said. A majority agreed that the top emerging reputation risks are high frequency trading and cyber data breach.

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Further, four out of ten executives say their company’s reputation has already suffered due to recent cyber data breaches.

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Makovsky Wall Street Reputation Study

Cybercrime Costs Global Economy Up to $575 Billion

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Cybersecurity

Cybercrime costs the global economy about $445 billion every year, though the damage may be up to $575 billion, according to a new report from the Center for Strategic and International Studies and software company McAfee. Further, the damage to businesses exceeds the $160 billion loss to individuals.

“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” said Jim Lewis of CSIS. “For developed countries, cyber crime has serious implications for employment.”

Indeed, the biggest economies have suffered the most – the losses in the United States, China, Japan and Germany totaled at least $200 billion.

Businesses are sitting up and taking notice. A recent survey from Munich Re found that 77% of mid-size to large companies have or will have cyberinsurance in the next year. Yet, of the 23% that do not plan to buy insurance, nine out of 10 said this was because current coverage available does not meet their needs or would not be relevant for their business.

What are companies doing to manage cyber risk? Munich Re found:

Munich Re graph

Reputational damage has emerged as one of the biggest sources of loss from cyberbreach. Respondents said the biggest risk an incident would have pose to their business’s reputation is:

Munich Re reputational risk of cyberbreach

 

New Studies Highlight Sources, Patterns of Data Breach—And How to Do Better

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Three recent studies provide a great reminder of the threats of data breach—and the role workers and IT departments play in either maintaining a company’s defense or letting malware storm the gates.

In its 2014 Data Breach Investigations Report, Verizon identified nine patterns that were responsible for 92% of the confirmed data breaches in 2013. These include: point of sale intrusions, web application attacks, insider misuse, physical theft/loss, miscellaneous errors, crimeware, card skimmers, denial of service attacks, and cyber-espionage. They have also identified the breakdown of these patterns in various industries, highlighting some of the greatest sources of cyber risk for your business:

Verizon Data Breach Investigations Report

Verizon’s report also offers specific information about the patterns and advice on how to respond to them.

Many sources of vulnerability come from within, and there is less variation than you might expect in terms of who the riskiest workers may be.

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A survey by the Pew Research Center found that 18% of adults have had important personal information stolen online, including Social Security number, credit card, or bank account information—an 8% increase from just six months ago. Further, 21% of adults who use the internet have had an email or social networking account compromised. Two groups that make up a large part of the workforce were hit particularly hard during this period: young adults and baby boomers. The percentage of individuals in these groups who had personal information stolen online doubled between July 2013 and January 2014.

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stolen personal data by age

But as this chart shows, all age ranges have experienced a significant amount of data theft as of the beginning of the year.

Indeed, according to meetings-software company TeamViewer, 92% of IT administrators have seen troublesome habits among office workers using company computers. These risky behaviors are frequently known to open the work system to viruses or other malware, including:

  • Browsing social media websites (reported by 82% of IT admins)
  • Opening inappropriate email attachments (57%)
  • Downloading games (52%)
  • Plugging in unauthorized USB devices (51%)
  • Plugging in unauthorized personal devices (50%)
  • Illegal downloads, such as pirated movies, music or software (45%)
  • Looking for other jobs (39%)

Further, nine out of 10 IT administrators reported witnessing problems to company equipment because of these actions, including viruses (77%), slow computers (74%), crashed computers (55%), mass popups (48%) and inability to open email (33%). Not only do these behaviors leave corporate infrastructure at risk, but they may endanger the overall HR program, as a vast proportion of IT workers report feeling frustrated, angry and discouraged.

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Up to 12% even said that they were considering quitting over these bad behaviors and increased strain on the IT department.

So what can you do? Administrators agreed that better security software, using remote access to fix problems, installing disk cleanup software, integrating automatic backup solutions, and offering the ability to telecommute would all help mitigate these issues and make their jobs easier.

Who’s Committing Economic Crime?

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According to a recent survey from PricewaterhouseCoopers, economic crime is on the rise, particularly in the United States. Of organizations in the U.S., 45% suffered from some type of fraud in the past two years, compared to the global average of 37%. Further, 23% of companies that reported economic crime experienced accounting fraud, up from 16% in 2011.

So who is committing these crimes?

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External perpetrators are on the rise, closing the gap with internal perpetrators — it’s now 45% versus 50%, respectively. But the profile of these internal actors has changed since the last survey in 2011.

Now, most internal frauds are perpetrated by middle management (54%, compared to 45% in 2011), and fraud by junior staff has dropped by almost half, now totaling 31%.

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The typical internal fraudster is now a white male in middle management, age 31-40, who has been with the company for six years or more.

Internal Fraudster Profile

In good news, PwC also found that awareness of risk is higher among U.S. companies, for example, seven out of 10 American respondents perceived an increased risk of cybercrime in the last two years, compared to just under half globally. The C-suite is also increasingly getting the message about the risk of economic crime:

C-Suite and Economic Crime

For more details on the 2014 Global Economic Crime Survey, check out the report from PwC here.