Cybercrime is one of the world’s fastest-growing and most lucrative industries. At least US$445 billion was lost last year, up around 30 per cent from just three years earlier, a global economic study found, and the Treasury Department recently designated cyberattacks as one of the greatest risks to the US financial sector.
For banks and payment companies, the fight feels like a war – and they are responding with an increasingly militarised approach. For many organisations, this has manifested in the setting up of fusion centres, a term borrowed from the Department of Homeland Security.
The approach first spread throughout the government, with the centres used to fight disease outbreaks, wildfires and sex trafficking. Then banks grabbed the playbook. At least a dozen of them, from giants such as Citigroup and Wells Fargo to regional players such as Bank of the West, have opened fusion centres in recent years, and more are in the works.
Read the full article titled “Banks Adopt Military Playbook Against Cybercrime” to find out how cybersecurity has, for many financial company chiefs, become their biggest fear, eclipsing issues such as regulation and the economy.
“Empowering Enterprise” is an ongoing Ingram Micro series published in every Wednesday’s edition of The Business Times. It aims to provide news and thought leadership on the latest developments in cloud and security.
The series is produced in partnership with the following vendors: Dropbox, Microsoft, VMware, Cisco, IBM, Progress, Symantec, Barracuda, Dell EMC, FireEye, Hewlett Packard Enterprise, Juniper Networks, Lenovo, Menlo Security, Adobe, BitTitan, DocuSign, NSFOCUS and Veritas.
This post may contain excerpts from an article entitled “Banks Adopt Military Playbook Against Cybercrime” published in The Business Times on 23 May, 2018.