FINRA highlights cyber security as one of the top risks facing the financial industry

      FINRA recently released their “2023 Risk Profile” report, highlighting cyber security as one of the major threats confronting the financial industry.

      The regulators said that they expect cyber-threats to increase significantly over the next two years and identified it as one of six key risks to the financial sector. They noted that cyber crime costs are expected to increase by up to $6 trillion over the next five years and could cause significant damage to the global economy if left unchecked. The report also stated that there has been an increase in hacker attacks in recent years due to the increasing sophistication of hackers and the rise in the use of cryptocurrencies. They also cited the Equifax data breach as an example of how these attacks can cause significant harm to investors and financial firms. These threats could have a significant impact on the financial services industry in the coming years, which is why it is important that financial firms take steps to protect themselves from cyber-threats.

      Read the full FINRA report

      Reach out to our Cyber & Data Protection Solutions for more information and steps you can take to protect your firm.

      Upcoming cyber regulations – what can you do to prepare?

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