Cyber Security Market to be Driven by Increasing Cases of Phishing and Malware Threats Till 2025 | Million Insights

FELTON, California, Sept. 16, 2019 /PRNewswire/ -- The global Cyber Security Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Cyber security is defined as advanced technology that protects computer systems, programs, and networks from digital attacks. These attacks are aimed at accessing, changing, and destroying important information related to businesses. Implementation of advanced cyber security solutions in organizations provides complete protection against threats such as malware, ransomware, phishing, and social engineering.

Rising cases of phishing and malware threats in organizations is anticipated to propel cybersecurity market growth. Growing adoption of digitalization prompts organizations to depend on digital information. Sharing huge volume of data in internal and external environment across the globe is likely to create vulnerabilities in the network. Such network vulnerabilities allow hackers to intrude and access important data. This factor is expected to impel demand for advanced network solutions to secure information and software. Stringent government regulations on data privacy in organizations is expected to impel market growth. Moreover, growing adoption of data center, cloud computing, and wireless communication will drive the cyber security industry over the forecast period.

'There will be accidents ... in the cloud,' ECB warns

A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face an uncomfortable truth: there’s a good chance they’ll get hacked.

“There will be accidents, especially in the cloud,” Korbinian Ibel, a director general at the ECB’s supervisory arm, said in an interview. “It’s not that clouds are more vulnerable, they’re actually often better protected than in-house systems, but they’re seen as juicy targets.”

So far, Europe has been spared the kind of hack that hit Capital One Financial, which said last month that data from about 100 million people in the U.S. was illegally accessed. That may change as the region’s banks face increasing pressure to reduce costs with new technology and make up for the squeeze on revenue from lower interest rates.

ECB shuts down one of its websites after hacker attack

FRANKFURT (Reuters) - The European Central Bank (ECB) shut down one of its websites on Thursday after it was hacked and infected with malicious software.

The ECB said no market-sensitive data had been compromised during the attack on its Banks’ Integrated Reporting Dictionary (BIRD), which it uses to provide bankers with information on how to produce statistical and supervisory reports.

But it added malware had been injected on the server hosting the site, adding that the email addresses, names and titles of the subscribers of the BIRD newsletter might have been stolen.

Banking on Security: Keeping Data Secure in Financial Services

The protection of sensitive data in line with regulations, both for banks and other financial services organisations, is currently a big challenge. The way these organisations operate has changed dramatically in recent years, due mostly to the fact that financial institutions are not only heavily regulated by data privacy requirements, but they are also under mounting pressure to be open to consumers and businesses about how they are protecting their data from potential breaches.

The increasing expectations of consumers means that banks and financial institutions are trying to achieve a balancing act: how can they protect data privacy, while at the same time remaining transparent about how data is being protected? However, it doesn’t have to be a play-off between meeting these customer expectations and meeting cyber security and compliance requirements: banks and financial services organisations can utilise technology to the fullest extent while still protecting data. 

How the Accused Capital One Hacker Stole Reams of Data From the Cloud

The woman who allegedly pulled off one of the largest-ever bank-data heists appeared to have exploited a vulnerability in the cloud that security experts have warned about for years.

Paige A. Thompson, a former employee at Amazon.com Inc. AMZN -1.73% ’s cloud-computing unit who was arrested Monday, is accused of carrying out the massive theft of 106 million Capital One Financial Corp. COF -1.16% records.

Why Today’s Cybersecurity Requires Detection, Not Prevention

Given the current risk climate, cybersecurity is top of mind for organizations of all sizes and industries. In fact, according to recent research, the global cybersecurity market is expected to grow significantly from 2018 to 2023, amassing a global revenue of $193.76 billion by 2023.

Data breach prevention tactics, such as anti-virus software, network perimeter security and end-user training, have become commonplace, and IT departments are bolstering their cybersecurity toolboxes at a rapid clip to avoid data loss and becoming the target of a debilitating attack. Additionally, the security perimeter continues to change as smartphones and cloud apps make it easier to share data, collaborate on projects and access anything, at anytime and anywhere – including our sensitive work files. The new security perimeter is us, and this shift and introduction of new attack vectors has naturally influenced even greater global expansion of the cybersecurity market.

BankThink The brightest fintech minds could be right in your office

In the coming decade, the financial services industry will be faced with unprecedented opportunities and challenges: With changing workforce demographics, the disruption of traditional business models and rapid technology shifts.

The industry needs to adapt by revitalizing the system from within, and seizing new ways to drive innovation, productivity and performance.

These developments are expected to have tremendous consequences for the future of work. Despite best efforts, companies will not be able to escape the largest risks related to globalization and deglobalization, as well as technological and digital transformation.

How financial services combat the threat of cyber crime?

The financial services industry is naturally a lucrative target for cyber criminals so it is imperative they invest in cybersecurity. Here we look at how organisations can go about combatting the threat of cyber crime

British Airways faces record £183m fine for data breach

The airline, owned by IAG, says it is "surprised and disappointed" by the penalty from the Information Commissioner's Office (ICO).

At the time, BA said hackers had carried out a "sophisticated, malicious criminal attack" on its website.

The ICO said it was the biggest penalty it had handed out and the first to be made public under new rules.

How artificial intelligence is helping banks

Investment in AI by banks and financial institutions for risk-related functions such as fraud and cybersecurity, compliance, and financing and loans has grown dramatically in the last half-decade compared to customer-facing functions.

We recently launched our AI in Banking Vendor Scorecard and Capability Map report, our largest report on the state of artificial intelligence in banking. During the course of our research, we worked with experts including PhDs in AI and corporate heads of AI at top US banks to categorize AI vendor products based on the banking functions into which they are applied. We found that many of the AI products we categorized could be applied to more than one business function.

Facebook co-founder: Libra currency could give firms excess power

One of Facebook’s co-founders has warned the social network’s plans for a digital currency called Libra could allow corporations involved in the scheme to wield power over nation states.

Chris Hughes, whose role in the early days of Facebook has given him a net worth estimated at $430m (£340m), said global regulators should intervene to slow the progress of the cryptocurrency.

Facebook is developing Libra from a base in Switzerland, in partnership with 27 other corporations – including Mastercard, Paypal, Uber and Vodafone – collectively known as the Libra Association.