Cybersecurity and the Federal Reserve
Abstract: It is hard to get through a week without hearing about a new cybersecurity event that has affected an organization and its customers. These events impose costs and affect operations at institutions of all sizes. Efforts to disrupt an institution’s operations; to steal, corrupt, or destroy data and intellectual property; or to divert funds have become more prevalent. According to Boston Consulting Group, financial services firms are 300 times as likely as other types of companies to be targeted by a cyber attack.1 Just as the financial system is constantly evolving, so, too, are the cybersecurity risks that institutions need to assess and manage. Given the vital role that financial services firms play in supporting a strong global economy – a role clearly demonstrated throughout the pandemic – it behooves us all to continually expand our knowledge of the risks we face and the best way to combat them.
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Description: Full Text
Provider: Federal Reserve Bank of Cleveland
Part of Series: Speech
Publication Date: 2021-10-05