According to the Cybersecurity Systems & Services Market report, the U.S. financial institution’s cybersecurity market is the largest and fastest growing in the private sector, predicted to grow to $68 billion by 2020.
Among financial services firms, banks lost $16.8 billion to cybercriminals in 2017. Attacks on SWIFT — the leading global network for money and security transfers — alone cost $1.8 billion year-to-date. Costs of cybercrime also include:
- Regulatory fines,
- Additional cybersecurity following the breach,
- Responding to negative media coverage,
- Identity theft protection and credit monitoring services to customers affected by a breach, and
- Lost business due to reputational damage.
In order to combat cybercrime and stem further significant losses, JPMorgan Chase & Co., Bank of America, Citigroup and Wells Fargo spend a collective $1.5 billion on cybersecurity annually.
Learn how Maxus33 CodeXIV technology can protect your financial institution from potential costly losses. CodeXIV provides secure, reliable and non-copyable authentication and data assurance for privacy protection at a whole new level. We protect data at its roots and prevent unlicensed users from ever accessing it in the first place. They will never know what they are missing.