Page 17 - Cyber Warnings

Earlier this year, J.P. Morgan Chase & Co. spent half a billion dollars on cybersecurity, a move
followed by nearly every large financial institution.

Forensic accountancy firms like Kroll specialize in protecting businesses and financial services
firms from both internal and external cyber attacks.

They use software to analyze log data and communications to identify potential cyber attackers
in advance.

However, these services do not come cheaply and, with the rising number of FinTech firms and
startups, the need for affordable security that’s available to smaller firms is significant.

The United States’ Small Business Administration (SBA) recommends that small and medium
sized businesses (SMEs) secure their IT infrastructure in order to protect against financial fraud.
Similarly, financial regulators are exerting increased pressure to see finance firms step up their
cybersecurity.

Higher security is not just good business sense, it is frequently a legal and regulatory
requirement.

Last year the UK government pledged grants to small businesses to help protect them against
cyber threats. All financial businesses will need to assess their own security strategy and decide
what is right for them.

The important thing is start that process now, before it is too late to protect from an attack.

About the Author

MacLane Wilkison is the co-founder and CEO of ZeroDB, a Y Combinator-
backed startup that provides enterprise security and encryption for big data
in the cloud.

17 Cyber Warnings E-Magazine – September 2016 Edition
Copyright © Cyber Defense Magazine, All rights reserved worldwide