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Digital Disruption Occurring in the Financial Industry
The financial industry is experiencing a massive wave of change. As digital transformation has swept through this industry, cybercrime has risen dramatically. For instance, according to a joint 2017 Ponemon Institute and Accenture study (Cost of Cybercrime study: Insights on security investments that make a difference), the financial services industry suffers the most loss of any industry due to cybercrime, with an annual loss of $18.28 billion. One recent example is the ATM Cashout attack that has hit various banks. Many other security intrusions and breaches have also been successful.
Other financial industry segments have been disrupted as well. Some examples include: insurance companies rushing to cloud computing to meet growing demands to support new customer applications and services, credit card companies being hit with web-based attacks and on-line fraud, and financial trading companies moving to acquire instantaneous access to market feeds before stock prices change.
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