Five things financial services executives need to know
Our recent report, A triple threat across the Americas highlighted the overlapping fraud, non-compliance, and cyber attack challenges that confront businesses across all sectors today. This follow-up piece reviews the dangers facing financial services (FS) companies, and outlines five things that FS executives need to know:
- FS firms have the most extensive, and expensive, fraud burden of any sector in the Americas.
- Insiders, customers, and organized criminals present almost equal fraud threats for FS companies.
- Compliance, already a difficult area for FS companies, look set to get much tougher.
- FS companies are experiencing a range of negative impacts from a tidal wave of new cyber-risks.
- In the face of this substantial triple threat, too few companies think that they have strong defenses—and many reveal vulnerabilities.