Financial services are the front lines for a lot of the cyber battles being sparked today, argued Rich Mogull, CEO of information security research firm Securosis.
The reason why, according to Mogull, is simple: that’s where the money is.
During a panel discussion at the Kaspersky Lab enterprise IT summit on Tuesday afternoon, Mogull along with executives from Visa, Wells Fargo, and McKinsey Research took a pulse on the rise and fall of cyber attacks on financial services and retailers.
Looking at the Target breach last winter, amid others that preceded it, Visa’s chief enterprise risk officer Ellen Richey acknowledged that the payments system is often the primary target.
But as we see an increasing stream of data breaches, Richey highlighted what might be a silver lining, if there is one: fraud rates are one-third the level they were a few decades ago.
McKinsey Research consultant Chris Rezek concurred that some metrics and trends seem to be stabilizing, but concerns are certainly growing.