It is good to hear that cybercrime has the attention of the deputy governor of a major bank. A significant sum, more than $70bn, is spent every year on security protection, and yet the risks are ever increasing. It could be argued that doing more of the same is not going to solve the growing cyber threat. What is really needed is the wide spread adoption of effective security monitoring and threat intelligence.
Ireland's Central Bank's deputy governor, Cyril Roux, has warned that it may only be a matter of time before a cyber-attack builds a problem that descends across the broader financial industry. Roux issued the warning when addressing the Society of Actuaries in Ireland where he stated a cyber-security risk creates a danger across an entire financial system.