The prolific Sony hack late last year sparked attention and debate across the world. But it was just one of the latest in a string of malicious cyber attacks doing untold damage to the reputations and revenue bases of the globe’s largest corporations – including its biggest banks. The threat is on the increase; a study by Radware last year found that 19 percent of companies in the UK claimed they were under constant cyber attack – up three times from 2013 – as hacks become easier to carry out, quicker to spread, and harder to detect.
Meanwhile, a study by PwC found that 81 percent of large UK businesses had fallen victim to at least one security breach in 2014, resulting in losses of between £600,000 ($903,000) and £1m ($1.5m). It’s no wonder that more than 70 percent of banking and capital market CEOs believe cyber risks are threatening their potential growth (according to PwC).
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