Data breaches are no joke. Just ask any chief security officer. In addition to the bad headlines, customer churn and regulatory headaches associated with data breaches, the monetary costs can add up quickly. Until the MasterCard and Visa hack, the most recent high-profile data breaches have hit largely outside of the financial services industry, with Sony, Michael’s Stores and RSA (which cost parent company EMC close to $66 million) grabbing most of the headlines.
Despite the focus on other industries, though, financial services continues to be a top target for data breaches, caused by hacks, card scams, insider data theft, and the loss of a portable device that contains financial or private information.
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Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio