Authentication & Security

The Economic Cost of Getting Hacked

MEDICI

The recent history of data breaches is an evidence of a major problem that all industries face – loopholes in cyberdefense systems, which allow cybercriminals to leverage modern and evolving malware tools to steal consumers’ financial data. As breaches occur with major players across industries with frightening frequency over time, cybersecurity has a chance to become one of the hottest FinTech segments by 2020.

Realizing the scale of damage that data breaches cause, four banking industry giants — JPMorgan Chase & Co. ($500 million), Bank of America ($400 million), Citigroup ($300 million) and Wells Fargo ($250 million) — will collectively spend $1.5 billion on cybersecurity annually.

Praesidio, a provider of a security data platform designed exclusively for banks and credit unions, has recently shared an insightful infographic demonstrating the economic cost of getting hacked.

Economic Cost of Getting Hacked

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MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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