Financial institutions have become the epicenter of cyber-attacks, with a successful attack on one rippling through the highly-interconnected financial system. With the rate, pace and sophistication of cyber-attacks continuing to grow exponentially, security has become a big data problem. But big data could also be the solution. Applying machine learning frameworks that can engage data from various sources enables financial institutions to flag irregular activities in real-time. This, in turn, affords financial institutions the chance to act on data “as it occurs” and stay one step ahead of criminals to stop and attack and prevent fraud. In the end, it’s data that is at risk, but it’s also data that can solve the problem.
Here’s a look at some exceptionally harmful attacks in recent years, the cost of attacks and how those in the industry have are increasingly seeing cyber-attacks as one of the greatest threats.