Matthew Chung, managing director/chief information officer of Technology and Information Risk for Morgan Stanley stated at SIFMA’s recent annual meeting. Three key worries in 2016 for financial services firms will be:
- The emergence of ransomware. In these situations, hackers look for data and files and then encrypt the data and won’t release it until a ransom is paid. Sensitive data could be stolen and put on YouTube. Chung noted that each firm has its own risk appetite when it comes to paying ransomeware.
- The threat of a malicious insider. Trouble can come from within your organization from individuals with valid cyber credentials. Firms are now looking at this potential trouble area and need to understand the behaviors of these individuals, Chung noted.
- The threat of destructive malware. This issue has been more prevalent in the energy sector but Chung cautioned that this risk will become “more interesting” for financial services firms over the next year. Firms will need to think about how to manage incidents.
From IAWatch, January 18, 2016