Poor collaboration leaves banks open to cyber threat
Following the latest security breach that targeted JP Morgan and several other banks this summer, US authorities have urged financial institutions to reinforce their security systems to prevent further attacks
The recent attack on JP Morgan, one of Wall Street's largest banks by assets, has reignited concerns over cyber security, now ranked as the principal risk by financial institutions in the latest Systemic Risk Barometer from the Depository Trust & Clearing Corporation (DTCC) The survey shows that 84% of respondents identify cyber risk as one of their top-five concerns, and finds that for 37% of those surveyed, the probability of a high-impact event in the global financial system has increased
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