Financier Worldwide Magazine
Rick Fischer, co-chair of the Banking + Financial Services Group at Morrison & Forster, spoke to Financier Worldwide Magazine about the growing sophistication of cyber criminals, one of the greatest threats companies face today.
“Highly regulated industries, like financial institutions, generally have well-developed cyber security compliance programmes,” Rick said. “Many other industry segments have yet to focus sufficiently on cyber security compliance. However, the increased frequency and sophistication of data breaches, and the substantial fines now imposed on companies that have suffered a data breach, will force companies to invest far more into cyber security compliance programmes than was the case a decade ago.”
Rick also explained that even with increased attention to cyber security compliance, “there is still no such thing as perfect cyber security,” and advised that companies “must not only examine and test their external firewalls, but must also examine and test their internal firewalls in an effort to promptly identify and address the potential impact of a data breach.”