Asset managers must not become complacent about cyber security

As another high-profile victim counts the cost of cybercrime, the attack reinforces the widely held view among cyber security professionals that breaches are inevitable.

The financial services sector, in particular, need to plan for when, not if, they are successfully hacked, with last month's distributed denial of service attack on one of Britain's largest banks serving as a reminder of the sector's vulnerability. Regulators in the US, UK, and recently Ireland have all warned the financial sector about cybercrime, with the Bank of England's Financial Policy Committee saying that UK firms are underestimating the threat. The ever increasing scale and frequency of breach reports has primarily been driven by US breach notification laws but there is reall...