Forbes highlights the joint Atlantic Council and Zurich Insurance Group study, Risk Nexus: Beyond Data Breaches: Global Interconnections of Cyber Risk, that outlines the potential financial impact of future cyber attacks:
When you add it up, that’s roughly $1.5 billion in cybersecurity spending from J.P. Morgan, B of A, Citi, and Wells. According to the “Banking & Financial Services Cybersecurity: U.S. Market 2015-2020 Report”, published by Homeland Security Research Corp., the 2015 U.S. financial services cybersecurity market will reach $9.5 billion, making it the largest non-government cybersecurity market. The report concludes that this market will be the fastest growing non-government cybersecurity market, exceeding $77 billion in cumulative 2015-2020 revenues.
A recent study published by the Atlantic Council and the Zurich Insurance group estimates that cyber attacks could cost up to $90 trillion by 2030 if cybersecurity fails to advance at a rapid pace. This could lead to banks spending an order of magnitude more on cybersecurity than they are today. Hopefully this won’t break the banks.