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.

Read the full article here.

Related Experts: Jason Healey