CybersecurityCombating cyber threats to the global financial industry

Today more than fifteen billion devices are connected to the Internet; in the next five years, that number will grow to fifty billion. With each new device presenting an opportunity to be infiltrated and compromised by hackers, it is easy to understand why the importance of cybersecurity continues to skyrocket.

So explained keynote speaker Elizabeth Petrie, director of strategic intelligence analysis for Citigroup, who kicked off a one-day conference at the University of Delaware on cybersecurity issues impacting the global financial industry.

The SWIFT Institute partnered with UD’s Cybersecurity Initiative (UDCSI), Alfred Lerner College of Business and Economics and College of Engineering to host the conference, which Petrie called a step toward better industry communication about cybersecurity.

Collaborative conferences like these are critical, she said, because attackers “could go after your major competitor today, but they’re simply going to pivot and come after you tomorrow if you have the same vulnerabilities.”

A UD release reports that during her presentation Petrie set the stage for the conference’s discussions, describing the current landscape of cyber threats and the evolution of hackers over time, including nation-state actors, cyber criminals, cyber terrorists and hacktivists like Anonymous.

These groups have shifted from what Petrie calls “hacking for fun” to “hacking for profit,” to now “hacking for destruction.”

As businesses continue to digitize their records, she continued, increasing amounts of data are also at risk.

From recent high-profile hacks of corporations like Sony Pictures and Target to hacks of small businesses’ unencrypted records, Petrie explained that the costs of such attacks in the U.S. total over $113 billion, and could grow to $3 trillion in the next five years.

“What that means for some corporations is that if they are not appropriately postured in cybersecurity, they could potentially go out of business,” she said. “But there is good news: There’s a lot that we can do about this,” she continued, walking the audience through an “anatomy of attack” and corresponding responses.

Tools available for businesses discussed both by Petrie and by other presenters throughout the day include data protection, vulnerability assessment, incident management and more. Petrie discussed businesses that hire hackers to find vulnerabilities in their systems, and others who run simulated hacks to practice their response.