Changing Cybersecurity Regulations that Global Financial Services Firms Need to Know About

Cyberattacks have become a global epidemic. Cybercriminals are now targeting organizations, critical infrastructure, and governments across the world with timely, sophisticated attacks. Ransomware attacks such as Petya and WannaCry put critical functions across the world on hold earlier this summer, while the recent Equifax data breach has affected as many as 143 million Americans. With such attacks persisting, it is predicted that cybercrime damages will cost the world $6 trillion annually by 2021. Cybercriminals are typically motivated by monetary rewards. In the case of ransomware attacks, cybercriminals target things like critical infrastructure and healthcare organizations and hold their data captive until paid.