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The U.S. Securities and Exchange Commission has decided to look into the possibilities and loss of intellectual assets which might be caused to the stock exchange by cyber attacks.
SEC has also expressed grave concerns over the mounting cyber attacks on US stock markets and its various stake holders. The Threat it says can destabilize the whole financial sector.
Cybercrime cost financial services companies, on average, about $18.8 million in 2013, according to a study by the Ponemon Institute, a research and consulting firm.
The report estimated an average cost for brokerages of $19 million and $21.9 million for investment advisers. Prior to this, Exchanges were not bound to disclose the data of security breaches to its brokers. However, after the recent the SEC's roundtable discussion the Exchanges are required to disclose the statistics of security breaches and fugues of compromised data to its brokers. Although this may tarnish the image of Wall Street operatives yet it will reduce t the growing trust deficit between the Exchange and dealers. SEC believes.
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