GITNUX MARKETDATA REPORT 2024
Cybersecurity In The Wealth Management Industry Statistics
Cybersecurity breaches in the wealth management industry are on the rise, with a significant increase in reported incidents and losses, highlighting the importance of robust security measures.
In this post, we will explore the alarming statistics surrounding cybersecurity in the wealth management industry. From the high percentage of firms viewing cyber threats as a significant risk to the financial impact of cyber-attacks, these numbers shed light on the pressing need for robust cybersecurity measures within wealth management organizations. Let’s dive into the data to understand the challenges faced by this industry in safeguarding client data and trust.
Statistic 1
"88% of wealth management firms view cyber security as a high risk, even after implementing preventative measures."
Statistic 2
"More than 90% of wealth management organizations acknowledged that cybersecurity is a significant concern that impacts trust from their clients."
Statistic 3
"Nearly 70% of wealth management companies reported that clients have expressed concern about data privacy and cyber security."
Statistic 4
"More than 80% of wealth management organizations experienced an increase in cyber-attacks during the pandemic."
Statistic 5
"Cyber-attacks cost wealth management companies an average of $200,000 per incident."
Statistic 6
"Only 40% of wealth management firms have a fully developed cyber-security incident response plan."
Statistic 7
"Only about 51% of wealth management firms routinely test their cybersecurity measures."
Statistic 8
"Nearly 60% of wealth managers believe that a cyber attack could wipe out their business within a period of 3-5 years."
Statistic 9
"Approximately 20% of wealth management firms reported experiencing cyber fraud related to client accounts."
Statistic 10
"Despite the risks, only 57% of wealth managers educate their clients regularly about cybersecurity and fraud risks."
Statistic 11
"On average, wealth management firms face around 10 suspected cyber attack threats per week."
Statistic 12
"A large number of wealth management firms allocate about 6-10% of their IT budgets toward cybersecurity."
Statistic 13
"67% of wealth management firms have said that they would increase spending on technology and digitisation due to increased cyber risks."
Statistic 14
"70% of breaches suffered by wealth management firms are caused by employee negligence, mistakes, or unauthorized access."
Statistic 15
"37% of businesses in the wealth management industry have seen a significant increase in cyber attacks over the past 3 years."
Statistic 16
"One of the most targeted industries, 39% of cyber breaches occurred in the financial services sector, including wealth management."
Statistic 17
"More than half (58%) of global companies have experienced a data breach within the last three years."
Statistic 18
"Over 30% of data breaches lead to users having their personal information stolen."
Statistic 19
"Only 3% of the cases result in public disclosure of data breaches."
Jannik Lindner
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