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.

Statistic 1

"88% of wealth management firms view cyber security as a high risk, even after implementing preventative measures."

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Statistic 2

"More than 90% of wealth management organizations acknowledged that cybersecurity is a significant concern that impacts trust from their clients."

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Statistic 3

"Nearly 70% of wealth management companies reported that clients have expressed concern about data privacy and cyber security."

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Statistic 4

"More than 80% of wealth management organizations experienced an increase in cyber-attacks during the pandemic."

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Statistic 5

"Cyber-attacks cost wealth management companies an average of $200,000 per incident."

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Statistic 6

"Only 40% of wealth management firms have a fully developed cyber-security incident response plan."

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Statistic 7

"Only about 51% of wealth management firms routinely test their cybersecurity measures."

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Statistic 8

"Nearly 60% of wealth managers believe that a cyber attack could wipe out their business within a period of 3-5 years."

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Statistic 9

"Approximately 20% of wealth management firms reported experiencing cyber fraud related to client accounts."

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Statistic 10

"Despite the risks, only 57% of wealth managers educate their clients regularly about cybersecurity and fraud risks."

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Statistic 11

"On average, wealth management firms face around 10 suspected cyber attack threats per week."

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Statistic 12

"A large number of wealth management firms allocate about 6-10% of their IT budgets toward cybersecurity."

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Statistic 13

"67% of wealth management firms have said that they would increase spending on technology and digitisation due to increased cyber risks."

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Statistic 14

"70% of breaches suffered by wealth management firms are caused by employee negligence, mistakes, or unauthorized access."

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Statistic 15

"37% of businesses in the wealth management industry have seen a significant increase in cyber attacks over the past 3 years."

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Statistic 16

"One of the most targeted industries, 39% of cyber breaches occurred in the financial services sector, including wealth management."

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Statistic 17

"More than half (58%) of global companies have experienced a data breach within the last three years."

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Statistic 18

"Over 30% of data breaches lead to users having their personal information stolen."

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Statistic 19

"Only 3% of the cases result in public disclosure of data breaches."

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