Fast Facts: CYBER ATTACKS Part 1: A Growing Threat

Terrorism remains the FBI's top priority, but in the not too distant future we anticipate that the cyber threat will pose the No. 1 threat to our country." FBI Director Robert Mueller, March 1, 2012. FACT: Phishing attacks were up 37% in 2011, year over year. Phishing scams individuals into sharing private information. It often takes the form of a fraudulent email appearing to come from a legitimate business requesting account number verification. FACT: One in every 300 emails contains phishing elements. FACT: Malware attacks are also on the rise. Malware is a malicious software which embeds on a computer or operating system and steals data or disrupts functioning. FACT: By the end of 2015, the Aite Group (a Boston-based analystics firm) estimates that there will be 87 million new, unique strains of malware released each year. FACT: Nearly three out of every four new malware strains are designed to sit silently on users computers and steal their information, (called Trojans by those in the industry). FACT: Malware development and distribution is highly organized and controlled by criminal groups that have formalized and implemented business models to automate cybercrime. FACT: Cyber attacks cost businesses over $200 million in 2011 alone. While cyber attacks cost businesses financially, the greatest impact is loss of consumer confidence.

The financial services industry is the most targeted industry for cyber attacks. Next week, Fast Facts will focus on protecting financial services.
BITS is the technology policy division of The Financial Services Roundtable. BITS addresses cybersecurity issues through the BITS Security Program and the Financial Services Sector Coordinating Council, a sector

body that works with the government to ensure critical financial systems are protected. For more information, please contact Ann Patterson, BITS VP Member Relations, at ann@fsround.org or visit www.bits.org. For more information, please contact Abby McCloskey, Director of Research at the Financial Services Roundtable, at abbyresearch@fsround.org, or Scott Talbott, Senior Vice President of Government Affairs, at scott@fsround.org. Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial services, please reach out to Abby directly at 202-589-2531. Learn more about the Financial Services Industry at www.OurFinancialFuture.com. OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in real-time.
Visit www.RoundtableResearch.org to learn more about financial services and public policy.