Financial-services companies, already familiar with managing cyber risk, may want to step up their vigilance: the frequency and severity of cyberincidents are on the rise, partner Justin Greis and colleagues note. And while companies introduce more technologies into their organizations, cyber criminals have become more sophisticated, using emerging technologies such as generative AI to carry out their attacks.
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A timeline shows major cyberincidents between 2007 and 2023. A bubble depicts each incident, with larger bubbles depicting more incidents. There was 1 major incident in 2007, no major incidents in 2008, 1 major incident in 2009, 1 major incident in 2010, 2 major incidents in 2011, 1 major incident in 2012, 1 major incident in 2013, 2 major incidents in 2014, 2 major incidents in 2015, 3 major incidents in 2016, 4 major incidents in 2017, 4 major incidents in 2018, 1 major incident in 2019, 1 major incident in 2020, 2 major incidents in 2021, 3 major incidents in 2022, and 1 major incident in 2023.
Source: Münchener Rückversicherungs-Gesellschaft; “The future of work after COVID-19,” McKinsey Global Institute, February 18, 2021; McKinsey Global Institute analysis.
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To read the report, see “The cyber clock is ticking: Derisking emerging technologies in financial services,” March 11, 2024.