The latest data breach involving Global Payments, the processor for Visa and MasterCard, renewed the spotlight on cyber security around financial institutions. One post that caught the attention of the Marketing team here at Veracode was the listing of the Top 9 Most Expensive Data Breaches in the Financial Services industry, featured in www.wallstreetandtech.com
As a member of our research team pointed out, 4 of the top 5 breaches were all hacks. Of those, 2 were known to be application security related, NASDAQ and Citibank. As you digest this information, I would like to direct you to a blog post "A Tale of Two Market Sizes" by Sam King where she pointed out that "we spend 0.3% of what we pay for software on ensuring that it is secure". Put these together, and you can't but wonder why companies don't invest more in securing their software!