Banks, credit unions, insurers and everyone charged with looking after our money and covering us when something bad happens are starting to feel the pinch from the steady growth in cybercriminality. Recent spate of epic data breaches illustrates this most clearly. A report from the US Consumer Bankers Association puts the cost of merely replacing cards after the Target data breach at over $200 million so far, with some way still to go. Smaller institutions will be feeling the pinch even more the Independent Community Bankers of America estimates that their members have had to shell out $40 million to replace 4 million cards since the barrage of recent retail breaches.”]
Source: https://nakedsecurity.sophos.com/2014/02/21/financial-sector-hit-hard-by-data-breach-cleanup-costs/