The cybersecurity landscape is “worsening,” and 2016 “will be a tougher year” in terms of fighting breaches, Matthew Chung, Morgan Stanley’s chief information officer of technology and risk information, said Tuesday.
Speaking on a panel at the Securities Industry and Financial Markets Association’s annual conference in Washington, Chung said that the “complexity” along with the cost of keeping up with cybersecurity is an ongoing challenge.
Financial services, energy and health care and the defense sectors are “top targets” for cybersecurity criminals, Chung noted.
He cited three worrisome “emerging threats” that “will start to cause an impression in 2016.”
First, an “increase” in ransomware, which infects a system and causes a firm to lose access to its data unless the users pay a ransom, often in bitcoin. He noted that the group DD4BC — which stands for Distributed Denial of Service for Bitcoin — has been targeting financial services firms since mid-2014 with threats of locking up systems unless they are paid a bitcoin ransom.