The high profile hack on Sony Pictures last year shook up corporate executives worldwide. The cyber attack, believed to be the work of North Korean hackers and purportedly linked to the movie “The Interview,” a political satire on North Korean dictator Kim Jong-un, exposed the movie studio to embarrassing leaks of confidential e-mails.
The leaks revealed that female film stars such as Jennifer Lawrence and Amy Adams were paid less than their male co-stars and that producer Scott Rudin had called Angelina Jolie a “minimally talented spoiled brat” in a private e-mail exchange. In addition, personal details of Sony Pictures’s staff, including salaries and social security numbers, were disclosed.
Cyber attacks such as the one on Sony, which forced its erstwhile co-chairman Amy Pascal to step down, have underscored the risks of cyber crime to executives even as they rapidly digitise their businesses. It is too important to be treated as merely a compliance or IT departmental affair.
JP Morgan last year found itself under siege when hackers gained access to the e-mail addresses and phone numbers of 83 million US households and small businesses. Closer to home, Standard Chartered found itself in the cross hairs of Singapore’s regulator last year when bank statements belonging to 647 private wealth clients were stolen from a server at its printing company, Fuji Xerox.
Consultants and industry players say banks are boosting spending on cybersecurity. In a 2014 PwC global survey of financial institutions, 75% of respondents said they were set to increase security spending in the next 12 months compared with the previous year.
At a conference last year, shortly after JP Morgan experienced the breach, CEO Jamie Dimon said the US bank would likely double up on cybersecurity spending in the next five years having spent about $250 million in 2014.
Amid a more stringent regulatory environment, banks cannot afford to be complacent.
About FinanceAsia Magazine
Established in 1996, FinanceAsia is the leading publisher of financial news in the Asia-Pacific region. Our combination of print and online products provide the latest news, analysis and insight into Asia’s financial markets.
Published monthly from our office in Hong Kong, FinanceAsia magazine provides our readers with the latest financial trends, interviews, features and investigative reports. The publication has a readership of key decision-makers at corporations, governments, investment and commercial banks, institutional investors, asset managers, brokers, traders and financial intermediaries.
Our regular sections include:
We look at the key data behind a topical theme in Asian finance, showcased with an array of graphs and tables.
A monthly opinion column from the FinanceAsia editorial team. We provide our thoughts on a topic making the headlines.
Deal of the Month
Our regular two-page spread with its signature artwork and in-depth analysis examines the equity, debt or M&A deal that we feel has had the biggest impact on the Asian capital markets that month.
For company CEOs and CFOs, what investors think is a critical concern, and in this column we help them understand just this. Each month we speak to a Chief Investment Officer of a top fund and outline their views on corporate governance, what stocks they like and where they expect to generate the best returns.
A monthly opinion piece from a respected author or commentator on Asian business, finance or economics.
People on the Move
Here we summarise the key hires, fires and moves at the region’s banks, highlighting at least one major move each month.
We examine the major primary markets deals of the month and comment on the quality of the debt or equity transaction and the secondary market performance.
The Arts of Finance
A light-hearted look at investment opportunities surrounding the arts business in Asia.