The Impact of Cyber Crime on Financial Institutions

Cybercrime Analysis

The Impact of Cyber Crime on Financial Institutions

Andrea S. Alonso

Florida International University

Authors Note

This paper was prepared for FIN 4303 Financial Markets and Institutions, taught by Professor Krishnan Dandapani

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Table of Contents

Abstract3

Introduction4

Financial Instituions Cyberattacks 5

Quantum Dawn 8

Fiscal Year Summary10

Income Statement11

Financial Ratios11

Horizontal Income Statement13

Vertical Income Statement14

Conclusion 14

Appendix A15

Appendix B16

Appendix C17

References18

Footnotes19

Abstract

The Impact of Cyber Crime on Financial Institutions

The internet has become the engine that drives businesses to interact with companies around the world. Transactions, meetings, and investments that were once conducted face to face, can now be done online. The internet has allowed businesses to use it as an advantage, by providing the best possible means of communication in order to satisfy their customer’s needs around the globe.

However, while the returns on using the internet can be rewarding, threats that were once tamed, have now become a challenge to control. Cybercrime is a huge risk in the business world. In fact, financial institutions around the world have started listing cyber-attacks as a potential risk factor in filings for regulators and investors. According to Greg Garcia, former Assistant Secretary for Cyber Security for the U.S Department of Homeland Security, “As long as we continue