They utilize surveys with interview requests from the UK and tie that data into Casual Loop Diagrams (CLD) to give the reader a visualization of cause and effect of the effect of cyber-crime on financial institutions. The authors hypothesize from their analysis of the surveys that financial institutions see customer trust and loyalty as a priority. The majority of cost associated with cyber-crime is not influence by the amount successful incidents, but rather how the financial institutions go about dealing with cyber-crimes. Over spending on IT security and underreporting of incidents are mentioned as a possibly increasing the cost of cyber-crime (Lagazio., Sherif, and Cushman, 2014). Though specific monetary losses and specific examples of successful cyber-crimes are not mentioned, the survey results do add value to the theory that cyber-crime is underreported and public image is important to financial industry. This article would be useful for a literature review on the effects of cyber-hacking of US financial institutions/banks on the US …show more content…
He covers various tactics used by IOC groups to take from financial institutions i.e. money laundering, insiders, fraud, high-tech intrusions and interceptions of financial data. Ott then goes on to examine US Department of justice efforts to counter IOC threats. Some examples of these efforts are prioritizing and target the most significant IOC threats, intelligence, foreign partnerships and non-law enforcement measures. This research would be of limited use for a literature review on effects of cyber-hacking of US financial institutions/Banks on the US economy’. The only mention of financial loss to a financial institution is a 2009 case of two Russian citizens who were indicted in New Jersey for running an international scheme, that stole the information from millions of credit and debit cards from five companies, which demonstrates the after effect of the loss of so many card numbers (ott,