Whether companies have M&A on their agendas or not, cyber security is a concern for financial institutions of all types, from banks to health insurers to online brokers. Travelers' Business Risk Index shows that cyber risk ranks as the top concern for financial institutions.
While companies should always be on their guard to protect against breaches, such incidents can be especially thorny in the context of an M&A transaction, according to Sean Curran, a director in West Monroe Partners' technology infrastructure and operations practice. Curran spoke Oct. 15 at the SNL conference in New York.
Companies have to think about security when reaching deal agreements. For example, who will be liable in the event of a breach that takes place during the M&A negotiation process or even before? The vast majority of breaches take at least nine months to be identified, according to Curran.
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The article originally appeared on SNL.