3 Emerging Cyber Threats to Watch in 2016: SIFMA

The second threat is from "malicious insiders," Chung said, which is someone within a firm with "valid credentials" that's looking to do harm.

The third threat: destructive malware, which Chung said is more prevalent in the energy sector than in financial services. "This is a risk that will become more interesting over the next year," Chung said.

Shawn Henry, president and chief security officer for CrowdStrike Services, noted on the cybersecurity panel that more nation-states and terrorist groups pose cyber risks. Also, "more asymmetric threats" from Iran and North Korea are likely, as these countries "have an interest in making a name for themselves" in the cyber breach space.

As to whether firms should purchase cyber insurance, Chung said he's a "big fan" of the insurance as it will help firms with "some of the economies" of dealing with a cyber breach. However, a downside to cyber insurance is that it only helps firms cover the cost of "managing" the cyber incident, and doesn't protect against loss of data.

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