Cybersecurity for Financial Services
Addressing the cybersecurity needs of the financial services sector poses a significant obstacle. With customer demands for round-the-clock access and seamless self-service options, organizations in this industry are compelled to transition to cloud-based solutions and adopt innovative technologies. However, safeguarding expansive attack surfaces and ensuring compliance adds complexity, often proving to be an insurmountable challenge for many organizations.
Financial services firms are 300 times as likely as other companies to be targeted by a cyber attacker.
SOURCE: BOSTON CONSULTING GROUP
Nearly two-thirds of the US population now uses digital banking, a trend that was helped by the pandemic. As financial institutions expose more services online, the risk of compromise grows.
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47% of executives at financial institutions said security are more difficult today than they were two years ago.
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The financial services industry suffered the second highest average total cost per data breach, averaging $5.72 million in 2021, according to IBM.
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Banks, credit unions, and other financial institutions
represent prime targets for hackers and cybercriminals
seeking financial rewards.
As competitive forces push these organizations to
broaden their array of products and information
services, their systems become more accessible across
various devices and locations. This convergence of
lucrative targets, critical systems, and accessible
environments present an enticing opportunity for
cybercriminals, who view financial services entities
as potentially lucrative targets.