Market Segment
Most obviously, Banks are where the money is and the keys to the kingdom. Forty-three percent of all reported cyberattacks occur in the financial services industry. Most cybercriminals and their cyberattacks are motivated by financial gain and espionage.
But the problem is even bigger because individual banks are exposed to thousands of attacks on a daily basis, many of which go undetected, let alone reported.
With banks so short of aggressively and proactively hunting threats, they need to protect themselves against today’s bank robbers, called cyber criminals.
While the banking and capital markets sector is more complex than ever, opportunities still exist for firms of all sizes. What’s next in the banking and capital markets and how you can use these forces to help shape your own growth story.
One of the largest regional banks in the US was attacked for the second time in a week. Digital defenses had been breached on multiple fronts. Credential stuffing bot attacks locked users out of their accounts, putting their sensitive information at risk. At the same time, Distributed Denial of Service (DDoS) attacks were crushing the bank’s web servers, shutting down its two main business channels, mobile and online banking. Call centers and social media were soon flooded by disappointed customers. The severity of a DDoS attack is usually measured by the number of minutes a website is taken offline. The outcome of this attack, like dozens of attacks in previous months, was measured in hours. Lost income was becoming a serious concern.
Financial crimes are plaguing financial institutions, and cyber attacks are getting more sophisticated every year. To strengthen your banking cybersecurity, Reduce your risk assessment and cyber risk with a digital transformation based on today’s cloud environment that offers banks and financial institutions unprecedented agility protection in reduction. Infusing information security into your infrastructure protects data and assets and helps balance banking regulations and compliance program effectiveness. A comprehensive data security strategy includes people, processes and technologies.
Creating appropriate controls and policies to mitigate cybersecurity risk is as much a matter of organizational culture as deploying the right toolkit. This means making information security a priority in all areas of the business. Establishing a strong cybersecurity posture provides insight into threats and helps ensure regulatory compliance. To combat growing cyberthreats and fraud, the financial industry needs a holistic, multi-layered cybersecurity stance, as well as AI-driven regulatory compliance and fraud detection tools, to identify and resolve issues quickly and at scale.
Cybersecurity in financial services is a complex picture. Not only have a number of new technologies hit the industry in the last 5 years, but compliance requirements are adding another layer of challenge to the lives of information security teams in this industry. Adding to this picture, the overall cybersecurity landscape has changed rapidly, with ransomware attacks accelerating and high-profile vulnerabilities hitting the headlines at an alarming rate.
Disruptive threats to banks and ransomware attacks on the rise.
Cybersecurity risks are higher than ever in financial institutions as threat actors use increasingly brutal tactics. Banks have seen an increase in devastating cyberattacks that wipe data, damage hard drives, disrupt network connections, or otherwise leave a trail of digital debris behind them.
Today’s threat landscape has become difficult to navigate – especially as financial institutions compete for candidates in a tight cybersecurity talent market. Meanwhile, the financial sector has only become more competitive, and the pace of innovation is at an all-time high. Having powerful, flexible tools that streamline and automate security processes is critical to keeping up with change. These tools are essential for banks and financial institutions to achieve the level of visibility they need to innovate while protecting their systems.
Our goal is to help people in the best way possible. This is a basic principle in every case and cause for success. contact us today for a free consultation.
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