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The financial industry is one of the most frequently targeted industries for hackers due to its substantial number of users and high-value assets. Over the past few years, cybercriminals have been able to steal billions of dollars from banks and brokerage firms by stealing customer data and hacking into their systems.
In fact, according to a recent IDC survey examining 5,500 organizations across 12 countries, 99% of respondents said they had experienced a security breach that resulted in financial loss or compromise. The report also found that the average cost to protect against cyberattacks is $11 million per incident. It is significantly higher than non-financial targets, which only cost an average of $6 million to defend. This cybercrime landscape has been evolving at an alarming rate, which makes it critical for financial institutions to take steps to mitigate their exposure when it comes to cybersecurity attacks.
The good news is that cybersecurity has become an integral part of business operations. As companies seek ways to protect their valuable information assets and mitigate the risk associated with cyberattacks, they are turning to cybersecurity solutions such as firewalls, intrusion detection systems, antivirus software, and more.
A cybersecurity attack occurs when someone uses a computer network exploitation to obtain information, disrupt operations, or cause damage. An attack can be intentional (an attempt to steal data or disrupt operations) or unintentional (an attempt to collect information that was not intended).
Cybersecurity attacks differ from other forms of cybercrime in that they are complex and are often executed by high-caliber hackers. These attacks are often more complicated than simple theft of personal information, as they require more technical knowledge, time, and effort to execute successfully.
Below are some common types of cybersecurity attacks:
While cybercriminals have targeted many types of organizations, financial services are among the most common targets. Financial services companies are easy to penetrate because they have enormous amounts of sensitive data and often share it with third parties.
Financial services companies also tend to target cybercriminals because they make high-value transactions. It makes them a lucrative target for attackers who want to steal money or get access to personal information.
Some of the key reasons why financial services are a top target for cybercriminals:
From 2009 to the present, some of the most well-known names in the industry have been breached on multiple occasions. American Express and SunTrust Bank were breached five times, and Capital One and Discover were breached four times each. Some recent cybersecurity attacks involve companies like Flagstar Bank, which leaked the Social Security numbers of almost 1.5 million customers, and Block (formerly known as Square), whose employees downloaded reports detailing customer information without permission.
Cyberattacks on financial institutions have little direct risk to consumers if they use reasonable safeguards to protect their information. They are protected by US federal law, which requires banks to refund customers who notify them within 60 days of an erroneous transaction appearing on their statement.
Banks, on the other hand, have fewer guarantees from the federal government. The US Department of the Treasury’s Financial Stability Oversight Council is charged with monitoring the stability of the nation’s financial system. Critics argue that the council is not doing enough to prepare for cyberattacks that could jeopardize the operation of banks.
Cyberattacks have become a genuine concern and a significant threat for financial firms. Data is one of its most valuable assets, and a solid cybersecurity strategy is the best way to safeguard data against cyberattacks.
Here are ways to protect financial firms against digital threats:
Cetrom is a well-established, proven cloud hosting solution providing advanced support to financial firms of all sizes. We can help you with your cybersecurity needs.
Our security solutions are designed to meet the most stringent requirements of financial institutions and comply with industry regulations. Our security experts have years of experience implementing security solutions for financial organizations and can provide you with the right solution to keep your business secure. We can also help you identify vulnerabilities in your system, assess risks, implement solutions, and monitor compliance.
Contact Cetrom today to learn more about how we can assist you with your cybersecurity needs!
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