Finance & Banking

Cybersecurity is a top challenge in the financial industry. With the active digital transformation of financial institutes, there is a noticeable surge in cyber threats and fraudulent activities in the financial sector.

Key challenges

The interconnectivity of digital channels and surge in customers' online interaction has made cyber security a significant risk for the financial sector. New technological trends come with enormous cyber security challenges.

Moreover, the recent COVID19 pandemic has caused a surge in social engineering, phishing, and ransomware attacks in the sector.

Key cybersecurity challenges in the financial and banking sector are:

Growing adoption of modern technologies
Increasing use of online and mobile channels for banking and financial needs
Ongoing risks from remote work

Top threats and attacks

Despite strong regulations and a wide range of security systems and products used to protect data and prevent attacks, the banking and financial sector is still one of the most popular targets for cybercriminals.

Top cyber threats to financial services include:

Ransomware attacks
Phishing attacks
DDoS attacks

Risk mitigation

Most financial institutions focus their time and energy on regularly assessing emerging risk threats, their probability of occurrence, and potential impact. They fail to realize that mitigating risk requires a more proactive approach, beginning with proactively identifying, quantifying, and managing cybersecurity risks.

Cyber risk mitigation can be considered a checklist, road map, or manual for a company's security to assess whether adequate tools exist to protect it from highly motivated cybercriminals.

Learn about the best practices of risk mitigation in our eBook.

Cybersecurity in Financial & Banking Sector

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OTHER INDUSTRIES

Healthcare Sector

The healthcare sector is increasingly becoming a lucrative target for cybercriminals looking to steal vast volumes of patient data.

Governmental Agencies

Like any other sector, government organizations are under high cyber risk. Cybercriminals target government data, networks, and systems, and cyberattacks are often politically motivated.

SaaS Platforms

Identifying and quantifying cybersecurity risks is the modern challenge in corporations now that alarms C-suite executives of the company and the board.

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