Finance & Banking

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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.

Finance & Banking cybersecurity

104%

Increase in the average ransom payment amount from Q4 2019 to 2022 - Deloitte

$5.72 million

Is an average cost per data breach in Financial Institutions - IBM 2022

74%

Of respondents experienced one or more ransomware attacks, 63% of those victims paid the ransom - Insider Intelligence 2022

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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 
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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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