Cybersecurity in Financial Services Industry
According to PR NewsWire, the Financial Services Industry is projected to reach $28 trillion in 2025. This is a staggering amount, and this is constantly increasing with more innovative solutions being introduced to the market.
Preventing Financial Services Data Breaches
Financial services are a lucrative target for cybercriminals because of the potential significant monetary gain of a successful attack. Thus, financial services organizations must always maintain robust controls around their critical infrastructure, to protect confidential data as well as to ensure business continuity in the event of an incident.
As companies and individuals become more reliant on digital transactions, the financial systems and data contained on them are increasingly vulnerable to cyberattacks.
Financial Service Providers Lack Web Security Testing
Many financial service providers have suffered reputational damage due to data breaches. According to Fortunly, 65% of the top 100 US banks failed web security testing in 2017. Hackers are more inclined to target vulnerabilities in web and mobile applications to steal sensitive information or demand a ransom to not publish sensitive information. These risks have the potential to lead to significant regulatory fines, reputational and brand damage, and subsequent financial setbacks for FS businesses.