Organizations in the financial services sector have a lot on their plates these days. From dealing with smaller profit margins and challenging regulations, to grappling with higher customer expectations and evolving technologies, there is no shortage of challenges. This includes facing an increase in cyberattacks on the financial services industry.
Over the past two years, hackers have gone after numerous banks, stealing customer and other data and costing them billions of dollars. This level of activity, and the implications to market confidence and the nation’s financial stability, has heightening concerns at the highest levels of government.
In fact, the U.S. Director of National Intelligence has ranked cybercrime as the top national security threat, “higher than that of terrorism, espionage, and weapons of mass destruction.”1
Beyond protecting data, such as customer records, clearing and trading information, or confidential documents, banks and other financial services organizations have the hefty challenge of safeguarding their systems and networks as well as the financial assets they hold. This means the industry faces a larger number of threats than many other industries.
In our whitepaper, Combating the Biggest Cyber Threats to the Financial Services Industry, we describe nine of the major cyber threats the industry faces while providing guidance on what organizations can do to protect themselves.
When considering how best to defend your organization from the sophisticated (and constantly evolving) tactics of persistent attackers, consider:
- What types of cybersecurity risk management practices and technologies do you have in place?
- Do you understand your organization’s threat profile? Is your security team appropriately staffed with the right analytical and technology skills?
- Is your security team proactively analyzing data to defend the organization, or simply reacting to software-driven alerts?
- Are you reviewing and refining your security policies, practices and procedures on a regular basis to improve the organization’s security posture?
Technology will continue to evolve, bringing more opportunities for financial services organizations to grow their businesses and improve their operations. This evolution will also bring new cyber threats. Given the sizable financial, reputational, legal and market ramifications cyber intrusions can inflict, the industry can no longer afford to defend itself with vendor-driven detections and out-of-the-box solutions. To combat threats today, and in the future, organizations need to embrace an intelligence driven threat detection approach.