Financial data is a prime target for hackers.
Cyberattacks don’t just put your data and customers at risk. A major breach that spreads to multiple firms could snowball into a full-on financial crisis. By focusing on email security, ransomware protection and employee training, Mimecast covers the full spectrum of cyber defenses you need to stay one step ahead of the threat.
What Makes Cybersecurity in Financial Services Challenging?
The stakes are high for financial firms.
As the number and sophistication of cyberattacks rise, theirs is the most targeted industry, according to the International Monetary Fund (IMF).
Customer data under attack
Personally Identifiable Information (PII) has never been more valuable on the dark and deep web. Cybercriminals will stop at nothing to get their hands on it — the IMF says financial services is the most cyberattacked sector.
Reputations at risk
Financial services brands are built on dependability and security. A successful cyberattack calls that reputation into question for existing customers and prospects alike.
Financial industries have always been highly regulated, but the explosion in digital services has brought about even more stringent regulation around data protection, retention and archiving.
Why Is Cybersecurity in Financial Services Important?
Cybersecurity is a cornerstone for financial services institutions if they want to comply with regulatory requirements, protect their customer's sensitive information, and ensure that financial transactions are performed securely.
Failing to do so can lead to serious implications, including identity theft, financial fraud, the loss of trust, and financial losses for both customers and financial institutions, affecting the overall reputation and profitability of the industry.
Cyber Security Threats to the Financial Industry
A few examples of common cyber security threats faced by financial services institutions include:
- Phishing attacks
- Distributed Denial of Service Attacks (DDoS)
- Credential Theft
- Social Engineering
- Supply Chain Attacks
Staying vigilant, regularly updating security measures, educating employees about cybersecurity best practices, and having robust cyber security solutions in place are some of the measures that financial firms can implement in order to fight back against the ever-changing cyber threat landscape.
Mimecast Financial Services Cybersecurity - Case Studies
Walter & Shuffain, P.C. Overcomes Taxing Spam and Archiving Challenges with Mimecast