Top 3 Reasons the Finance Industry Needs Cybersecurity Protection

Sep 1, 2023

If there’s one industry that cybercriminals love to attack, it’s finance. Organizations within the industry, like banks, insurance companies and brokerage firms, are rife with confidential customer financial information that hackers are eager to steal. Moreover, cybercriminals are coming up with innovative new ways to attack these institutions, researching the best ways to target victims and maximize their return. So, what kind of cybersecurity protection is available to financial organizations?

The first step to successful cybersecurity protection is understanding the risks and then developing strategies for how to address them. Let’s break it down here, beginning with the biggest reasons malicious actors pursue the financial sector.

Data Pays Big

If there’s one thing that pays big for hackers, it’s customer data. Cybercriminals often steal information like credit and debit card info and Social Security numbers and sell it on the dark web. In fact, a hacker can make between $250,000 and $1 million by selling a batch of 50 to 100 credit card numbers alone. It’s a lucrative business – and hackers believe it’s worth the big risk of getting caught.

Digital Transformation Vulnerabilities

The financial industry continues to experience a vast digital transformation as financial products, services and operations become more available online. While this means more convenience and easier user access, it also increases the risk of cyber-related attacks like ransomware. This is especially true as more financial institutions work with outside tech companies to provide a better digital experience, potentially exposing customer data to misuse or loss.

Complicated Compliance Regulations

Regulatory compliance is a must for any kind of financial institution, yet compliance laws can be difficult and time-consuming to follow. State, federal and international regulators continuously release new rules and laws to combat the evolution of new cyberattacks. Cybercriminals can easily expose businesses that are not up to date with their compliance by targeting weaknesses in their system, leading to heavy fines and legal penalties as a result.

How Can the Finance Industry Prepare?

Beyond knowing the risks in the industry, finance organizations can get better cybersecurity protection by being aware of the vast amount of security tools, strategies and resources available to assist them. For instance, by working with security experts from a managed service provider (MSP), organizations can undergo security testing that addresses any security gaps in their systems. They can then create a plan to close these gaps and craft a stronger security infrastructure that keeps cybercriminals out while keeping the right individuals in.

How We Can Help You Fight Against Cybercriminals

Unfortunately, cybercriminals are only getting savvier with their hacking techniques, and that’s not bound to change anytime soon. Businesses that operate in the finance industry need to be more alert than ever before to what type of vulnerabilities their company faces and fix them before it’s too late. Fortunately, our team of seasoned security experts can help get you started on the right foot. Contact us to learn more about the security services, tools and resources we can provide you with today!

If you’d like to learn more about how we can help your business with cybersecurity protection, check out additional blogs in our resources section.

 

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