Cybersecurity Needs
for Financial Services
Banks, credit unions, insurance, investment firms, and other financial institutions are entrusted with vast amounts of sensitive customer data and financial assets, making them an attractive target for cybercriminals. By investing in cybersecurity, financial services firms can protect clients, ensure compliance, and maintain financial well-being.
Why is Cybersecurity Crucial for Financial Services?
Sensitive Data & Financial Assets
Financial assets, data, and sensitive customer info attract criminals. A data breach could lead to stolen funds, identity theft, financial fraud, and loss of customer trust.
Regulatory Compliance
Strict national and local regulations, such as the GLBA, PCI DSS, SOX, and many more, are designed to protect consumer data and ensure the integrity of the financial system. Non-compliance can result in hefty fines and legal repercussions.
Advanced Threats
Financial firms are more vulnerable to sophisticated methods and tactics by cybercriminals, such as DDoS attacks, SQL injections (SQLi), and other advanced persistent threats (APTs).
Operational Continuity
Cyberattacks can disrupt critical systems and operations, such as online banking platforms, trading systems, and payment processing networks. This can lead to operational downtime, financial losses, and a negative impact on customer experience and trust.
Key Metrics
300x
Financial firms are 300 times more likely to be targeted by cyber attacks compared to other industries.
$5.9
million
is the average loss per data breach for finance firms, which is 28% higher than the global average.
77%
of financial organizations detected a ransomware attack within a year.
Over>
98%
of the top fintech companies are vulnerable to severe cyber attacks.
Highlighting Risk: Catastrophic Cloud Misconfiguration
A security flaw in Capital One’s cloud servers allowed a hacker to access the personal information of over 100 million customers. The data breach cost the company $150 million in responses like notifying customers, credit monitoring, legal fees, and upgrading their systems.
– CNN
Acrisure Cyber Services understands Financial Services
- Tailored Cybersecurity Solutions: Built for the needs of the financial sector.
- Comprehensive Protection: Combining cybersecurity, IT support, and cyber insurance.
- Proven Track Record: Trusted by financial services firms nationwide.