Cyber Criminals frequently target financial services institution because that’s where the money is. FSI require the most stringent cybersecurity.
Financial services institutions recognize the changing consumer landscape, fueled by mobility, digitalization, IoT and avoiding data breaches is their primary target along with banking and regional regulations. Financial institutes hold extremely sensitive information like PII, CI, check routing data, global stock and investment algorithms in their data stores. Loss of this data can have a major impact on their brand reputation and customer loyalty.
When consumers place their trust and their money in a banking institute, it is responsibility of the financial organization to keep cyber security at par. Regulations and standards such as the General Data Protection Regulation (GDPR),PCI DSS, New York State’s DFS Cybersecurity Regulation and newly introduced California Consumer Privacy Act being in play, are putting ever greater pressure on data protection for business operating in financial sector.
Regardless of every attempt to remain secure, FSI make up to 30% of all data breaches that happens globally, giving it the ill-fated title of most-breached industry in the world. These events remind both business leaders and consumers of the weak nature of cyber security measures put in the industry.