The financial services industry is a prime target for cyberattacks, ranking as the second most attacked sector, according to Statista. This is largely due to the valuable data these institutions collect, including consumer payment card information, financial account details, and other sensitive data.
As a result, data breaches are a significant concern. The FBI reports that phishing is the most common type of cyberattack against financial services firms.
Cyberattacks are expensive.
The average data breach costs the financial sector an average of $5.9 million. Its estimated that cybercrime costs the global economy a staggering $6 trillion annually, with projections of $10.5 trillion by 2025.
Ransomware attacks are increasing, crippling businesses by encrypting data and demanding hefty ransoms to unlock it. Additionally, vulnerabilities in financial software have increased by a staggering 300% in the past five years. Mobile banking apps are also growing targets, with attackers exploiting weaknesses in app security.
AI-powered attacks are becoming more sophisticated, making it harder for traditional security measures to keep up. These advanced attacks can adapt and learn from security measures, increasing their effectiveness over time.
Regulatory scrutiny is increasing, with governments holding financial organizations accountable for protecting customer data. Financial institutions must comply with stringent regulations, which can be challenging to navigate and implement effectively.
A significant portion of the financial institutions lacks comprehensive security plans. According to BAE Systems, 41% of fintech companies report not having implemented a full security plan. This lack of preparedness leaves them vulnerable to cyberattacks.
Intelligence powered cybersecurity leverages advanced technologies and data analytics to prevent, detect, and respond to cyber threats.
In the financial services sector, this approach is crucial for several reasons:
Intelligence powered systems can analyze vast amounts of data to identify potential threats before they become full-blown attacks, mitigating risks early.
These systems provide real-time monitoring of networks and systems, allowing for immediate response to any suspicious activity, preventing or minimizing damage from cyberattacks.
Leveraging global threat intelligence keeps financial institutions informed about the latest cyber threats and trends, allowing them to adapt their security measures accordingly.
Cyberattacks are expensive.
The average data breach costs the financial sector an average of $5.9 million. Its estimated that cybercrime costs the global economy a staggering $6 trillion annually, with projections of $10.5 trillion by 2025.
Security incidents experienced by one financial institution is likely occurring at other facilities as well. Sharing threat data can help everyone defend more effectively. Similarly, geographical communities can share common experiences, IOCs, techniques, and resolutions. Indeed, sharing threat data is becoming mandatory under many applicable regulations. Immediate strategic gains will result from working with experts who can interpret and rapidly deploy the community's learnings.
By leveraging the latest threat intelligence from within the community and across the financial services industry, and applying it in real-time to drive an enhanced defensive posture, healthcare organizations can gain a distinct advantage. Malicious and reconnaissance traffic can be blocked from entering the network, eliminating problems before they have a chance to have an impact.
The scale of the cyber protection task is now so overwhelming for any organization that it makes sense to leverage expertise from across the industry. New services can bring more powerful artificial intelligence-enabled tools and deep expertise that will further help defend your organization against threats of all kinds.
The financial services industry faces significant cybersecurity threats, with data breaches, phishing attacks, ransomware, insider threats, and advanced persistent threats being the most prominent. The high costs associated with cybercrime, coupled with increasing regulatory scrutiny, highlight the need for robust cybersecurity measures.
By leveraging intelligence-powered cybersecurity and implementing comprehensive security strategies, financial institutions can better protect themselves and their customers from these ever-evolving threats.
Centripetal’s CleanINTERNET® solution introduces a distinctive approach finely tuned to the unique needs of financial institutions. In an industry where time is crucial and financial data security is paramount, harnessing real-time threat intelligence from a global network, Centripetal offers visibility into potential threats long before they can impact your network. This technology acts as a shield, safeguarding sensitive financial information and critical banking systems.
CleanINTERNET® is an intelligence powered security solution that leverages high-performance computing technology, patented software algorithms, and highly skilled security analysts to provide a cost-effective alternative protection strategy.
Centripetal Customer
Financial institutions that have adopted CleanINTERNET® report being impressed by its comprehensive capabilities, far exceeding basic intelligence feeds. Achieving a comparable security posture independently would be financially unfeasible.
CleanINTERNET® offers a revolutionary approach to cybersecurity, prioritizing threat intelligence and shifting from reactive to proactive defense, thereby enhancing the efficiency and effectiveness of financial services security teams. With advanced shielding technology, CleanINTERNET® can eliminate the majority of threats and mitigate the impact of any malicious code that penetrates defenses.
This technology blocks malicious network attempts from known sources, prevents outbound activity to malicious domains, and eliminates unnecessary reconnaissance traffic from the financial
institutions network.
By implementing CleanINTERNET®, financial organizations can quickly strengthen their cyber defenses without significant financial investment or the need to expand their cyber analyst teams. This solution greatly reduces the number of security events, allowing IT teams to focus on delivering patient care with greater confidence.
