Risk-Based Cybersecurity for Financial Services
So You know you are protecting your most valuable assets and reducing your cyber risk
Fin serv organizations face many cybersecurity challenges trying to secure their assets
Why?
Why?
Organizational Challenges
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Shortage of cybersecurity talent
Security professionals are expensive and hard to retain
New compliance and regulation requirements
Undocumented processes in the event of an attack or breach
Technical Challenges
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Security technology is expensive and hard to maintain
Technology alone can't deter motivated attackers
Lack of visibility across the enterprise
Difficulty managing multiple tools and investigating all alerts
Pondurance addresses these cybersecurity challenges for financial organizations
We take a consultative, risk-based approach to your cybersecurity needs and customized solutions to meet even the most complex compliance, cyber risk and security demands.
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When it comes to cybersecurity, one size never fits all. Neither should the pricing.
We take a personalized approach to developing your cybersecurity program. Instead of an all-or-nothing approach like other MDR providers, Pondurance lets you pay for what you need, without sacrificing the visibility and transparency you want.
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Cybersecurity for Financial Services
Financial services are the backbone of the global economy, serving as the lifeline for countless transactions, trades, and deals occurring every second. As such, the necessity for cybersecurity for financial services is indispensable. It’s akin to ensuring the heartbeat of the economy isn’t tampered with—or worse, stopped.
Now, why is the financial services industry a prime target for cybercrime? The answer is in its nature. The large flow of valuable data, the vast sums of money that are shuttled to and fro every moment. This coupled with its interconnected ecosystem, makes it a lucrative target for cybercriminals.
Yet, why are such established institutions vulnerable to cyber attacks? Financial institutions work within rigid regulations and complex legacy systems that may not quickly adapt to the evolving digital landscape bred by innovation. The feverish race to keep up often opens gaps ready to be exploited by ill-intentioned actors.
This vulnerability has been confirmed by a chilling roll call of cyber attacks. The Bangladesh Bank heist in 2016 shocked the world: cybercriminals manipulated the banking system to transfer almost a billion dollars into their accounts. In another instance, a crippling malware attack paralysed major Ukraine banks. The ramifications were felt far and wide, demonstrating the impact of cyber attacks on financial institutions.
However, despite these crises, the industry is learning to adapt. A comprehensive cybersecurity framework is being built for financial institutions, incorporating regulatory changes, technological advancements, and robust response plans. The industry is also embracing a proactive stance by conducting regular risk assessments, penetration testing, and threat intelligence—aiming to outsmart cyber criminals.
The transformative role of cybersecurity in fintech is especially worth highlighting. Recognizing the unique needs of fintech companies, service providers are presenting tailor-made solutions. Empowered by AI and machine learning, these systems highlight any potential threats in real-time, preventing any incursion before it escalates into a full-blown crisis.
Statistical data further underscores the importance of these efforts. According to a report by Accenture and the Ponemon Institute, the financial services sector tied with the energy sector in 2019 for bearing the heftiest cost of cybercrime among all industries.
Within a sphere dominated by an ever-changing technological landscape, it is understandable for financial institutions to turn to cybersecurity partners. Pondurance, for instance, has been renowned for its risk-mitigation strategies and delivering returns on cybersecurity investments. By ensuring the safety and integrity of their clients’ operations, they have demonstrated that the key response to rising cyber threats isn’t fighting alone—it’s fighting smart and fighting together.
In conclusion, while the financial sector has borne the brunt of many cyber attacks, marked advancements are being made to bolster their defenses. Cybersecurity measures are now an elemental part of their operations, from the central banks down to the budding fintech companies. This thrilling, comprehensive approach to financial sector cybersecurity promises greater security for our valuable economic assets, and a safer financial world for us all.
Cybersecurity Threats to the Financial Sector
As the digital age grapples with the relentless advancement in technology, it becomes critically important for the financial sector to fortify their defense against rising cyber threats. Financial services industry cyber attacks, be it in banks, insurance companies, or investment firms, have become an unfortunate part of the new norm due to the trove of sensitive financial data these organizations handle.
As a prime target for cyber criminals, financial institutions have unique needs when it comes to cyber-security. A traditional one-size-fits-all approach to security does not suffice for these types of businesses. Instead, they rely on organizations like Pondurance to assess their specific requirements, and to choose applicable measures necessary for thwarting the most significant cyber threats.
Cyber risk in financial institutions is reality indeed, quite palpable. The precarious nature of these risks often undermines the efficacy of an institution’s existing cyber security measures, causing a negative impact on not only its financial performance but the trust it holds with its customers. Therefore, to preserve financial integrity and consumer trust, a firm must rely on a risk-based approach to cybersecurity.
Certain notable recent cyber attacks on financial institutions elucidate the catastrophic ramifications which are far-reaching. In 2014, JPMorgan Chase, the largest bank in the U.S., was victim to a cyber attack, which resulted in the breach of over 83 million customers’ accounts. This serve as grim reminders to the devastating power of cyber threats.
Understanding the imminent dangers of these cyber threats is clearly important, but recognizing and implementing proper cyber security measures is vital. Banks, investment firms, insurance companies, and other financial institutions are now acutely aware of the necessity of cyber security. With unprecedented waves of cyber crimes posing a constant threat to the financial services sector, banks and other financial institutions have had to revolutionize their strategies, perpetually innovating to stay one step ahead.
In conclusion, the ever-evolving landscape of cyber security threats to the financial sector requires a dynamic, personalized, and outcome-based approach. Institutions must strive to improve their cyber security efficiencies, to reduce cyber risk, and to ensure the satisfaction and loyalty of their customer base. These are integral steps toward achieving the ultimate goal of a secure and trustworthy financial sector.
Cybersecurity Threats in Banking
The necessity of cybersecurity in the banking sector cannot be overstated. Like singled out gazelles in a pack of zebras, banks have an unavoidable target on them making them primary victims of cyber breaches. Ponder upon the question – why are banks targeted for cyberattacks? Simple, they’re a powerhouse of abundance, brimming with valuable customer information and financial assets.
Contemporary society has seen some of the biggest cyber attacks on banks, causing havoc and sparking a sense of robust vigilance in the banking sector. But still, every now and then, we catch headlines reading, “cyber attack on banks today.” This chronicle repetition evinces the ever-evolving challenges faced in terms of cybersecurity in banking.
Looking at some examples of cyber attacks on banks, the audacious $81 million Bangladesh Bank heist of 2016 unravels the truly devastating potential consequences. Since then, cybersecurity threats in banking have considerable evolved, with the series of 2023 attacks marking some of the biggest cyber attacks on banks in history – a clear indicator of the escalating threat landscape.
Banks, large or small, grapple with daunting cyber-security challenges. For many small to medium-sized banks devoid of expansive in-house security operations, the threats seem insurmountable. However, such institutions have found solace in outsourced cybersecurity partners like Pondurance, that provide bespoke, risk-based cybersecurity strategies, multi-layered defenses, and 24/7 monitoring.
The importance of cybersecurity in banking is deeply rooted in its extensive potential to prevent financial disasters. Banks that adopt a holistic approach to cybersecurity, alleviating threats and instigating strong protective measures, experience immense returns on their investment – not just financially, but also in their reputation and trust from customers.
Nevertheless, cyber threats to banks are continuously changing, making the cyber landscape uncertain and challenging. However, as financial institutions leverage advanced cybersecurity measures and collaborate with specialized partners like Pondurance, they can combat cyber threats effectively, while ensuring a seamless, secure banking experience for their clientele.
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