Each day, endless amounts of highly sensitive information move between financial institutions, markets, and clients on the web. With trillions of dollars being exchanged daily, cybercriminals have plenty of opportunities to siphon or steal huge sums of money before disappearing back into anonymity. According to global telecoms group BT, those opportunities can exceed more than 46mn signals of potential cyberattacks per day, worldwide—most of which target banking entities.
Build a virtual, always-on fortress around your infrastructure and secure your data exchanges to keep thieves and hackers out of your business.
Huntress is custom built for you. But don’t take our word for it – hear directly from businesses like yours.
1 https://www.statista.com/statistics/1460896/rate-ransomware-attacks-global/
2 https://www.statista.com/statistics/1323911/cyber-attacks-on-financial-organizations-worldwide-by-type/
3 https://www.frbservices.org/resources/financial-services/wires/volume-value-stats/monthly-stats.html
4 https://www.ibm.com/reports/data-breach
No surprise here: money is the primary target for most hacking attempts in the financial sector. Cybercriminals use various methods to seize funds from your digital vaults and into their pockets.
Here are some of the main reasons cybersecurity is of critical importance for Finance.
No surprise here: money is the primary target for most hacking attempts in the financial sector. Cybercriminals use various methods to seize funds from your digital vaults and into their pockets.
Here are some of the main reasons cybersecurity is of critical importance for Finance.
Hackers are always on the hunt for stolen information like account numbers, social security numbers, other customer PII (personally identifiable information), financial transactions, and even business strategy information. Taking the right cybersecurity measures can shield organizations against these types of data theft, and reduce the risk of fines, recovery costs, and loss of customer trust.
Sophisticated tech like biometric authentication, end-to-end encryption, and multi-factor authentication (MFA) offer more secure ways to help protect sensitive data and assets. But that doesn’t matter to hackers—they will never stop probing these new technologies for the next set of vulnerabilities to exploit. At Huntress, we diligently monitor the current technology climate and continuously update to stay several steps ahead of cybercriminals.
One of the most devastating effects of a data breach is the loss of customer confidence. Financial services, banks, and brokerage firms can rise and fall based on the level of trust their clients and business partners have in them. A successful cyberattack casts doubt on an organization's dedication to its clientele and its competence in keeping customer assets and data safe—and rightfully so. Restoring that trust costs time and money that could have been better spent preventing the issue in the first place.
Regulatory bodies place strict regulation requirements on financial organizations, such as the PCI DSS regulation to protect cardholder information. Financial cybersecurity solutions work to ensure that banks and financial institutions follow regulations and industry standards, which will also dramatically reduce the chance of unintentional non-compliance.
The very nature of business makes financial institutions a massive target for motivated attackers. Cybercriminals aim to drain money directly from hacked accounts or use stolen credit card information to make fraudulent charges. Add to that the potential costs of paying ransom on a ransomware attack—often totaling several million dollars—fines from regulatory bodies, and loss of clients or customers, and the costs can be catastrophic. By implementing robust cybersecurity processes and powerful cyber protection software, financial institutions can shield themselves from significant losses.
Huntress Managed Endpoint Detection & Response (EDR) takes on the load of cybersecurity responsibilities for banks and financial institutions by proactively identifying and thwarting potential attackers. Our dedicated 24/7 Security Operations Center (SOC) delivers continuous managed detection and response against malicious activities that spring up. But that’s just one aspect of a comprehensive security approach—employees should also receive specialized Security Awareness Training (SAT), empowering them to recognize and report cyber threats like phishing attempts and scams promptly.
