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Reducing Cyber Risk for the Financial Service Industry

Reducing Cyber Risk for the Financial Service Industry -TechProspect Reducing Cyber Risk for the Financial Service Industry -TechProspect

The financial services industry is a leading target for cyber criminals because there’s more than one way one way to profit from an attack. Whether it’s the direct theft of funds and customer data, extortion, or fraud, financial institutions have a metaphorical bullseye on their backs when it comes to cybercrime, and that only gets worse when you add third parties into the mix. Third parties are one of the top attack vectors and according to a recent Ponemon report, in the last three years, the financial services industry experienced the second most third-party breaches despite spending the most time on assessments (over 17,000 hours/year). The head of the European Central Bank (ECB) warned that a combined cyberattack on vital banks could trigger a worldwide financial crisis and complete industry instability.

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