Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

In the highwire act of the financial services sector, identity security serves as the essential safety net, meticulously engineered to intercept any missteps before they precipitate a fall. Just as a tightrope walker relies on a safety net for confidence at dizzying heights, financial institutions – from global companies and insurers to community banks and credit unions – navigate a complex array of risks.

With 86% of UK adults using a form of online or remote banking and high street banks closing in record numbers, banking websites have become an integral part of our daily lives. They have changed how we manage our money, allowing us to send and receive money from anywhere in the world, open or close accounts at the click of a button (or tap or a screen), and avoid queuing in physical banks. They have also transformed the UK's criminal landscape.

One of the catchphrases of modern parenting is “little kids, little problems; big kids, big problems” – meaning that as kids grow, the scope of the challenges they face also typically intensifies. You could make a similar statement about cyber risk for financial institutions: Small companies tend to face smallish cybersecurity risks, while larger financial services businesses face bigger threats.

The evolution of tech necessitates stronger cybersecurity. Financial information is appealing to hackers trying to steal identities and commit fraud. These bad actors are evolving with tech to figure out ways to bypass the increasingly robust cybersecurity measures.

As the financial sector continues to adopt cloud technology, regulatory frameworks such as the updated NIS2 Directive and the Digital Operational Resilience Act (DORA) are shaping the cybersecurity landscape. Every second counts in such a complex environment: attackers can move quickly in the cloud, so defenders must change their strategies and tools to keep up. The financial sector has always been a prime target for cyber attacks, with the average breach costing almost 6 million US dollars.