Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

As financial institutions migrate to modern infrastructure and cloud services, bad actors have extended their skills and capabilities to achieve their missions. This is compounded by the fact that financial and payment vehicles continue to go virtual. Even the slightest breach can result in fines and reputational harm. Many financial institutions are successfully taking a risk-based approach to cybersecurity, according to our recent co-sponsored study with ThoughtLab.

Losing money to cybercriminals is the financial industry's biggest threat today. Billions of dollars have been lost in 2022 alone due to cyber security incidents. This money is unrecoverable and can be blamed on one thing - poor cybersecurity practices. The money goes straight to the pockets of hackers so they can build bigger and better ways to hack and steal our money.

Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.

Fintech, short for ‘financial technology, is the application of new technological advancements to products and services in the financial industry. The Fintech industry is rapidly evolving, driven in part by the adoption of new technologies such as artificial intelligence and blockchain-powered assets. Currently, the Fintech market is projected to reach $190 billion by 2026, growing annually by 13.7%.

It’s almost that time of the year to file taxes in Portugal, so John opens the email he received asking him to submit his taxes. It’s from a bank he trusts, so he follows the instructions in the email and proceeds to download the attached PDF. Little did he know that when he clicked the links in the email body, the Lampion trojan was downloaded from an online server.

BFSI (Banking, Financial Service and Insurance) organizations have remained a primary target of cybercriminals over the last several years. Given the amount of sensitive data that the BFSI sector has to deal with, they become an obvious goldmine for hackers and that is why they have to prioritise cybersecurity above all else. As a matter of fact, more than 70% of fintech companies cited information security as their top concern in the Sixth Annual Bank Survey.

The unexpected and rapid switch from the global workforce to the WFH setup caused by the coronavirus pandemic has prompted companies around the world to make extensive infrastructure adjustments to support employees working exclusively from home. According to the new IDC forecast, the number of mobile workers in the US will steadily increase from 78.5 million in 2020 to 93.5 million in 2024 over the next four years.

Cybersecurity incidents aren’t rare for businesses now. In fact, in the first 6 months of 2021, around 1767 data breach incidents rocked the business world and exposed more than 18 billion records. And one of the hardest-hit industry verticals from threatening cyber-attacks is the financial industry.

While data breaches are never good news for any business, they can be especially catastrophic in the financial industry. The sheer amount of sensitive personal data that moves through the average banking institution on a normal day creates a seductive target for cybercriminals and a potential nightmare for security administrators. As a result, finding the right cybersecurity solution that can be tailored to the needs of financial institutions a must.