Why the financial services sector must mitigate the threat of cyber attacks

In an article published by FinTech magazine, Clearswift CTO, Dr Guy Bunker, discusses his views on the threats posed by cyber-criminals and looks at ways organizations in the financial sector can mitigate risk.

Read the full article here.

It has been recently reported that organizations in the financial services sector are 300 times more likely to be subject to cyber attacks compared to other industries. With the average cyber-attack costing $1 million, and fines for data breaches on the increase, organizations can’t afford to be complacent. The threat isn’t going away anytime soon, so organizations must go above and beyond to secure their critical data.

In today’s world of digital collaboration, cyber-crime is big business. Criminals work in highly trained gangs and use viruses, malware, phishing and spamming techniques to steal data that they can sell on the dark net, use to disrupt services or purely damage the reputation of organizations. As new assets are deployed in financial transactions, new threats emerge. Crypto currencies – that have less traceability – are now also popular targets for ‘hacktivists’. 

So how can financial institutions protect themselves from today’s advanced cyber threats? Awareness and preparation are key. Organizations must educate their employees so that they understand today’s variety of cyber threats and know what actions to take to prevent them. Implementing an incident reporting process, where employees are encouraged to come forward to report incidents, is vital. The sooner an incident is reported the better for the organization. If there is a breach, then communicating it to authorities and customers is an essential part of the resolution process.

There are many ways companies can enhance cyber threat prevention at their organization. Next generation email and web solutions – with automated functionality such as document sanitation and redaction – provide extra layers of threat prevention to protect against information borne threats. Deploying the latest security solutions will mitigate risks, keeping the organization, its critical information, staff and ultimately customers, safe. 

Contact the Clearswift team to discuss how our solutions can enhance protection against advanced threats and data breaches. 

Additional information:

Advanced Threat Protection

Adaptive Data Loss Prevention

Clearswift SECURE Email Gateway

Clearswift SECURE Web Gateway