- Phishing – The finance industry’s work with third parties increases its risk to phishing attacks. These cybercrimes can trick staff into revealing sensitive data or downloading harmful content, potentially leading to unauthorized data access, monetary loss, and reputational damage.
- Data Loss – Data loss can occur due to hardware failure, accidental deletion, or cyber-attacks aimed at destroying or stealing financial information resulting in disrupted operations, customer dissatisfaction, lost intellectual property, legal liabilities, and even business closure.
- Ransomware – Ransomware encrypts vital data and demands ransom for its release, while malware infiltrates networks and systems, stealing or destroying sensitive information and resulting in operational disruptions, loss of data, financial burdens, and legal ramifications.
- User Risk – Human errors in cybersecurity, like weak passwords or clicking malicious links, can threaten sensitive financial data, causing financial loss and reputational harm. The increasing risk with staff turnover requires consistent security training against potential data theft by departing employees.
The Cybersecurity Challenge
Financial Organizations are Facing
Cybersecurity has become an undeniable challenge for financial institutions around the globe. The financial sector continues to be a prime target for cybercriminals due to the potential for high monetary gain. As banking and other financial services increasingly move online, the threat landscape continues to evolve and grow.
- 566 breaches caused over 254+ million global finance/insurance user record leaks
- From 55% in 2022 to 64% in 2023, the risk of ransomware attacks increased in financial services
- $5.9 million is the average cost of a data breach for financial services organizations
Schedule a Meeting Today & Protect Your Financial Organization
Bridge Your Cybersecurity Gaps with an MSP Partner
- Mitigate the financial risk of being sued or paying fines in case of a breach.
- Build trust in data security for business owners, IT finance, and support operations.
- Prevent disruption of financial services, maintenance of client confidentiality across transactions, and overall operations.
Enhance Cybersecurity Posture of Finance Organizations
The Key Role of MSPs in Boosting Cybersecurity in Finance
Individuals at the executive level are the gatekeepers to valuable and confidential data. They are responsible for educating their team about cybersecurity best practices, investing in advanced real-time threat detection technologies, and establishing partnerships with Managed Service Providers to ensure their business operations are efficient and secure.
Executive Level – Finance Analysts, Bankers, Accountants, are vital for effectively managing a company’s financial assets. They employ various software and hardware tools to optimize financial performance. Cybersecurity is crucial in their role since it safeguards the financial data and systems from cyber threats, thereby protecting the company’s financial integrity and stability.
Finance Professionals – Support Operations teams such as software admins are the backbone of the finance industry, ensuring the smooth flow of tasks, from the basic administrative function to high-level strategic reasoning and decision-making. Therefore it is important to maintain a strong cybersecurity framework, ensuring compliance with protocols and regulations, and constantly attuning to the evolving cyber threat landscape.
Support Operations
- Email Security – Stay ahead of potential email threats by leveraging a user-friendly API-based active protection
- Cloud Data – Enable cloud data protection to achieve a safe and secure data collaboration with external users
- Awareness Training – Equip employees to be the first line of defense against the evolving landscape of cyber threats
- External Risk – Gain actionable insights on external threats by scanning digital footprint and exposed vulnerabilities
- Endpoint Security – Protect laptops, and desktops from cyber threats such as malware, and ransomware
- Secure Browsing – Keep your browser secure with the extension for protection against viruses and malicious sites
- Phishing Simulation – Continually simulating cyber attacks like phishing emails to highlight weak spots
- Insurance – Transfer the cyber risk associated with evolving cyber threats with tailored coverage at the right price
