The Threat of Systematic Cybersecurity Risk in Financial Services

The Threat of Systematic Cybersecurity Risk in Financial Services

It’s obvious that criminals follow the money, making financial services firms a top target for cyberattacks. Financial services firms fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries. This equates to attacks of roughly 1 billion times per year, which is nearly the equivalent of 2,000 attacks per minute or over 30 attacks per second, costing each firm approximately $18 million.

Additionally:

  • Banks lost $16.8 billion to fraudsters in 2017
  • The average data breach cost for financial institutions rose 5 percent to $7 million per breach in 2017.
  • The average cost to the financial industry per record, lost or stolen, during a breach was $336, compared to the cost per record of U.S. businesses of $225.

The challenges you face require unique solutions. The volume of attacks supersedes the staffing and time available for all organizations to investigate and respond. Implementing managed detection and response services with Zero Trust Analytics platform technology can help protect your organization against breaches. Contact us for more information.

 

by Keith Sazer | Director of Business Development, CRITICALSTART
June 4, 2019