Today’s financial organizations face many different risks in volatile and uncertain business environments, but the ever-present threat of cyberattacks and data breaches is now impossible to ignore. For this reason, managing these cyber-risks now has to simply be considered one of the many costs of doing business.
Because we know that a cyberattack or data breach of some kind is inevitable, we’re motivated to invest in solutions that reduce the risks we face. But the way we invest our cybersecurity budgets hasn’t evolved with the changing scope of risks in our digital environment.
This risk is intensified for financial institutions that manage vast amounts of sensitive customer data across hybrid hosting environments, relying on legacy systems as well as modern software applications to keep their business operational. As a result, the risk of a breach is heightened.
In a bygone era, financial organizations could concentrate their security efforts on simply protecting the network perimeter. Business data was kept on-site in data centers, which were only accessible through desktop computers tethered to desks behind the walls of our secure office building. The good old…
