According to the 2019 “IBM X-Force Threat Intelligence Index” report, “the finance and insurance sector has been the most-attacked industry for three years in a row, with 19 percent of total attacks and incidents in 2018.” As the evolving threat landscape grows, so does customer demand for convenience, raising concerns for those who are ill-prepared. In this environment, being transparent and demonstrating a mature, integrated business and security model is critical to build trust.
Financial Services Firms Face Daunting Challenges
The steady drumbeat of attacks has made security a priority issue for financial services executives. Despite the obvious importance of security for financial services organizations, the level of preparedness across the industry varies and many firms struggle to address increasingly complex challenges. Let’s take a closer look at some of the most common obstacles financial institutions face.
Threats of Systemic Cyberattacks on the Financial Services Industry
Often, larger financial institutions have sophisticated security capabilities, but smaller firms may not. As the industry grows more and more interconnected, the security…