The financial services sector faces cyber threats, posing significant risks to sensitive data and customer trust. Mike Wilson, founder and CTO of Enzoic, explores how threat intelligence empowers financial institutions to protect their assets.
The financial services sector has long been a prime hacker target, which is no surprise given its proximity to account details and other information that can be exploited for monetary gain. Recent innovations such as mobile banking and third-party applications have expanded the attack surface, making security more critical than ever.
Case in point, 83% of leaders in Bank Director’s 2023 Risk Survey say their cybersecurity concerns are increasing. Adding to this is the staggering cost of a data breach in the sector. According to IBM and the Ponemon Institute, the toll in financial services is 33% higher than the average, coming in at $5.9 million.
With consumer trust such a central tenant of success, it’s essential that financial institutions adopt a more proactive cybersecurity posture that enables them to identify and mitigate threats before damages can occur. Increasingly, savvy banks and credit…
