Financial Services
Navigating Cyber Risks
Cyber Stats
Cyber criminals continue to hone their skills against and refine their techniques to evade detection and monetize their objectives. Here are some recent cyber statistics that continue to plague the financial services industry.
- $5.72 million- Avg. data breach cost to financial institutions
- Avg. 79 Days- An adversary has unfettered access to a compromised system
- 68% of organizations that reported an incident response, encountered another sophisticated intrusion attempt within the next 12 months
- Credit Unions reported 88% of incidents as password login attacks
- 57% of cyber-attacks are caused by phishing emails
Compliance & Regulations
- GDPR- The General Data Protection Regulation
- PIPEDA- The Personal Information Protection and Electronic Documents Act
- NYDFS- The New York Department of Financial Services Cybersecurity Regulations
- Gramm-Leach-Bliley Act (GLBA), the Bank Secrecy Act, the
- USA PATRIOT Act, the identity theft red flags rule, and
- Sarbanes-Oxley
- HIPAA Privacy Rule – Most companies’ HR departments need to adhere to this because they handle the ePHI of their employees.
Risk & Business Impact
The business risks and impact of a data breach to a financial services firm can be quite severe.
Here is a list for you to think about:
- Financial losses- Data Breach Costs- $18.3 million in losses annually per company
- Heavy costs- Containing the breach and identifying what information had been stolen and who has been affected.
- Compensate affected customers
- Decreased Public or Private share value and increased security costs.
- Lost client trust and lost clients
- Damage to Reputation
- Potential Civil or Criminal Lawsuits
Predictions & Beyond
The frequency, severity, and attack vectors are constantly changing. For now, the items below are where the cyber-attacks have been trending.
- Business email compromise
- Ransomware
- Cloud Adoption
- Vulnerable Supply Chains- Primarily involved Technology Services Providers (TSPs), including Managed Service Providers (MSPs) and Cloud Service Providers (CSPs).
- Adversaries are increasing their use of malware-free attack techniques. High prevalence of attacks against user accounts and use of hands-on-keyboard techniques.
Solutions
StrikeForce Technologies exists in a competitive industry flooded by many different types of cybersecurity technology offerings. We have many distinguishing factors which set us apart from our competition. Owning the patents relating to our cybersecurity technologies, allows us to better protect you from all possible angles.
Click on the links below to to learn how each of these technologies can help mitigate cyber exposures for your firm.
