A surge of data breaches in the financial services industry was analyzed in a recent report by Lookout. The study reveals 70% of IT leaders surveyed reported a significant increase in data breaches compared to previous years. As the cloud-first, hybrid work landscape continues to evolve rapidly, financial institutions are compelled to adapt swiftly in order to protect their valuable data.
Nearly half of organizations (47%) struggle with the heightened difficulty of detecting and mitigating threats, while about one-fifth (18%) face a significant lack of control over their applications and data. Fifty-five percent of organizations are facing challenges in achieving effective data protection.