The current approach to cybersecurity within the financial services industry is flawed. With regulations such as the new General Data Protection Regulation (GDPR) and New York State’s DFS Cybersecurity Regulation being enforced, putting ever greater pressure on data protection, combined with the fact that the financial services industry is one of the most targeted, regulatory and consumer eyes alike are firmly on financial institutions to improve their cybersecurity processes and models.
Cybercriminals are leveraging ransomware threats to extort big money from organizations of all sizes in every industry, but financial services organizations are one of today’s primary targets. It is non-negotiable for financial services companies to maintain the privacy of theirs customers and the security of their confidential data. If a bank or credit union is hit with a ransomware attack, significant backlash is undoubtedly going to ensue – especially if customer data is held ransom for a significant amount of time.
A new study, Cybersecurity in the City: Ranking America's Most Insecure Metros, has identified Las Vegas, Memphis and Charlotte as America's most cyber insecure cities.
More and more, the news is filled with stories about how personal information is being used to benefit others. From revelations after Mark Zuckerberg’s pseudo mea culpa in front of Congress last month, to stories about fake news, identity theft, and how data mining is being used by political campaigns to understand the demographics and psychographics of potential voters, these Little Brothers are collecting massive amounts of personal data – all with our tacit consent.
Whenever there’s a data breach, it’s easy to get caught up in the root cause analysis – a misconfigured device, an unpatched application, an employee falling for a phishing attack, you name it. But really, the root causes of most breaches are not these moment-in-time errors. Instead, they are almost always shortsighted decisions made well before the breach ever occurs.
Forty-one percent of investors and analysts are now extremely concerned about cyber threats, ranking it as the largest threat to business, according to the PwC Global Investor Survey 2018.
