Cybersecurity in the financial sector - today’s state of play
We’re trusted by the financial institutions that you don’t see in the news – and never will.
The modern-day bank heist is Data theft
It’s been said there are three types of financial organisations - those who have been breached and know it; those who have been breached and don’t know it; and those who have yet to be breached. These Data breaches can be by a hacker, a criminal group, a nation state, or even a malicious insider. But, regardless of how it happens, it’s been proven that it will happen. That’s why you need a Data security solution that does more than just check a box for compliance.
The (im) practicalities of identifying sensitive Data
Two things are no longer practical - determining what Data is most valuable, and mitigating all types of threats. These days, personal information is everywhere, compliance is critical, and even seemingly harmless Data could be dangerous in the wrong hands. The threat landscape has also grown so big that ‘fire-fighting’ is no longer effective. Add in a pandemic, and we’ve reached a tipping point – ALL Data matters and protection needs to be re-evaluated for the constantly changing ‘new normal’.
Organisational evolution has created a complicated IT patchwork
As a result of ongoing mergers and acquisitions, as well as the nature of having a large number of different corporate entities spread across a wide range of jurisdictions, the financial sector tends to have numerous legacy IT systems and complex IT infrastructures. As a result of these practical realities, IT professionals in the financial industry are forced to be reactive instead of proactive, security loopholes are increasing at an alarming rate, and the real risks are often not addressed with compliance.