Featured Cybersecurity Article | Business Reporter's Future of Financial Services, Banking and FinTech Campaign

Hank Boughner headshotSpecial featured article on the Business Reporter web site, January 5, 2024.

It’s not surprising that financial services is heavily targeted by cyber-criminals. In fact, according to VMware’s Modern Bank Heists 5.0 report from 2022, 74% of the surveyed financial firms were targeted by ransomware attacks, and 65% ended up paying the ransom. The losses compound when you consider the collective costs of a data breach in financial services, which averages more than $5 million, according to the IBM Cost of a Data Breach Report 2021.

As fund managers, institutional investors, and service providers scale and expand their businesses globally, exposure and cyber-risk grow exponentially. The impact of cyber-attacks on financial and banking institutions parallels the damage seen in government sectors. The bad guys have set their sights on an industry filled with private, confidential information on deals, investments, banking transactions, and myriad other areas. 

As such, investors and regulators demand that firms strengthen all aspects of their cyber-security programs. Now, having a strong cyber-security program is a critical competitive differentiator. 

 

Read the rest of the article and watch the vodcast on the Business Reporter web site here.