Understanding the impacts and implementing comprehensive protection measures are essential to safeguard financial organisations from the growing threats.

The recent advances in internet banking such as mobile banking, instant payments and payment apps all invariably increase the Financial Services and Insurance (FS&I) sector’s attack landscape and introduce new vulnerabilities. With the exponential growth of malicious acts by cyber criminals, it’s becoming increasingly important to prioritise cyber security in the FS&I industry – learn more on how cyber security affects this sector, here. Today, the average financial firm experiences upwards of 125 cyber-attacks each year, costing the industry millions of pounds every year.

Besides the disconcerting effects of security and information being breached, cyber attacks on FS&I finance systems can also affect the financial well-being and safety of clients. Financial service providers such as banks, credit card companies, and investment firms are entrusted with the personal information of every customer and client. Unfortunately, many financial institutions are not allocating enough resources to protect their bottom line. However, without a strong cyber security plan in place, the cost in revenue and even clients’ financial lives will be even higher.

The Ramifications of Attacks in FS&I

There are several ways that cyber attacks can affect financial institutions. First, cyber criminals often steal and sell clients’ financial and personal information because they can make a quick profit on the dark net. Another big problem for FS&I is ransomware, which is exacerbated in the financial realm. FS&I organisations are often willing to pay the ransom because cyber criminals have locked down client financial information and critical back-office systems. Finally, there are many financial devices that are connected to the internet that can be susceptible to tampering.

The problem is bigger than ever. More than 93% of FS&I organisations have experienced a data breach over the past three years, and 57 percent have had more than five data breaches during the same time frame. Woefully inadequate security practices, weak and shared passwords, plus vulnerabilities in code, exposes FS&I institutions to perpetrators intent on hacking treasure troves of customer data.

Combating Cyber Attacks on FS&I

There are three matters that FS&I organisations must prioritise if they are going to prevent this proliferation of cyber attacks.

1.Increase Visibility with Consolidation

Although finance institutions might think they are doing the right thing in monitoring their on-premises networks to ensure clients’ safety, what they can’t see can hurt them. With more assets to secure, confidence in security goes down, and multiple management consoles obscure visibility. FS&I institutions must be able to monitor every endpoint, gaining insight into the entire network, which includes remote assets.

To this end, our Quorum Cyber Clarity Extend service with 24/7/365 endpoint visibility will give financial institutions the security they need with a company they can trust. Discover how Quorum Cyber’s tailored cyber security solutions serve the financial sector here.

2.Set Up Intelligent Early Warning Systems with Microsoft Security

If you want to mitigate cyber-attacks or thwart them entirely, you need a well-defended system that is monitored 24/7/365. The longer a threat actor has access to the system, the longer their activities will go unnoticed, and the more damage they can do.

Quorum Cyber meets you where you are on your security journey and collaborates to  create a roadmap, guiding you from  your current state to achieving your business goals, including compliance requirements.

3.Make Security and Awareness Training Mandatory for all Employees

When it comes to security, every single person needs to be involved and aware, or else cyber criminals can sneak their way in via an open door. However, according to Osterman’s Research, 24% of FS&I workers have not received any security awareness training at their workplace.

All employees should be aware of viruses, malware, and ransomware issues, as well as phishing and social engineering problems. Phishing scams account for 90% of cyber-attacks. Along with these elements, employees should receive training on how to create safe internet habits, as well as password education and training.

Proactive Preparation

With the financial industry being a prime target for cyber criminals due to the sensitive data they possess, it’s important for FS&I organisations to be proactive in their cyber security measures. This includes regularly updating their systems and software, implementing strong password policies, and providing cyber security training for all employees.

When working with important personal information, mortgages, and investments, the situation is urgent. Cyber security in FS&I needs to be taken seriously and organisations must be proactive in their approach. With cyber attacks on the rise, it’s not a matter of if an attack will happen, but when. By being proactive and taking the necessary steps to protect themselves, financial organisations can avoid devastating financial and reputational damage.

Read more on how Quorum Cyber defends the FS&I sector, or contact us today to speak to an expert.