Financial

The financial industry has recently placed a significant emphasis on the necessity of cybersecurity. Because the fundamental essence of finances is built upon fostering relationships based on trust and credibility, this becomes an even more pressing need.

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Managing Threats and Risks

What's the risk?

Breach of data security at financial organizations might make it harder to trust these institutions. That presents a significant challenge for the financial industry. A vulnerable cybersecurity system may result in data breaches, which can make it much easier for a company to lose their client base and the revenue it brings in.

Big Vulnerabilities

What makes the financial sector so vulnerable? Simply told, hackers are mainly interested in obtaining sensitive data in order to get a financial edge. And sensitive data is everything in the finance business. The number of attacks has increased, as have the repercussions. The expense of addressing and containing cyberattacks is higher in financial services than in any other business due to tight regulation and compliance requirements.

New technologies can pose new risks.

The proliferation of technology and interfaces is another obstacle facing the sector. Credit cards, mobile banking, chatbots, etc., are all examples of cutting-edge technologies that significantly improve customers' lives. Unfortunately, the banking and payment system is becoming increasingly complicated and insecure as a result of the interconnectedness of new technologies.

It can cost.

Not addressing financial cybersecurity issues is risky. Financial businesses risk losing money, customers, and reputation without strong safeguards. Cyberattacks may cost organizations time while systems are held for ransom and money for alerting customers, evaluating the attack, remediating the company, and monitoring.

Protect your Financial Institution.

Cyberattacks may be costly. The average cost of a data breach in the US is $8.6 million, according to the Ponemon Institute. PII breaches cost $150 per record. Most breaches aren't discovered until 280 days.

An assault on your financial business has far-reaching consequences. Reputational danger is high. Recovering reputational damage from a hack may be difficult and expensive. Book a free consultation with Kairos Defense today to protect your business.