Cyber criminals from all over the globe target banks and financial services firms with a vengeance. According to Verizon’s 2018 Data Breach and Investigations Report, banking Trojan botnets are by far the most common attacks against financial institutions, but ATMS remain a targeted asset.
Financial institutions often have distributed environments, and many rely on partnerships with third-parties whose security capabilities may not be consistent with their own. Not only may there be gaps in security coverage, but communication gaps can cause significant breaches. According to PwC, fraud incidents, both online and offline, increased by more than 130% in the past year, which resulted in substantial monetary and reputation losses for financial services firms.
Financial firms not only have to keep up with their expanding digital footprint, but also maneuver today’s rapidly evolving regulatory environment. As the European Union instituted GDPR, more than 40 U.S. states have adopted new regulations on data privacy, including new stringent regulations for the banking and financial sector in New York that were passed in 2017.
These cyber risks and regulatory challenges require banks and financial services firms to adopt a cyber security solution that equips them with 100% visibility and control – from the Internet to the endpoint.