Financial Industry- Higher Risks of Cyberattacks!

IT companies are constantly emphasizing the importance of security awareness due to its high value for your company’s security.

Are you in the financial industry? We have some critical information pertaining to your security being at risk!

KnowBe4- the world’s largest security awareness training and simulated phishing platform dedicated to helping you manage the problem of social engineering- recently released an article discussing the high risk that the financial industry specifically is at for cyberattacks.

All companies and all people are vulnerable to cyberattacks. But data is showing a shift in cyberattacks being geared toward the financial industry. Why? The strongest guess is that it is because financial industries often have a large amount of access to money. The “bad guys” are often looking for money and steer toward where they can get it. So the banking and finance industry being at a greater risk for cyberattacks, likely comes as no surprise to you.

What is surprising however, is the overwhelming lack of preparation businesses in this industry are taking to protect their company.

Boston Consulting Group’s annual report on global wealth-management trends found that financial firms security awareness is alarmingly low. “Firms were asked to rate a number of cybersecurity measures on a scale of 1 to 5, where 1 represents “No setup” and 5 represents ‘Optimal.’” What they found was that no firm ranked themselves higher than a “3-basic setup” in any category. And the majority of ranks were leveled at 2- claiming the firms were aware that they had an inadequate setup.

The lack of security awareness is the large underlying problem for these firms. The price to pay for any company that’s been successfully attacked is high for any sector that is attacked. However, reports claim that aftermath of a cyberattack for a company in the financial industry is much more detrimental than any other industry.

Security Awareness needs to become a much greater focus for the financial world. Security Awareness Training, plans for recovery, and more constant awareness about the topic need to be more strongly implemented.

If you are in the financial industry and this news frightens you, you have fully grasped the danger that can come from a lack of security awareness in your sector.

At The IT Company, one of the industries we specialize in working with is the banking and financial sector. We understand the importance of your safety and network security. Reach out to us today to learn the ways we can join forces with you to best protect your company. Your happiness is our focus, and we want to ensure you are armed for with the strongest protection and knowledge you can be.

Don’t let the cybercriminals win, find an IT Company that properly protects your security and adequately prepares you for ways you can protect yourself.