BANKING AND FINANCE

Consumers expect banks and other financial services companies to provide an expert level of security when it comes to their sensitive data. These companies possess a wealth of personally identifiable information (PII) and payment card industry (PCI) data, such as social security numbers, credit card numbers, birthdates, addresses, phone numbers, credit scores, and more. With this data, cyber criminals can open up bank and credit card accounts, file tax returns, and spend your every penny.

The pressure to reform will continue to increase as the General Data Protection Regulation (GDPR) comes into effect, mandating banks to report all breaches within hours, or face fines and penalties.

The financial services industry is unusually hard-hit: FS was the most-attacked industry out of those examined in 2016— these firms were breached 65% more than the average organisation in all other industries in the study. One reason for this targeting could be that cyber criminals are waking up to the extent of banks’ lax security faster than the institutions themselves.

58% of the attacks were due to insiders with only five percent of those being done maliciously. That means 53 percent of the breaches took place due to employee errors, such as falling for a phishing attack or Business Email Compromise (BEC) scams. This is the highest level among the top five most targeted industries, retail, healthcare, manufacturing, financial services and information and communication

42% of the attacks were attributed to outsiders.

Who?

Why?

With this data, cyber criminals can open up bank and credit card accounts, file tax returns, and spend your every penny.

The open banking trend is being driven by a number of factors and will ultimately become the norm. That means retail banks need to rethink their business and operational models if they want to maintain the positions of dominance in the financial ecosystem.

Open banking will have a significant impact on fintechs. With access to banks’ systems and vast data stores, fintechs will be able to provide more personalized products, while operating with greater autonomy. However, open banking will also increase fintechs’ regulatory and cybersecurity burdens.

Some 50% of customers would consider switching banks if theirs suffered a cyber-attack, while 47% would “lose complete trust” in them, according to a recent study. A number of major banks around the world have already been subject to high-profile cyber-attacks suggesting that the sector needs to improve its approach to risk.

Our guarantee to you

Cryptoloc® provides an exceptionally high level of security for your important data.We uniquely encrypt each and every file with our patented encryption mechanism. Cryptoloc Technology provides the missing piece to your information security needs whether in transit or at rest.

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