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.