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7 Cybersecurity Challanges Facing Financial Institution-COMTACT

Financial services organizations are high-value targets for cybercriminals. As a result, they are targeted by more cyber attacks than any other industry.<br>According to IBM research, 23% of all cyber attacks target financial institutions and the cost of a common breach exceeds u00a3 4.5 million.<br>To avoid these risks, financial institutions must maintain a mature cybersecurity program that minimizes risk as well as meets strict compliance requirements - all while maintaining strong performance for the assets facing customers. Visit comtact.co.uk to know more about it.

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7 Cybersecurity Challanges Facing Financial Institution-COMTACT

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  1. 1.COMPLEXITY Financialservicesorganisationstypicallyhavehighly complex IT infrastructure, often involving a range of traditionalandemergingtechnologies.Thisisessential to ensure a strong and current customer experience, but also creates risk—the more complex the technology stack, the more likely it is to include security gaps andvulnerabilities.

  2. 2.COMPLIANCE Financialservicesisamongthemostheavilyregulated industries.Ensuringandmaintainingcompliancewithall applicable frameworks and regulations requires a significantinvestmentoftimeandresources.Atthesame time, the penalty for compliance failures can be high— heavyfineshavebecomecommonplace,andmanycyber insurance providers are also beginning to make continuouscompliancearequirementforcoverage.

  3. 3. APPLICATION SECURITYTHREATS Webapplicationsarecommoninfinancialservicesandare often essential to maintain a strong customer experience. Unfortunately,theseapplicationsareatemptingtargetfor malicious actors, particularly if they store or interact with customer or financial data, so they typically face a wide range of sophisticated attacks. At the same time, web applications are typically in a constant state of development to add new features and ensure they stay current—this creates risk, as there is a greater chance of introducing newvulnerabilities.

  4. 4. DATATHEFT Dataisamongthemostvaluableassetsheldby financial institutions, and a common target for cybercriminals.Customerandfinancialdataare alsoheavilyregulated.Asaresult,theimpactof a data breach on a financial services organisation can besevere.

  5. 5. THIRD PARTYRISK Financial institutions typically have complex vendor and partner landscapes. This creates risk, as vendors and partners often have access to sensitive systems and data. As a result, security weaknessesinthesupplychaincaneasilyleadto serious security incidents andbreaches.

  6. 6. CRYPTOTHREATS Cryptocurrenciesarefrequentlyusedtocommitfrauddue to the higher levels of privacy (and in some cases, anonymity) they offer. Also, many cryptocurrencies and blockchain projects have been found lacking in security, resultinginhigh-profilescamsandthefts.Whilethereisno doubt that blockchain technology and cryptocurrencies have great potential for financial institutions, they come with significantrisks.

  7. 7. THECYBERSECURITY SKILLSGAP The skills gap is widely documented and has remained a huge challenge across all industries for overadecade.Mostfinancialinstitutionsfindittough to find and retain the security talent needed to properly defend their assets, data, and architecture— particularlywhenitrequiresrarerskillssuchasthose neededtodefendemergingtechnologies.

  8. FOCUSONWHATYOUDOBEST COMTACTPROVIDESTHEUK’SMOSTADVANCEDMANAGEDSOC, PROVIDING24/7/365PROTECTIONFROMOURAWARD-WINNING CYBERDEFENCECENTREINMILTONKEYNES. TOFINDOUTHOWOURCYBERDEFENCECENTRECOULDHELP PROTECTYOURFINANCIALINSTITUTION,CONTACTUSTODAY. Comtact Ltd. RockinghamDr, Linford Wood, Milton KeynesMK14 6LY www.comtact.co.uk Welookforwardtoworkingwithyou

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