Our team has a combined 50+ years of experience working in finance and banking information technology and security. Our team of experienced professionals is ready to handle your cybersecurity questions.
The banking industry conducts business via technology, particularly the Internet, now more than ever. Banks have unique cybersecurity challenges. The banking industry conducts business via technology, particularly the Internet, now more than ever. Your bank’s sensitive data may be in danger if you don’t have strong cyber security procedures in place. Among essential businesses in the United States, banks have the greatest level of security—as well as the most rigorous regulatory requirements.
Banks are targeted by hackers because their networks contain a treasure trove of customer financial data. While it is reasonable to assume that a large bank can afford a comprehensive cybersecurity program, many small to mid-sized banks either cannot afford or do not prioritize cybersecurity.
Financial institutions rely on technology to provide services. Information and systems disruption, deterioration, or illegal change can have an impact on an institution’s financial health, key activities, and risk profile. Given the growing number and sophistication of cyber attacks, financial institutions and their essential third-party service providers must be vigilant in recognizing, analyzing, and mitigating cybersecurity risks.
As more and more of our everyday lives and essential business functions are performed online, the threat landscape for banks, and financial services companies in general, has grown exponentially. Cyberattacks cost the banking sector $18.3 million per firm each year, and 8 out of 10 Americans are concerned that companies will not be able to protect their financial information.