Banking Risk Landscape: Is Your Security Solution a Secure Solution?
By Courtney Mamuscia
Posted in Customer Engagement
You only have to check today's news headlines once to see that cybersecurity has moved to the forefront of conversation. Organizations around the world are continuously suffering from serious and sophisticated cyber attacks and data breaches, leaving every type of business at risk.
And financial institutions are no exception.
The amount of money taken in cyber heists, both in banking and elsewhere, according to Cybersecurity Ventures1 was estimated at $3 trillion overall for 2015—and they expect this number to double by 2021. In fact, banking is the number one attacked industry due to the monetization of the cyber attack.
A cyber attack can cause devastating damage to not only the institution, but also to the brand—such as customers whose funds may have been stolen, and suppliers and service providers associated with the bank. This further increases the potential exposure. However, the fact that cyber attacks on banks are becoming more prevalent isn't the only issue; they're also becoming more complex and therefore harder to address.
Although the convenient interconnectivity of the Internet of Things (IoT) creates many advantages for financial institutions, with that also comes an increased risk to dangerous threats.
Banks must start to change their thinking and adapt to the latest trends to create a comprehensive and secure security solution. Where fraud was once the main focus of attacks to financial institutions, the focus on cyber has risen quickly—and an intelligence-driven approach is crucial when it comes to remediating these kinds of attacks.
Security leaders in banks need to feel prepared by staying updated, looking at common vulnerabilities, understanding the malware and challenges, and testing the environment. And collaboration is key to mitigation: Traditional security and fraud teams must work in conjunction with cyber teams to effectively handle all aspects of a cyber attack.
Additionally, CISOs need to “sell” cybersecurity to CEOs and the board by outlining the importance of protection through emphasizing the impact of a potential cyber attack on the business.
Don't get left behind. Learn how to communicate today's cyber threats to your teams and understand how today's technology solutions help protect network communication. Watch our on-demand webinar with PNC Bank and the Independent Community Bankers of America (ICBA) where we discuss further the evolving threats facing financial institutions and what steps organizations can take to help ensure the ultimate protection.
Verint’s advanced security solutions can help secure an entire branch footprint, alleviate risk, help ensure operational compliance, and improve fraud investigations. Learn more about how Verint’s comprehensive and robust surveillance systems can provide organizations with intelligence and unprecedented protection from fraud—enhancing the customer experience while safeguarding the branch.
1 “Cybersecurity Ventures predicts cybercrime damages will cost the world $6 trillion annually by 2021,” Cybersecurity Ventures Cybercrime Report, 2017 Edition
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