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Watching, waiting, anticipating: Network monitoring is a core line of defense for financial services

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Cybercrime is a major concern for the financial services industry. Cyberattacks hit financial firms 300 times more than other organizations. Why? Because financial data is valuable, and the opportunity is great. Complex financial IT systems create a vast attack surface.

 

Security breaches continue to grow in both frequency and severity. And US financial firms are highly targeted, accounting for 27% of significant global cyberattacks against financial firms (followed by the UK, Japan, and Russia).

 

Meanwhile, the associated costs are rising. An Accenture study found that the average annualized cost of data breaches for financial services companies has increased to $18.5 million. The impact on an organization’s reputation is incalculable.

 

Security risks come throughout the customer journey, from mobile apps to the teller queue to loan origination. As mobile banking has proliferated, customers expect 24/7 access to their banking lives. And yet, 92% of mobile banking apps contain at least one medium-risk security vulnerability according to ImmuniWeb.

 

Network monitoring simplifies security management
As attacks grow more frequent and dangerous, financial organizations are doubling down their security efforts. Organizations are investing in extended IT infrastructure monitoring to scan for breaches, failures, malware, and other system anomalies. What’s more, they’re adopting tools that can automate security processes – an essential function given the sheer volume of attacks on financial systems.
This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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