Financial Firms are 300X More Likely to Receive Cyberattacks

financial firms cyberattacks

Financial Firms are 300X More Likely to Receive Cyberattacks

Cybercriminals tend to go where the money is, which means that financial, payroll, and accounting firms are huge targets. Unfortunately, most financial firms are ill-prepared for cyberattacks and suffer higher in costs when a cyberattack happens.

Global wealth-management trends found some shocking data around how poorly prepared financial firms are. In a survey where firms were asked to rate their cybersecurity measures, no firm stated that they had more than a basic setup, with the majority stating that they had inadequate setup.

According to the report, one of the primary reasons for financial firms being ill-equipped is “a lack of security awareness in company culture.” The result of this lack of preparedness is that financial firms must deal with those attacks. “Their aftermath carries a higher cost for banks and wealth managers than for any other sector,” according to the report.

Financial firms need to begin with establishing a security strategy that includes creating a security culture within the organization. It is critical to be realistic about your enviroment and acknowledge that risks exist. Security, while not perfect, can help you be prepared against the financial and reputational cost associated with a breach. We are a firm believer in being proactive about the security measures set for your company. There are two types of companies, those who have been hacked and those who will be.

Tactically speaking, financial firms need to address the lack of security awareness with Security Awareness Training, teaching wealth managers about the dangers of phishing and social engineering scams, including what to do about it. With more than 90% of all breaches occuring with a phishing attack, put security on the agenda before it becomes the agenda.  85% of cyberattacks could have been prevented wit the implementation of just a few critical controls. Our Security Awareness Training solutions includes phishing simulation to equip your organziation with the skills to combat an attack. Contact us to get your FREE phishing test for your organization.