In our digitized society, cyberattacks are becoming increasingly more intelligent. The total number of data breaches in 2019 was up 33% compared to 2018, with approximately 8 billion personal records compromised. As a result, cybersecurity enhancements are striking against that intelligence. It’s nothing new for corporations to see higher demands for detection and prevention of cyberthreats, however, custom solutions are becoming more critical, as hackers are constantly finding new ways, platforms and gaps to attack, affecting businesses of all sizes. Failure to adapt to custom cybersecurity operations could result in your network being compromised, leading to adverse consequences like loss of customer trust, business disruption and financial loss.
Cloud adoption by financial institutions has been on the rise. According to PwC, by 2020 core financial services like credit scoring, statements management, payments, and billing will use the cloud for processing and computing. From retail banking to collection agencies to asset management and investment banking, the cloud provides many use cases to bring scalability, cost savings and higher security to financial institutions.
The largest financial institutions have already adopted cloud technology. But it’s not just the J.P. Morgan’s or Bank of America’s of the world. Smaller financial institutions are finding the same benefits in cloud computing and cybersecurity practices that enterprises are leveraging. Here are 7 reasons financial institutions need cloud computing and cybersecurity.
1. Cost Savings
Financial institutions are leveraging the cloud to move IT operations to an operating expense model (OpEx). IT hardware and underlying infrastructure is expensive, and financial institutions are concerned about the rising costs associated with running data centers. Additionally, on-premise data centers are difficult to scale, and any growth requires large capital expenditures. Instead, hybrid cloud strategies allow banks and collection agencies to safeguard mission-critical data in the cloud without the high cost and maintenance that typical on-premise centers come with.
In today’s digitized world, cyberattacks are inevitable if businesses aren’t proactive in their protection. Regardless of business size, it’s only a matter of time before organizations become victims due to the absence of cloud computing and security solutions. In fact, 81% of cyberattacks affect small to medium-sized businesses, simply because they lack cloud knowledge.
Topics: Cloud Computing, Backup, Cloud Security, Cloud Storage, healthcare, Cybersecurity, SIEM, Intrusion Detection and Prevention, Office 365 Backup, Cloud Solutions, Identity Management, Security as a Service
There are simple security measures that we all take that most of us would consider "no-brainers". We all know the basics, like locking your computer when you leave your desk, using caution around suspicious emails and never sharing your passwords with anyone. While we'd all say these small tasks are no-brainers, how many of us actually take these security measures seriously? Unfortunately, most people don't, including many businesses. While corporations should increase employee awareness by implementing cybersecurity cultures, back in 2019, 33.3% of employess claimed to never have received proper cybersecurity training in their jobs. With this flaw in business practices, it should come as no surprise that cybersecurity misconceptions still exist. Here are nine of them that should be left behind in 2020.
Due to increased public awareness about the importance of keeping online transactions and documents secure, cybercriminals have modified their network attack strategies. Technological advances over the past several years have enabled these cybercriminals to develop more innovative, as well as stealthy, ways to attack computer networks.
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. A single data breach costs a business an average of $3.92 million; this is a 1.5 percent increase from 2018.
As businesses enhance their digital capabilities and begin to conduct more business over the internet, cybersecurity and data protection are becoming paramount. Failure to adequately secure data within a network can increase the chances of data corruption or data theft, both of which can have negative financial consequences for the impacted business. Back in 2019, the City of Baltimore suffered an $18.2 million data breach. On average, a data breach costs as much as $3.92 million.
Topics: Data Protection
If you take a look at the number of tabs open in your browser, you might realize that you have way more open than you’re actually using. Some might open automatically when you open a link, whereas others may be older tabs that you haven’t closed yet. Most of us don’t pay too much attention to our open tabs as we browse, and with the evolution of browsers, operating systems, and computer hardware, our computers become more capable of handling activities such as having a dozen web pages open simultaneously.
Some cyberattacks can be fairly easy to notice. A phishing email might be identified by the sender address, formatting, or the address of a link, while vishing could be identified by someone asking prying questions over the phone. Some attacks, however, may be tougher to spot. There are a few types of these, one of the most notable being pharming.
You’ve probably heard of phishing, the infamous practice by which a hacker may try to trick you into giving away sensitive information via email. However, there is much more to phishing than just a suspicious email here or there; as individuals and businesses become more savvy about threats like those that may come via email, cybercriminals expand their arsenal of tools to cost you precious time and money. One example of this is smishing.