In today’s business world, it pays to embrace digital solutions. They give you the power to work remotely, scale your operations, collaborate on projects, and much more. However, there is a drawback; the more a business relies on technology, the more at risk they are of falling victim to a cyber attack. While the business world is no stranger to cyber threats, the financial industry is specifically seeing a troubling rise in cyber crime these days.
Regardless of the size or nature of a company, all businesses are under the constant threat of cyber crime. However, that doesn’t mean the level of risk is the same across the board. Due to the large amount of sensitive data financial institutions possess, they tend to be high-value targets for hackers.
At one time, all that was needed to keep cyber threats at bay were a few standard cybersecurity measures like installing a firewall and antivirus software. Unfortunately, the playing field has changed drastically since then. Every year, cyber threats not only increase in number, but they also grow in sophistication. As a result, we’ve seen a number of banks and other companies in the financial sector suffer high profile data breaches.