Cybersecurity in Banking & Finance
Financial organisations that hold consumer data, including banks, investment companies, real estate firms, retail banking and insurance, are a prime target of cyber threats.
Unless a cyber attack is of a personal nature, in which the reputation of an individual or business is targeted, monetary assets are the endgame. And if there is a vulnerability in either processes, technology or personnel, it will be targeted.
The cyber attack surface continues to grow in scope and is increasingly difficult to protect. The proliferation of Internet-of-Things (IoT) devices, the adoption of multiple clouds for business services, and the use of mobile devices by customers and employees rapidly expands the attack surface. As a result, financial services firms deploy more and more point security products to cover the gaps created by the expanding attack surface. The resulting network security silos obfuscate visibility—increasing operational inefficiencies and ratcheting up risk.
Lack of integration across the different security elements and architectural fragmentation increase operational inefficiencies. Without integration, many network security workflows must be managed manually. In addition to delaying threat detection, prevention, and response, architectural silos create redundancies, increased operational costs, and potential holes in an organization’s cybersecurity posture.
Financial services is among the most highly regulated industries in the world, with personal and corporate financial data residing across the network—from the data center, to the edge, to the cloud. Organizations must be able to demonstrate compliance with multiple regulations and standards without redeploying staff from strategic initiatives to manually prepare audit reports.
As financial services organizations increasingly embrace cloud applications and infrastructure, the network security architecture must be sufficiently agile to enable fast, secure, and compliant public, private, and hybrid cloud-based services while protecting traditional on-premises services at the same time.
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