What to consider
There are two kinds of financial services firms: those that have faced a cyberattack and those that will. Cyberattacks against the financial services industry have grown in number, size, and sophistication. As attacks increase and regulators take closer notice, the pressure to act mounts. By recognizing that hackers will find vulnerabilities, CloudGRC Inc. can improve the way organizations design and deliver services, manage risks, and train their teams. Hackers are striking at the heart of the financial sector. Fraud incidents, both online and offline have increased by more than 130% during the past year, resulting in significant monetary and reputational losses for financial institutions.
The financial services industry is constantly evolving, so it’s important to have the latest tools to be productive and secure. More frequently financial services firms are looking to cloud services to deliver those tools, from industry-specific applications for portfolio measurement and investment analysis, to general applications for customer service, human resources and accounting. As more financial services organizations are recognizing the productivity gains that the cloud can provide and are adopting cloud services, it’s also crucial to understand and manage the risks associated with the increasing use of cloud services.
From bank data security to the exposure of customer or investor data to the accidental disclosure of non-public reports or plans, data security in financial services organizations can be challenging. To ensure cybersecurity for your organization and mitigate risk you need to understand what services and tools are currently in use and how they are being used, enforce access controls, protect sensitive data, restrict risky activities and comply with regulations. The number and range of vulnerabilities is growing as companies outsource internal processes, shift computing to the cloud, and connect to customers through more channels. While financial firms certainly benefit from digital networking, this also enlarges their “attack surface” exposed to hacking. CloudGRC is empowering financial services organizations like yours to meet cybersecurity and compliance requirements today and going forward.