The financial services industry is under constant threat from cybercriminals, thanks to the large amounts of money and data they move and store.
In fact, financial services businesses suffer 300 times more cyber-attacks than companies in other sectors, and the cost of downtime is among the highest in any industry. 57% of IT professionals say their organizations can’t tolerate the loss of mission-critical applications for a full hour, with 15% reporting they can’t tolerate ANY downtime.
Compounding the problem, today’s financial services customers expect always-available access, self-service convenience, full-function mobile clients, and the option of interacting with institutions through multiple digital channels of their choice.
Competitive pressures are driving financial organizations to further expand the range of products and information services they offer via integration with third parties such as stock brokerages and electronic payment providers. This requires them to make their systems more open and accessible from a wider range of devices and locations.
This combination of resource-rich targets, mission-critical systems, and accessible environments make a tempting target to cybercriminals who see financial services organizations as potentially massive paydays. Verizon’s 2022 Data Breach Incident Report found that 95% of attacks in the financial industry are financially motivated, and 79% of breaches on the financial sector originate from organized crime groups.
No wonder, then, that cybersecurity products and services continue to be one of the fastest-growing line items on IT budgets in financial services organizations. Yet, despite these continuing investments, scaling security operations continues to be a challenge, with the addition of more security tools increasing complexity and the lack of available security staff inhibiting growth and maturity.
New strategies are needed.
In ESG’s new report, Strategies for Advancing Security Programs within Financial Services, you’ll learn why more organizations in the financial services industry are partnering with managed detection and response solutions providers to close gaps, scale operations, and accelerate program development.
But that’s not all. You’ll learn:
- The six main challenges IT and security teams in the financial services sector face
- The key motivators leading financial services organizations to partner with MDR solutions providers
- The five major benefits reported by organizations who leverage MDR providers