Cyber Security

The Urgency and Imperative for Financial Institutions to Mitigate Cyber Attacks

The Urgency and Imperative for Financial Institutions to Mitigate Cyber Attacks

While banks and financial firms have long been a core target for malicious online threats, Enterprise Talk notes that the global pandemic has created much more complexity within the Cyber Security threat landscape.

It is estimated, with the increase in fake domains, phishing scams, DDoS attacks, Cyber crime damages will cost the world $6 trillion annually by 2021, with the majority directed towards financial institutions and banks.

The pandemic has only added fuel to the fire. In response, the Financial Conduct Authority called for institutions to pay closer attention to information security and to increase monitoring guard endpoints, information, and critical processes such as network connections.

Many banks and financial organizations have invested millions into their Cyber Security efforts. However, they have failed to incorporate security platforms and instead relied on manual processes, which has translated into an increase in attacks. In addition, the added pressure to maintain compliance while trying to protect sensitive data from breaches continues to mount.

This increased cyber threat level to financial institutions has a new sense of urgency that can be difficult to navigate. How those financial businesses respond will determine their future, which is why it is important to turn to proven experts to mitigate their risks and help them become not only compliant, but give them the peace of mind that they are secure.

Thrive works with some of the largest hedge fund and financial services companies, as well as many of the top regional banks in the Northeast, providing them industry-leading Cyber Security services tailor-made for the FinTech industry.

Backed by an unmatched portfolio of Cyber Security services and an expert team with decades of financial services industry experience, Thrive provides businesses a comprehensive Cyber Security plan that covers vital data, SaaS applications, end-users, and critical infrastructure.

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