As financial service organizations gather 360-degree views of customer activity to accelerate real-time sales and marketing strategies, they’re sharing highly sensitive financial information with third parties—from business partners and service providers to contractors and suppliers—increasing the vulnerability of already sensitive data.
Meanwhile, cybercriminals have targeted financial services and insurance firms with increasingly large-scale and sophisticated attacks. Despite the financial and reputational impact of these attacks—as well as increasingly stringent compliance requirements mandated by regulators—many organizations do not have adequate strategies in place to prevent breaches and keep their data safe. Worse yet, firms are not managing threats from third parties or “insiders”—current or former employees and partners with privileged access to data.
Transitioning to digital channels and other technologies may benefit financial services, but also introduces new risks, leading financial institutions to focus on enhancing protection on behalf of customers. Cybersecurity threats have also moved from attacks on individual institutions to attacks on the larger financial system, demanding new strategies.