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Every company wants to make sure their customers are satisfied with their services and or products. As such, trust plays a role along with making things easier for the customer to consume their product and services. Trust is particularly important when it comes to the financial services industry. When working with banks, investment firms, and other financial institutions, customers want to have confidence that their sensitive data will be protected when using the organization’s online or mobile app to pay bills, manage their accounts, make deposits or payments, or any other activity that used to be conducted offline. However, if a breach occurs, customers lose their trust and become hesitant to continue to use the organization’s services.
Today, many financial services organizations still rely on a reactive approach when it comes to their security posture. Financial services are a prime target for Cyber criminals because of the significant financial reward associated with a successful breach. As a result, cybercrime targeting the financial industry has sharply increased across the globe over the past two years, accompanied by more frequent headline-grabbing breaches (like Equifax) that erode consumer confidence and brand reputation.
The importance of shifting from a reactive to a proactive security approach must be more of a priority than ever before for security teams. Taking a risk-based approach to prioritize what needs to be patched first can help reduce an organization’s exposure and improve its overall risk posture. In return, they can reduce the probability of a breach, and maintaining customer trust.
To read more about the unique security challenges faced by the financial services industry and learn how banks and other financial institutions can develop a proactive strategy to vulnerability management, click here to read our latest Whitepaper ‘Living with a Target on your Back: How Financial Institutions Can Effectively Manage Cyber Risk’.
Also, if you are attending FS-ISAC on May 20th to the 23rd, make sure to swing by booth #11 to learn how Kenna Security can help organizations develop a proactive, risk-based approach to security, and also catch our Chief Data Scientist, Michael Roytman’s talk on May 23rd at 12:45PM EST.
