Cybersecurity for the Finance and Insurance Industry | Vumetric

Cybersecurity for
the Finance and Insurance Industry

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Mitigate your cybersecurity risks and protect your customer data with the help of our services adapted to the financial & insurance industry.

Cybersecurity for the Finance and the Insurance Industry

Financial institutions are facing increasingly complex challenges to secure their valuable data from cyber attacks. These organizations hold a large volume of critical customer information, banking records and stock trading algorithms which makes them a primary target for modern cybercriminals. From web applications becoming more complicated – to mobile apps/websites constantly changing to replace legacy systems and offering a wider range of features – to online transactions becoming much more prevalent, the need to test your cybersecurity measures has become a necessity to mitigate the risks of a cyber attack.

According to a White Paper published last year by The Identity Theft Resource Center, “75% of surveyed financial organizations said they did not have a formal cybersecurity incident response plan across their organization” – Which leaves them exposed to a damaging breach that can potentially spread across all systems and cause irreversible damage to both their reputation and infrastructure.

Cybersecurity Statistics in the Finance & Insurance Industry

Cybersecurity Insurance Statistics
68% of US businesses have not purchased any form of cyber insurance

Reference: Cisco

Finance cybersecurity cost statistics
Cyber insurance policies are predicted to cost from $14 billion by 2022 to $20 billion by 2025

Reference: Insurance Business

Equifax Statistics
Equifax was found liable for their 2017 breach and was fined $425 million by the Federal Trade Commission (FTC) in 2019

Reference: FTC

Cybersecurity ATM Jackpotting Statistics
Law enforcement and financial institutions must protect over 400,00 ATMs in the US against jackpotting cybercriminals

Reference: Wired

Cybersecurity cost statistics
Trojan horse “Ramnit” largely affected the financial sector in 2017, accounting for 53% of attacks

Reference: Cisco

Equifax Statistics
The Equifax breach cost the company over $4 billion in total

Reference: Time Magazine

Cybersecurity ATM Jackpotting Statistics
The banking and finance industry incurred the most cybercrime costs in 2018 at $18.3 million

Reference: Accenture

Cybersecurity ATM Jackpotting Statistics
ATM Jackpotting caused US businesses over US$1 million in losses in 2018

Reference: Business Insider

Cybersecurity cost finance statistics
Finance institutions are 47% more likely to experience a cyberattack

Reference: Statistics Canada

Data Cybersecurity Statistics
Financial and Manufacturing services have the highest percent of exposed sensitive files at 21%

Reference: Varonis

Cybersecurity data statistics
Financial services had 352,771 exposed sensitive files on average while Healthcare, Pharma and Biotech have 113,491 files on average the highest when comparing industries

Reference: Varonis

Cybersecurity ATM Jackpotting Statistics
There are now over 20 ATM malware families that threaten the banking industry

Reference: Kaspersky Lab

Finance cybersecurity cost statistics
The financial services industry takes in the highest cost from cyber crime at an average of $18.3m per company surveyed

Reference: Accenture

Equifax Statistics
In 2017, 147.9 million consumers were affected by the Equifax Breach

Reference: Equifax

Web cybersecurity statistics
65% of the top 100 banks failed web security testing

Reference: Slashdot

Questions to assess your cybersecurity

  • Do you have an incident response procedure ?
  • Do you have mechanisms aiming to prevent cyberattacks ?
  • Are your payment systems PCI-DSS compliant ?
  • Is your critical data accessible from other internal systems ?
  • How often do you perform a security audit ?
  • Is your staff educated towards cybersecurity risks ?
  • Ensure the security of applications on all devices.
  • Secure a growing and fragmented infrastructure.
  • Maintain the availability of services in the event of a cyberattack.
  • Securing a large volume of critical financial information.
  • Minimize the financial and reputational impact of an incident.
  • Integrate new technologies into existing systems.

Cybersecurity challenges faced by the finance and insurance industry.

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