How to protect your financial services company from cyber-attacks.
Covid-19 forced businesses to adapt to working remotely. Unfortunately, the increase in online work has been an excellent opportunity for cybercriminals. 2020 saw a 600% rise in phishing scams, with 70% of financial services companies being targeted – a record year for cyber-attacks on the financial services sector. While the pandemic is beginning to ease up, cyber-criminals are not. Therefore, it is more important than ever to ensure that your financial services company has the correct cyber security services in place.
Companies within the financial services sector are particularly at risk of cyber-attacks as they house important confidential data. This data is extremely valuable to cybercriminals – it can be held to ransom, used for ID fraud or sold on. Despite the value of their data, financial services companies are not doing enough to protect their assets. Around half of UK finance companies do not have adequate response plans for cyber-attacks, while IT departments only spend 10% of their budget on cybersecurity. Your data is powerful and profitable. Don’t let it be stolen.
Protecting your financial data can be tricky. For instance, you need to ensure you are staying within the law by meeting compliance regulations, and data breaches must be acted on quickly to minimise damage. To find out more about the five common mistakes to watch out for when protecting your financial data download the full Financial Services’ Guide to Cyber Security.
So, how can you protect your business from cyber-attacks?
Fitzrovia Managed Cybersecurity Services can help to secure your business in four key ways:
- Identity and Access Management
- Thorough Security Assessments
- Actively Improve Security Posture
- Built to be Risk-Averse
Implementing these changes benefits your business. Making your company cyber-secure will not only keep your clients’ data safe, but ensure your reputation remains untarnished and help you to stay ahead of your competitors. Remember, most financial services companies have not yet taken the necessary steps to protect themselves in the cyber-sphere – make sure you are ahead of the game.
Don’t be left defenceless. Make sure your data is protected and your business is cyber-secure.
To discover more about how Fitzrovia can protect your business, download the full Financial Services’ Guide to Cyber Security.