Financial institutions, banks, Credit Unions, security companies, hedge funds, and asset management firms handle much of the industry’s most sensitive information. From account and credit card data to personal identification these items are always prime targets for cybercriminals, mainly to steal money. With the financial health of both individuals and businesses on the line, effective cyber security for banks is essential.
Unfortunately, these institutions are under attack more than ever before. Boston Consulting Group revealed that financial institutions are 300 times more likely to be attacked than other industrial sectors. And as if that wasn’t enough, IBM Security’s “Cost of a Data Breach Report” 2019 states that the Financial industry hit the #2 spot on their list for Data Breaches with an average total cost of a data breach listed at $5.86M.
With COVID-19 and the push toward contactless payments and digital transformation, we have seen an increase with the number of cyber threats on banking information. This accelerated change combined with Big Data and exploding analytic activities have resulted in higher risks, elevating the need to improve national and global security necessary to protect customers information from hackers.
Average total cost of a data breach by industry
Measured in US $ Millions
While some companies have been effective with adapting and keeping up with security level changes, maintaining compliance with industry standards such as PCI DSS is yet one more critical challenge for financial institutions. Payment Card Industry Data Security Standard (PCI DSS) represents a set of 12 requirements for securing payment transactions and protecting cardholders against the misuse of their payment card data.
In the event of a data breach, the card brands will investigate a merchant’s level of PCI DSS compliance. Once they’ve assessed the bank’s PCI DSS compliance enforcement and establish whether the merchant was in compliance during the time of the breach, they’ll distribute fines and penalties. These fines can range from $5,000 to $100,000 per month – depending on the size of the merchant’s business and the degree of noncompliance.
Financial Data Breach News
Type - Risk
CPA of Canada
Bank of America
Wells Fargo, N. A.
M & T Bank
Mast Encryption Keys - 8mil banking cards
329,000 members PII exposed
Loan application PPP Information exposed
Email incorrectly distributed with PII
Proactive Protection - Druvstar
With the right partner and solution, threat detection for banks and credit unions can be substantially improved, and the challenges faced by the industry can be mitigated. DruvStar offers many solutions that leverage our core services and advanced cloud-based SIEM system. These comprehensive and scalable security and compliance software systems are designed to prevent these breaches and help you fight through these dynamic and dangerous times – keeping you safe.