Banking and Finance

Banking & Finance are the backbone of the world economy. This makes financial institutions a very attractive target for cybercrime costing the industry billions each year. This makes having a robust cybersecurity plan in place a critical business need.

Abacode understands that financial institutions remain among the most targeted businesses by hackers and data thieves. With 25 percent of all malware attacks in the world hitting banks and other financial institutions, taking in the highest cost from cybercrime at an average of $18.3 million per company surveyed. Amplifying the need to protect their customers’ accounts and data, at the same time protecting their own interests with a trusted Managed Security Service Provider. Due to this increased risk Financial organizations are required to comply with strict cybersecurity regulations.

Year after year the number of cyberattacks affecting the financial sector are on the rise. 40 million. 76 million. 90 million. 130 million. 143 million. Those are the numbers of people or households affected by the worst five cyberattacks in the banking and capital markets sectors in the 21st century.

Malware occurrences are experienced by 96% of banks, with web-based attacks following at 87%. Both are costly events, with web-based incidents costing $202,000 and malware $192,000 on average. Interestingly, denial-of-service attacks are experienced by 51% banks yet are the most costly to resolve at $208,000 per incident on average.

Safeguarding Data & Assets

Steps

design, implement, manage, report

In addition to a strong cybersecurity plan organizations that process credit card transactions are required by the PCI council to support a robust security program.

Compliance Standards:

PCI DSS   |   FFIEC

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