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March 21 2019

The growing threat of attacks in banks

Financial institutions face almost three times more cyber-attacks than any other industry, even though, data breaches have increased in frequency and size over the past few years. Why is it? Because banks are where money is. Additionally, the banks also possess data of millions of users. So, for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud. More and more, financial services organizations are operating under a constant state of attack, leaving IT and security teams challenged in their ability to collect, disseminate and interpret malicious events.

The financial impact of a loss of brand reputation and trust after a cybersecurity incident can be significant across all industries. The increased cost should be particularly concerning to companies in the financial sector because they experience the highest rate of customer churn after a breach compared to all other industries.  One major reason financial institution experiences a more significant impact than a company in another industry is because consumers have to deal with fear regarding the safety of their finances.

Without a doubt, the ability to respond appropriately to a cyberattack can mean the difference between a business’s success and failure. In fact, banks can even increase customer trust by telling clients about the security measures that they have put in place to protect their data.

Getting ahead of the threats, however, will require assuming that attackers are already inside the network. It requires defenders to actively hunt for potential intrusion in their environments. The use of powerful, real-time analytics across multiple data sets – both structured and unstructured – will vastly improve the quality and speed of real-time cyber threat analysis while greatly reducing overall cost.

This is an example that illustrate how redborder can be used in the financial sector goo.gl/iE6Bea

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