Financial SERVICES SectorCybersecurity in Financial Services Sector
The Financial Services sector is a prime target for cyber criminals. Attacks in this sector have been steadily increasing over time, 11% in the last year. Despite this, many companies are brimming with vulnerabilities and without immediate action will find themselves under threat.
Cyber Audit Team (CAT) is 100% focused on information security and cybersecurity. Our highly skilled and industry respected team of specialists are trusted by the Financial Services sector Australia wide.
Source: “Annual Cost of Cybercrime Study“, Accenture.
Threats facing the Financial Services Sector
Financial firms have always received special attention from criminals, the introduction of cybercrime has increased the speed and volume at which they can attack. The sector reported 1,509 cyber security incidents in 2020, over 400 of those with confirmed data disclosure.
Key challenges Financial Services firms face are:
- Financially motivated organised criminals searching for datasets that contain personally identifiable and financial information.
- Email continues to be the most abused vector for threat actors to reach their goal, including phishing and pretexting.
- Adhering to compliancy regulations while also maintaining customer security and digital privacy is overwhelming internal teams.
- The high cost of a breach – regulatory penalties, lost revenue, brand damage and shareholder confidence.
Case StudyHow we solved data theft from an ex-employee
One of the largest private financial services firms in Australia had an ex-employee download over 200 individual client account profiles and began soliciting clients for their new employer.
The files contained individual client account designations, account numbers, personal financial information, and cash balances which the firm considered to be private information.
CAT’s MDR services were critical to the Financial Services firm taking effective legal action against the ex-employee and their new employer.
What We Do Solutions for Financial Institutions
Our model for achieving information security and cybersecurity maturity for our clients is simple, yet highly effective. Learn more about our approach or explore our services below.
Through our independent cybersecurity assessment services, we provide a gap analysis and risk exposure
Safeguard sensitive information and digital assets through proactive Managed Detection and Response services
Continuously monitor systems and networks for known and emerging threats
Rapidly and effectively manage detected events and incidents, ensuring effective containment and incident management processes
Ensure regulatory compliance and mitigate brand and reputational damage through effective recovery, whilst minimising down time and event reoccurrence