Security News > 2023 > October > The double-edged sword of heightened regulation for financial services

In addition to the money itself, the financial services sector stores large volumes of sensitive data, including customer information, financial records, and intellectual property.

"In a highly competitive B2B and B2C financial services industry, cybersecurity's role earning and sustaining consumer trust is paramount as a competitive differentiator," said Trustwave CISO Kory Daniels.

"For financial institutions, it isn't just about protecting data, it's about safeguarding the financial well-being and peace of mind of customers, partners, and investors. Our latest threat briefing is a valuable resource for business leaders and cyber defenders within the financial services sector, providing a comprehensive view of the threats observed by our SpiderLabs team, along with specific mitigation strategies to help organizations protect extremely sensitive data and assets," Daniels continued.

Distinct cybersecurity challenges in the financial services sector.

Sensitive data: The financial services industry holds a vast amount of sensitive customer data, including names, addresses, Social Security numbers, bank account numbers, and credit card numbers, making the sector a high-value target.

Interconnectedness: In addition to business partners, the financial services industry is heavily interconnected with other service vendors and financial entities, such as merchants and payment processors, opening it up to supply chain and third-party risk.

News URL

https://www.helpnetsecurity.com/2023/10/20/financial-services-cybersecurity-risks/