“The Financial threat of data breaches continues to increase, with the number of U.S. cybersecurity incidents tracked in 2017 hitting a new record high of 1,579% – a 48% increase over 2016. 8.5% of the data breaches reported in 2017 involved the financial sector, impacting organizations such as banks, credit unions and credit card companies. The global financial sector has always been a primary target for cyberattacks because of the tremendous value of the information to which these organizations often have access. In fact, financial services firms are hit by cyberattacks a staggering 300 times more frequently than businesses in other industries.”
"The FBI has obtained unspecified reporting indicating cybercriminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an 'unlimited operation', states the FBI alert to banks.” Business Today
Cyber technology has taken the Financial organizations above the heights of profits. Specially, it has given a great favor to the financial institutions by providing data storage, digital money, networking and many other online services. The fact, cannot be hindered in any way that where technology facilitates intensively, can also be severely disastrous for financial institutions. Cybercrimes as a technology disease are spreading very speedily in present era. Nothing is secure now and financial institutions are under a great threat.
With the emerging trends in business most of the companies are depending on digital money, electronic data and computer networks where all of the personal and financial information is stored. By these trends theft tactics have also been upgraded. Cybercrime is one of the major challenges today. Major cyberattack in the recent years not only caused financial loss but also leaked other sensitive information. Journal of Internet Banking and Commerce
As the number and severity of cyber threats increase on a daily basis, raising awareness of these risks among financial institutions has fortunately proven largely successful. Some financial organizations have reported that simply hearing about cyber incidents impacting other entities in the sector has influenced them to invest more in their own security.
Cyber Forza understands the importance of integration, protection, workflow, intelligence and compliance for the Financial sector. Cyber Forza suite of products goes beyond what traditional vendors have been providing to ensure the client records, financial investment and reputation is protected.