Cybersecurity for Financial Firms

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The Cybersecurity Challenge Financial Organizations are Facing

Cybersecurity has become an undeniable challenge for financial institutions around the globe. The financial sector continues to be a prime target for cybercriminals due to the potential for high monetary gain. As banking and other financial services increasingly move online, the threat landscape continues to evolve and grow.

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566 breaches caused over 254+ million global finance/insurance

user record leaks

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From 55% in 2022 to 64% in 2023,

the risk of ransomware attacks increased

in financial services

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$5.9 million is the average cost of

a data breach for financial services organizations

Common Cybersecurity Threats Targeting Businesses

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Phishing

Phishing attacks involve fraudulent emails and websites that trick employees into disclosing login credentials and financial information or downloading malicious attachments, leading to unauthorized access to sensitive data, financial losses, and damaged reputation.

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Ransomware

Ransomware encrypts vital data and demands ransom for its release. At the same time, malware infiltrates networks and systems, stealing or destroying sensitive information and resulting in operational disruptions, data loss, financial burdens, and legal ramifications.

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Data Loss

Data loss can occur due to hardware failure, accidental deletion, or cyber-attacks aimed at destroying or stealing information, resulting in disrupted operations, customer dissatisfaction, lost intellectual property, legal liabilities, and even business closure.

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User Risk

Cybersecurity incidents are often caused by human errors, such as weak passwords and clicking on malicious links. Inadequate security practices put sensitive data at risk, leading to financial losses, damaged reputation, and loss of competitive advantage.

Enhance Cybersecurity Posture of Finance Organizations

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Prevent disruption of financial services, maintenance of client confidentiality across transactions, and overall operations.

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Build trust in data security for business owners, IT finance, and support operations.

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Mitigate the financial risk of being sued or paying fines in case of a breach.

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Common Cybersecurity Threats Targeting Legal Firms

Phishing

Phishing attacks involve fraudulent emails and websites that trick employees into disclosing login credentials, financial information, or downloading malicious attachments which leads to unauthorized access to sensitive data, financial losses, and damaged reputation.

Ransomware

Ransomware encrypts vital data and demands ransom for its release, while malware infiltrates networks and systems, stealing or destroying sensitive information and resulting in operational disruptions, loss of data, financial burdens, and legal ramifications.

Data Loss

Data loss can occur due to hardware failure, accidental deletion, or cyber-attacks aimed at destroying or stealing information resulting in disrupted operations, customer dissatisfaction, lost intellectual property, legal liabilities, and even business closure.

User Risk

Cybersecurity incidents are often caused by human errors such as weak passwords, and clicking on malicious links. Inadequate security practices put sensitive data at risk, leading to financial losses, damaged reputation, and loss  of competitive advantage.

Enhance Cybersecurity Posture of Finance Organizations

A blue circle with a blue circle in the middle of it.

Prevent disruption of financial services, maintenance of client confidentiality across transactions, and overall operations.

A blue circle with a blue circle in the middle of it.

Build trust in data security for business owners, IT finance, and support operations.

A blue circle with a blue circle in the middle of it.

Mitigate the financial risk of being sued or paying fines in case of a breach.

A blue circle with a blue circle in the middle of it.
A blue circle with a blue circle in the middle of it.

The Key Role of MSPs in Boosting Cybersecurity in Finance

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Executive Level

Individuals at the executive level are the gatekeepers to valuable and confidential data. They are responsible for educating their team about cybersecurity best practices, investing in advanced real-time threat detection technologies, and establishing partnerships with Managed Service Providers to ensure their business operations are efficient and secure.

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Finance Professionals

Finance Analysts, Bankers, Accountants, are vital for effectively managing a company’s financial assets. They employ various software and hardware tools to optimize financial performance. Cybersecurity is crucial in their role since it safeguards the financial data and systems from cyber threats, thereby protecting the company’s financial integrity and stability.

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Support Operations

Support Operations teams such as software admins are the backbone of the finance industry, ensuring the smooth flow of tasks, from the basic administrative function to high-level strategic reasoning and decision-making. Therefore it is important to maintain a strong cybersecurity framework, ensuring compliance with protocols and regulations, and constantly attuning to the evolving cyber threat landscape.

The Key Role of MSPs in Boosting Cybersecurity in Law

Executive Level

Lawyers deal with sensitive client information that, if exposed, could lead their clients to severe financial and reputational losses. Therefore partnering with a cybersecurity managed service provider, it is vital to adopt cybersecurity measures with real time protection, regular access reviews and continual security training to ensure the safety of sensitive data and system integrity.

Finance Professionals

Focused on conducting legal research, drafting documents, organizing and coordinating legal work, paralegals access important and sensitive data on a regular basis. This makes them potential targets for data breaches. By using MSPs, firms can enhance data security, educate employees on good data management practices, and reinforce data protection procedures.

Support Operations

This department often manages internal emailing, data entry, and scheduling, making them targets for phishing emails or malware intrusions. Conducting phishing simulations as well as launching awareness campaigns can significantly reduce the risk of such attacks, enhance the security culture within the organization.

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Email Security

Stay ahead of potential email threats by leveraging a userfriendly API-based active protection

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Cloud Data

Enable cloud data protection to achieve a safe and secure data collaboration with external users

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Awareness Training

Equip employees to be the first line of defense against the evolving landscape of cyber threats

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External Risk

Gain actionable insights on external threats by scanning digital footprint and exposed vulnerabilities

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Endpoint Security

Protect laptops, and desktops from cyber threats such as malware, and ransomware

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Secure Browsing

Keep your browser secure with a secure extension to protect you against viruses and malicious sites.

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Phishing Simulation

Continually simulating cyber attacks like phishing emails to highlight weak spots

Email Security

Stay ahead of potential email threats by leveraging a userfriendly API-based active protection

Cloud Data

Enable cloud data protection to achieve a safe and secure data collaboration with external users

Awareness Training

Equip employees to be the first line of defense against the evolving landscape of cyber threats

External Risk

Gain actionable insights on external threats by scanning digital footprint and exposed vulnerabilities

Endpoint Security

Protect laptops, and desktops from cyber threats such as malware, and ransomware

Secure Browsing

Keep your browser secure with the Guardz extension for protection against viruses and malicious sites

Phishing Simulation

Continually simulating cyber attacks like phishing emails to highlight weak spots

FIND OUT MORE

Find out how our specialist team can help you with your Cybersecurity for Financial Firms with a FREE consultation.

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