From banks to investment services, the financial sector is a constant target for data breaches. Any professional in financial services understands the high worth and demands their industry requires. Any disruptions could be damaging and quite costly. Whether the service is in banking, investments, stocks, commodities, or other areas within financial services, cybercriminals see a golden opportunity in the sector as every day billions of dollars flow through the global financial industry.
Criminals constantly attempt to siphon some of this money to make themselves wealthy off others’ hard work. Not only can such a breach cause direct financial loss from the attack, but failure to prevent one can cost a company an indirect financial loss as well as lost business and a sullied reputation. In 2017, Equifax was breached which affected over 140 million people and cost the company a settlement in the hundreds of millions of dollars. It is evident that a comprehensive data security solution is integral to protecting assets and covering any company providing financial services.