Industry
Cybersecurity in Finance and Banking
Reduce Risk and Exposure by Securing Your Digital Assets
Financial Services Challenge
A Highly Lucrative Target
The financial sector, including banking, securities, and insurance organizations are prime targets for cybercriminals due to the massive amounts of sensitive information and financial data they handle and transact with on a daily basis.
These organizations face an array of cybersecurity threats, which have become increasingly more advanced and more targeted from highly motivated threat actors and cybercriminal groups that are organized and well-funded.
The ramifications of a cyberattack on financial institutions are far-reaching. In addition to the obvious monetary losses, victim organizations face reputational damage and the loss of customer trust and consumer confidence. This is on top of the regulatory penalties, which will likely be severe. When it’s all said and done, the direct costs and indirect costs of an attack can be significant.
Securing Your Digital Assets
High-Value Digital Assets and High-Cost Breaches
When it comes to valuable digital assets, the finance sector tops the list, which is why it’s such a lucrative target. Threat actors have everything to gain from a successful breach, while financial organizations have so much to lose. This makes the sector particularly vulnerable.
In 2024, this financial sector faced an average data breach cost of $6.08 million, a 3% increase from the previous year. And, with breaches involving 50 million or more records, the costs skyrocketed up to $375 million.
Given the stakes, it’s imperative that financial institutions trust every digital asset that enters their organization, be it commercial software, external file transfers, emails, or any other digital object that could pose a risk, including ML models and datasets used by internal security teams.
Sophisticated Threat Actors & Evolving Threat Landscape
Increasingly sophisticated, well-resourced threat actors are continually changing tactics and developing more targeted attacks against financial institutions. RL helps financial organizations of all sizes stay ahead of emerging threats with the most up-to-date intelligence from the world’s largest repository of malware and goodware, including an industry-specific feed that tracks malware threats targeting the finance sector.
High-Impact Ransomware
Ransomware attacks have risen year after year and show no signs of abating, especially against the financial industry. RL empowers the financial sector with a highly curated ransomware feed that delivers more comprehensive and contextual intelligence, plus distinct IOCs not available from other vendors, along with aggressive aging of threat indicators to drastically reduce false positives.
Expanding Attack Surface
From thousands of files and emails entering the organization everyday, to new software being rolled out across branches, financial institutions must protect against an expanding attack surface. RL provides the real-time visibility required to rapidly detect advanced malware threats hiding in seemingly legitimate files and software. Third-party data files and software packages can be continuously assessed at speed and scale.
Data Privacy & Compliance
Given the highly sensitive information at stake and the critical role financial institutions serve, the finance sector is subject to some of the strictest regulations regarding data security and privacy, including PCI DSS, GLBA, and GDPR. RL solutions have been built from the ground up with data privacy and trust at our core, including private file analysis by default and a private data repository.
