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May 17, 2016

Cybersecurity Paranoia Is Rampant In Financial Services Industry

Have you been losing sleep wondering if your financial institution has what it takes to combat a sophisticated cyberattack?

If so, you’re not alone.

A new study shows that 90 percent of IT security professionals in the financial services industry feel vulnerable to a data breach. What’s more, 44 percent of respondents claim that they have already experienced a data breach. And nearly one in five—or 19 percent of respondents—have suffered a data breach in the last year.

Here are some additional statistics mentioned in the report:

  • 68 percent: The number of respondents that cited complexity as the top barrier to adoption of better data security. 35 percent of respondents, for that matter, pinned the blame on a lack of staff.
  • 56 percent: The percent of respondents who claimed that meeting compliance requirements was the top IT security spending priority. 50 percent of respondents claimed that preventing data breaches was the top spending priority.
  • 91 percent: The amount of financial services organizations that are now storing sensitive data in the cloud. This comes despite the fact that financial services organizations are highly-concerned about storing data within the cloud.

Fortunately, over the last year there has been a 70 percent uptick in spending to offset data security threats. What’s more, there was a 48 percent increase in spending on data-at-rest defenses this year.

Data-at-rest, in case you’re not aware of the term, refers to data that is being stored rather than being used. As TechRepublic recently pointed out, encryption is one of the most commonly-used strategies for protecting data-at-rest.

Here at Apex Technology Services, a computer consulting firm serving New York City and the surrounding areas including White Plains and Fairfield County, we can help provide your organization with critical cybersecurity services. With the help of Apex, your business can take important steps in mitigating the risk of a costly data breach.

 For more information about Apex, click here

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