Handling massive data troves of potentially lucrative private information as they do, financial services firms, especially commercial banks, are about 300 times more likely to be successfully attacked than businesses in other industries.
And those cyberattacks take a toll. Hacked financial institutions usually see a steep drop-off in consumer confidence, not to mention losses in sales and revenue.
The costs are only rising: an average data breach now costs the financial industry $336 per record. For context, this year’s Exactis data breach exposed 340 million records.
For finance, the regulatory burden is getting stiffer as well. As you probably know, the General Data Protection Regulation (GDPR) has come into force in the last few months with a set of prescriptive regulations intended to protect the consumer data of European citizens.
Under the terms of the GDPR, businesses, whether operating in the European Union or offering goods or services to EU customers, are obligated to protect the personal data (as defined below) they gather. The penalty for non-compliance if that data gets misused: some of the steepest fines in the world, totaling up to four percent of an organization’s annual global turnover or 20 million euros.
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