Breaches in US Financial Service Organizations

October 23rd, 2017 by admin Leave a reply »

As per the 2017 Thales Data Threat Report, forty two percent of U.S. financial services organizations got affected by data breach. Survey saw participation of 1,100 senior security executives worldwide. The findings are as below:

Twenty four percent of the organizations suffered data breach in last year alone

Nineteen percent suffered data breach in 2016

Eighty-six percent of participants believe they are vulnerable to data threats.

Ninety six percent will use sensitive data in an advanced technology environment

“Data breaches continue to hit the headlines and, as recently illustrated by the Equifax breach, the financial services industry is a prime target for hackers,” Thales e-Security vice president of strategy Peter Galvin said in a statement.

“As digitization continues to transform the industry’s online infrastructures it is critical organizations implement data security solutions that follow the data — wherever it is created, shared or stored,” Galvin added.

A recent survey conducted by ISMG survey of over 250 banking and security leaders found that 38 percent have confidence in threat detection deployed by companies.

“This survey certainly shows that while consumers may shoulder many direct costs and burdens associated with fraud, institutions are also suffering substantially,” NuData Security marketing director Lisa Baergen told eSecurity Planet by email.

“The global uptick in fraud, coupled with ever-increasing amounts of PII available on the black market, makes financial institutions more vulnerable and as a result, their security investments are growing yet their confidence in them isn’t,” Baergen added.

As per Symantec’s Q2 Mobile Threat Intelligence Report: Mobility and Finance found that twenty five percent of mobile devices used by employees at financial services organizations are at risk.

“Since user behavior is such a huge factor in mobile security, user education is one of the most important things an organization can do to… minimize the threat to their organizations through mobile devices,” the report suggests.

____________________________________________________________________________________________

AlertSec ACCESS is a patent pending technology. It is designed to enforce that devices are encrypted before access to a network is granted. Encrypted devices secure your data in case a device is lost or stolen. AlertSec ACCESS checks all computers and smartphones and detects all encryption types.

Leave a Reply