Cybercrime is a lucrative business and the banking and finance industry is under relentless attack from hackers. As cybersecurity attacks continue to grow in both sophistication and frequency and financial services firms become increasingly reliant on customer data and technology to run their businesses, staying one step ahead of cyber criminals is critical.
Customers are reliant on electronic banking to complete transactions so financial institutions have developed more mobile apps and web portals. This has increased their exposure and risk to cyberattack.
Mobile banking threats include mobile malware, third-party apps, unsecured Wi-Fi networks, and risky consumer behaviour.
The financial institution owns the risk, whether or not the institution uses a proprietary or third-party mobile banking application.
Security breaches can lead to lost revenue, reputational damage, regulatory fines and interruption to operations.
So, how do banking and finance leaders mitigate the risk?
Lots of cyber security solutions can tell you when a breach or attack has taken place and data has been lost. BlackFog stops it from happening in the first place.
BlackFog fills the gap between security solutions that focus on preventing access through intrusion detection systems, such as Firewalls and Anti-Virus/ Malware solutions that remove known infections after they have been discovered. Consisting of multiple layers of defense, BlackFog protects against ransomware, spyware, malware, phishing, unauthorized data collection and profiling.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.