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.
With more than 90% of financial institutions targeted by a ransomware attack in 2017, it’s clear that ransomware is still the tactic of choice for cybercriminals. With financial gain being the primary motivation for cybercriminals, it’s not surprising that banking and finance organizations are a regular target.
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.
Cyberattacks and data breaches are inevitable, especially in the banking and finance sector and hackers will find their way in, but with a preventative approach to cybersecurity these threats can be eliminated before the damage is done. Gartner estimates that companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, so all businesses, particularly those in the financial sector simply must prioritize cyber defense.