Why Cybercriminals Love the Finance Industry (And How You Can Stay One Step Ahead)
If there’s one industry that cybercriminals can’t resist, it’s finance. Banks, insurance companies, brokerage firms—they’re all sitting on a goldmine of sensitive customer data that hackers are itching to steal. And the bad news? Cybercriminals are getting more creative by the day, finding new ways to target financial institutions and score big. So, what can financial organizations do to protect themselves?
The first step is understanding why the finance industry is such a juicy target for hackers and knowing how to defend against those risks. Let’s break it down, starting with why cybercriminals have their sights set on financial institutions.
Why Hackers Love Hitting the Finance Industry
1. Customer Data = Big Money
If there’s one thing hackers know, it’s that customer data is worth serious cash. Information like credit card numbers, Social Security numbers, and other personal data can fetch a hefty price on the dark web. In fact, selling just 50 to 100 credit card numbers can make a hacker anywhere from $250,000 to $1 million. No wonder they’re willing to take the risk.
2. Digital Transformation Opens Doors
The financial industry is in the middle of a massive digital transformation, with more products and services moving online. And while that’s great for customers, it also opens up new opportunities for hackers to strike. As financial institutions work with third-party tech providers to improve the digital experience, there’s always a risk of exposing customer data to cyberattacks like ransomware.
3. Compliance Is a Headache
Let’s face it—keeping up with compliance regulations is no easy task. Financial institutions have to juggle state, federal, and international rules, which are constantly changing as cyberattacks evolve. The problem? If a business isn’t staying on top of these regulations, hackers can exploit weaknesses in their system. And when that happens, the fines and legal penalties can be brutal.
So, How Can Financial Institutions Protect Themselves?
Now that we’ve covered the risks, let’s talk solutions. Financial organizations can boost their cybersecurity game by tapping into the many tools, strategies, and resources available to them. For example, partnering with a managed service provider (MSP) gives companies access to security experts who can test their systems for vulnerabilities. From there, the MSP can help close security gaps and build a stronger defense that keeps hackers out while allowing legitimate users in.
We’re Here to Help You Stay Ahead of Cybercriminals
Let’s be honest: cybercriminals are only getting smarter, and their attacks aren’t slowing down. If you’re in the finance industry, it’s more important than ever to be aware of the risks your company faces—and fix them before it’s too late. The good news? Our team of cybersecurity experts is ready to help you get started. Contact us today to learn more about the security services and tools we offer to protect your business.
Want more cybersecurity tips and insights? Check out our resources section for additional blogs on how we can help safeguard your business!