5 reasons why (not only) financial companies struggle with cybersecurity

5 reasons why (not only) financial companies struggle with cybersecurity

Why do many organizations have a hard time keeping up with the evolving threat landscape and effectively managing their cyber-risks?

Financial services companies have been a popular target for cybercriminals for a long time. Not without good reason, since beyond working with money, financial companies handle a slew of sensitive client data that criminals utilize in various fraud schemes or sell off on dark web bazaars. According to Verizon’s 2020 Data Breach Investigations Report, in the past year alone the financial industry has suffered more than 1,500 incidents, with 448 confirmed data disclosures.

In addition to the long-standing threats, most companies have had to contend with the rapid transition to remote work. The shift happened on extremely short notice, leaving companies with little time to deploy adequate cybersecurity measures or to prepare employees for looming cyberthreats. And while the pandemic will eventually subside, remote work is here to stay – adding to the list of challenges that companies need to cope with when they are preparing their cybersecurity plans and policies. This is something they often struggle with already due to various factors – we have rounded up five of them:

Talent gap

While many companies may be on the hunt for either seasoned or up-and-coming cybersecurity professionals to join their ranks and help them establish a defensive perimeter against various threats, there just aren’t enough of them to go around. In fact, although the cybersecurity workforce gap has shrunk for the first time in years, there is still a global shortage of 3.12 million workers. Actually, to make up the global talent shortfall, the employment levels would need ..