For decades, the financial services industry has endured constant change and uncertainty, from the depths of a financial crisis to widespread regulation overhauls. With the advent of more advanced cybersecurity threats, the industry has responded with rapid digital transformation to remain competitive while also pushing the envelope. Today, managing and mitigating cyber-related risks not only draws government scrutiny, but increased consumer scrutiny as well, with longstanding brand reputations
anchored to institutions’ ability to protect its most sensitive data. In a recent survey of Americans, financial information was considered by consumers to be their most valuable personal information, worth even more than personal or family photos and videos. For consumers, failing to protect their data is a grave violation of trust, to the point where 72% would consider leaving their current financial institution if their sensitive information was taken hostage by ransomware.
Not only does the financial industry need to protect data that is easy to monetize, but investment banks and other noncommercial entities are also charged with safeguarding information surrounding investment strategies, mergers and acquisitions, and market influencers that would be sought after by actors motivated by espionage. With international cybersecurity incidents impacting financial movers and shakers like the SEC, Equifax, and Mossack Fonseca, security professionals in the industry require maximum visibility into their environments in order to prove to their boards of directors that they have not already been breached, even
as new security measures are being implemented.