Cybersecurity for Financial Services
Working to raise security levels through predicting, preventing and responding to financially motivated cybercrime
To put simply, criminals attack financial services because that’s where the money is. Whether it’s banks or insurance, the financial industry is one of the most sought-after targets for threat actors as they contain valuable employee, customer and business data.
Black hat hackers utilise a variety of email and network-based attack methods to breach organisations. Recent data has shown black hat hackers utilising machine-learning and AI-driven attacks on financial institutions. As businesses evolve, they tend to expand across regions, introducing new technologies and attack vectors such as payment integration solutions, all the while increasing their attack surface.
Trusted Security Partner
- Strong team of security professionals with experience in banking and financial services
- Gridware is a leading global cyber security company with consultants operating in 20 countries
- We collaborate with major universities, insurers and law enforcement agencies, addressing cyber threats affecting healthcare institutions worldwide
- Our incident response team resolve major cybersecurity breaches affecting the Australian healthcare industry by working to identify, detect and respond to cyberthreats
- Maintain business continuity and service availability
- Detect ‘live’ threats more rapidly with our managed SIEM services
- Adaptive security framework that better meets industry standards
- Ransomware prevention for critical data assets
- Security auditing and penetration testing to identify unknown security gaps
- Implementation of bank-grade anti-malware detection and mitigation solutions
- Australia’s best-in-class cybersecurity professionals helping financial services industry meet enterprise-level security standards
In March 2019, the Bank of Queensland (BOQ) reported that it was a victim of a third-party data breach by LandMark White Limited, a property group and valuation firm, whose services are enlisted by BOQ. The data accessed, consisted of property valuation services undertaken by its third-party provider. Landmark White reported being hit by 2 cyber-attacks, resulting in more than $15.1 million in business interruption and recovery costs for the financial year which was 4x the profit reported in the last financial year.
While it may be a good idea to engage with other businesses to outsource certain tasks, it also increases the amount of threat vectors that you could be attacked from. BOQ may have had appropriate security measures in place but due to weaknesses in Landmark White’s infrastructure, this still led to a breach in BOQ’s database.
Supporting the cybersecurity of financial institutions across the world
Fighting cybercrime requires a multifaceted approach. Gridware firmly believes the best approach requires an effective combination of the expert advice to improve security controls, building multi-layers of defence with leading security tools and constant improvement of the human element of security awareness.
Learn how your can start to tackle this issue with your organisation by speaking with us today.
The financial services industry is area that is heavily investing in technology and digital solutions to accelerate and optimise the delivery of critical information. Whether it’s trades in real-time or sharing data across the world with speed, more financial services companies are placing their data at risk.