Organisations in financial services continue to be a prime target for cybercriminals due to the large amount of funds they hold, as well as the data and personally identifiable information they collect and store.
The latest breach to hit the headlines is a security breach at one of the oldest cooperative banks in India. Within 24 hours of the FBI issuing a global alert around an ATM cash-out threat, the bank suffered a breach in which hackers executed 12,000 transactions and stole $13.5 million from the bank’s accounts via ATMs in Canada, Hong Kong and India.
Payments fraud has reached a record high according to a recent survey I read about by the Association for Financial Professionals (AFP). The organsation advised that in addition to being extremely vigilant, treasury and finance professionals will need to anticipate scams and be prepared to deter these attacks.
To protect customers and their reputation, financial services organisations need to be detect and respond to compromises as quickly as possible and thwarting malicious attacks before the damage is done. Replacing legacy systems with the latest cutting-edge security technology is becoming increasingly critical.
For financial institutions in the United States, the average cost for each lost or stolen record is $206. Scale this to a breach affecting millions of records, and the impact to the bottom line can be substantial. And the damage to customer trust and the financial institution’s brand is immeasurable.