How Well Is the Financial Services Industry Doing on Security? Healthcare, manufacturing and financial services have one thing in common: they are the three most-targeted industries in 2018. Not only do they provide access to reams of data, but the sectors are also critical to society. So, if hackers want to seriously do harm, they can go after either of these sectors to succeed. Companies in the financial services sector manage money, covering banking, offshore financial operations, stock brokers, credit card vendors, insurance companies and investment funds.
What is the actual cost of breaches in this sector and what kind of measures do CISOs leading financial services institutions take to ensure proper cyber defense, data security and prevent business disruption? The financial services sector currently spends as much as 40 percent more on breach containment and detection than it did three years ago, Accenture found, making it easily “the highest cost of cybercrime” in comparison with other industries. Financial services companies are severely impacted by business disruption and information loss, which end up draining the mitigation budget.