Digital Transformation is a dangerous time for financial services

Digital transformation is something that all financial organisations have to go through in order to compete in the digital age, however, in their haste to transform, security risks can and do slip through the cracks.

Cybersecurity concerns are some of the biggest barriers to implementing digital transformation. Getting a clear overview of your security posture will allow you to focus on the areas that need improving most, saving both resources and cash.

The Risks

The introduction of technology such as IoT devices and the cloud all need to be considered when it comes to security. IoT devices may help streamline processes and improve efficiency but they also increase the potential attack service.

With data from the H2 2018 cybercrime report showing that up to 61% of online monetary transactions (out of 17 billion in 2018) are now being done via mobile phones, attackers have increased their focus on them. Mobile bot attacks increased by 12% to 189 million in the last six months of 2018. As such, new policies need to be introduced to tackle the threat.

Firms are also turning to third-party providers for a whole range of services that are potentially leaving them vulnerable to attack. Without proper due diligence, third parties form the basis of major cyber attacks leading to financial losses and reputational damage.

With data showing a 57% rise in the cost of cyber-attacks for financial services* firms the need for performing effective Due Diligence has never been greater.   

Digital transformation is vital to any financial service but organisations need to ensure that they have a clear overview of the entirety of their cybersecurity posture. Security needs to be front and centre of any decisions they make rather than an afterthought.

Legacy systems are regularly listed as one of the biggest barriers to an effective digital transformation.

The risks posed by legacy software and hardware increase during a digital transformation as in the rush to implement new systems and processes older ones can get lost in the mix including any vulnerabilities they may have.

How CyberScore™ can help

Automated security testing services such as CyberScore™ can remediate such risks by highlighting what is vulnerable and what needs patching.

CyberScore™ allows security teams to maintain visibility across the organisation to quickly identify anomalous behaviour and rapidly mitigate threats.

For Further Reading:

Don’t let a Cyber breach be your legacy

Cybersecurity is everyone’s responsibility, not just the tech experts

The Cybersecurity Dream team of CyberScore™ and Cyber Posture Assessments

XQ Cyber also offers a range of incident response and consultancy services such as Penetration Testing, Cyber Posture Assessments and Incident Response preparedness and testing.

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*EfficientIP DNS Threat Report