Financial services companies are playing a cat-and-mouse game with hackers, but the game is rigged in hackers’ favor.
Trojan attacks have dropped by more than 70 percent according to recent studies. Yet, of the attacks that do make it through, they are doing more damage than ever. The crackdown on stealing individuals’ bank account information is prompting hackers to evolve, attacking the banks themselves.
Many financial services companies are reacting by upgrading their information technology investments. While there is no time like the present to safeguard your company from cyberattacks, you will be faced with spending hundreds of thousands – if not millions – of dollars on upgrading decades-old IT infrastructure.
There are benefits to deploying cybersecurity technologies, but it’s important to remember that technology alone is not the silver bullet to stopping hackers dead in their tracks. Technology is just a tool. Without the right people and process in place, the technology won’t work.
Case in point? Target. The global retailer is well-known for its massive data breach several years ago. Target used industry leading cybersecurity technology. Ironically, this technology did its job and identified the threat before it had done any damage. However, Target didn’t have the right people in place to recognize the warning signs or the structure to mitigate the impact of the breach.
Many companies in the financial services industry are following Target’s dangerous example. They are spending exorbitant amounts of money on the technology itself without investing in the people and process necessary to mitigate cyberattacks. Studies have found investing in the right cybersecurity experts can reap tremendous financial benefits.
Why aren’t more organizations investing in people and process before spending money on technology? It’s easier to buy technology than it is to find a third-party cybersecurity expert who understands your business and can partner with you to implement and execute a comprehensive strategy involving people, process, and technology. The demand for a trusted partner is far outpacing the supply: A recent study found there is a 500,000-person shortfall of cybersecurity professionals this year, which will grow to 1.5 million people by 2020.
If you don't know where to start to find the right cybersecurity experts to help you, US Cyber Vault can help. Building on 20 years in cybersecurity, our experienced team of intelligence agents will help you maximize security and efficiency in a true team environment with complete cooperation. Unlike many third-party cybersecurity companies, we will work with you – rather than with the goal of replacing you or downgrading your value within your organization – to monitor, protect, and secure your company from data breaches.
Our counterintelligence experts use military, government, and law enforcement investigative strategies and techniques to constantly outthink, outsmart, and outmaneuver criminals before they have a chance to do any damage to your company. With our people at the foundation of what we do, we then also provide extra layers of security with our leading technology to protect your assets at every layer – from hardware to application – and encrypt your data and communications by default. We not only protect you from cyberthreats, we also provide you with a clean room for isolated testing, research, development, and secure disaster recovery so you have complete control over your most valuable assets.
Sign up for a free trial today so we can show you how we use people, process, and technology to secure your company.
Written by Rob LaMear, CEO, US Cyber Vault
Once a month we share where we will be speaking in the world as well as expert opinions on cyber security, data loss prevention, and information security that we like from the larger community. Receive our next issue by signing up here.