Cybersecurity for
Financial Services
Immersive can help. As the global leader in people-centric cybersecurity, we help you and organizations Be Ready.
Cyber Attacks Are Rising. Financial Services Must Prove Readiness.
Over the past 20 years, nearly one-fifth of all global cyber attacks targeted financial services organizations, resulting in $12 billion in losses, according to the IMF’s Global Financial Stability Report. Most attacks involve the human element.
To build resilience against attacks and reduce risk, financial services cyber leaders must prove their cyber readiness to key stakeholders - including to Boards, C-level executives, and regulators – and improve capabilities across the workforce against rapidly evolving threats.
Immersive can help. As the global leader in people-centric cybersecurity, we help you and organizations Be Ready.
With unmatched industry experience and technical expertise from some of the top minds in cybersecurity, we’re uniquely equipped to prepare your organization for any future cyber challenges.
Importance of People-Centric Cybersecurity in the Financial Sector
Immersive AppSec closes that gap. By focusing on people, not just process, we equip engineering teams with the real-world skills they need to build secure software from day one.
- Industry a top target for cyber crime
- Highly interconnected business ecosystems and supply chain
- Legacy tech risk
- Pressure to ship new code under tight deadline
- Data security in financial services
Building Cyber Resilience in Financial Services
Gear up for an exciting challenge as our cyber experts lead you through each stage you’ll cover at a Cyber Drill.
From Reactive to Resilient
Cyber attacks are no longer a question of if, but when. Traditional security isn’t enough—resilience is now a business imperative.
Cyber attacks are no longer a question of if, but when. The unrelenting evolution of cyber threats and the actors who deploy them render traditional, reactive security measures inadequate. Cyber resilience is the ability to bounce back from an attack, adapt to changing threats, and emerge stronger than ever. Having a comprehensive cyber resilience strategy is no longer optional, it's business-critical.
A New Era of Cyber Threats
In the coming months and years, cybersecurity is poised for significant shifts.
New technologies such as GenAI, evolving compliance pressures, and evolving threats demand that you remain vigilant and adaptive, especially as you prepare your people for threats. Cyber resilience hinges on the human element.
Resilience Starts
with Readiness
Immersive empowers organizations like yours to build an unshakeable cyber resilience posture.
With a people-centric approach focused on proving and improving workforce readiness. With a proper cyber resilience strategy, organizations can anticipate, withstand, recover from, and adapt to cyber attacks—when they happen.
With Immersive, you can:
Measuring Cyber Resilience with the Immersive Resilience Score
The Immersive Resilience Score measures your workforce preparedness for cyber attacks and breaches based on years of benchmarking data across industry verticals. The score will help organizations identify weaknesses in their teams’ cyber capabilities, address skills gaps to prevent or mitigate damage to their revenues and brand reputations, and contribute to the factors that can lower insurance premiums.
How the Immersive
Resilience Score Works
To build resilience against attacks and reduce risk, financial services cyber leaders must prove their cyber readiness to key stakeholders - including to Boards, C-level executives, and regulators – and improve capabilities across the workforce against rapidly evolving threats.
Immersive can help. As the global leader in people-centric cybersecurity, we help you and organizations Be Ready.
FAQs
Find answers to commonly asked
questions about Financial Services
What is cyber resilience in financial services?
Cyber resilience is the ability to withstand, recover from, and adapt to cyberattacks, which requires a people-centric approach, focusing on continuous cyber drilling and exercising to prepare the workforce to handle threats.
Cyber resilience in financial services requires protecting valuable data and assets from cyber attacks in an industry that is a prime target for cyber criminals.
Financial services leaders must have a comprehensive cybersecurity strategy to address vulnerabilities arising from interconnected systems, legacy technology, rapid development cycles, and the need to maintain customer trust.
Why is cybersecurity important for financial institutions?
Cybersecurity is crucial for financial institutions due to several factors:
- High-Value Targets: Financial institutions hold valuable data and assets, making them prime targets for cybercriminals, which has led to billions of dollars in losses.
- Interconnected Systems: The interconnected nature of financial ecosystems and supply chains creates vulnerabilities that can impact the entire system.
- Legacy Technology: Outdated systems often lack modern security features, providing easy access points for attacks.
- Rapid Development: Pressure to release new code quickly can lead to overlooked security flaws.
- Customer Trust: Security breaches can severely damage customer confidence and erode trust.
- Regulatory Compliance: Financial institutions must comply with stringent regulatory requirements regarding data protection.
- Potential for Financial Loss: Cyber attacks have led to billions of dollars in losses for financial institutions.
What are the most common cybersecurity threats facing banks and financial companies?
The most common cybersecurity threats facing banks and other financial services organizations include:
- Cyberattacks targeting valuable data and assets.
- Ransomware and Phishing attacks.
- Vulnerabilities arising from highly interconnected business ecosystems and supply chains.
- Risks associated with legacy technology.
- Security flaws caused by pressure to ship new code under tight deadlines.
- Threats that damage customer trust.
- Data breaches and fraud related to sensitive personal and financial information.
How can financial institutions protect themselves against ransomware and phishing attacks?
Financial institutions must prioritize robust cybersecurity measures to combat the persistent threats of ransomware and phishing attacks. A strong foundation involves meticulous system maintenance, including regular updates, patching, and comprehensive antivirus protection, alongside stringent firewall configurations and network segmentation to limit potential damage. Crucial to this defense is a resilient data backup and recovery strategy, emphasizing frequent, offline backups with encryption, and rigorous testing of recovery procedures.
Equally important is cultivating a cyber-ready workforce through continuous cyber drilling and exercising. Implementing multi-factor authentication and adhering to the principle of least privilege strengthens access control, while privileged access management helps monitor high-level accounts. Finally, developing and regularly testing a detailed incident response plan, supplemented by up-to-date threat intelligence, ensures swift and effective action in the event of an attack. By integrating these strategies, financial institutions can significantly bolster their defenses and minimize the impact of these evolving cyber threats.
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