Financial Services Institutions (FSIs) are custodians of large amounts of sensitive data, which makes them prime targets for cyber criminals looking to steal and monetize this critical value data. As cyber threats continue to mount in the financial sector, increasing digitization coupled with stringent security, compliance, and governance requirements are creating major challenges for FSIs in maintaining data privacy and security. To keep data secure, financial institutions need to operationalize cybersecurity, shifting to a proactive strategy that includes locking down mobile messaging and collaboration with NetSfere.
Cybersecurity is a top and growing concern for FSIs. This concern is warranted considering that financial services firms are 300 times more likely than other companies to be targeted by cyberattacks. Verizon’s 2020 Data Breach Investigations Report noted that 63% of attacks in this sector are perpetrated by external actors who are financially motivated to get easily monetized data. These data breaches are costly, particularly in the financial services industry. The average cost of a data breach in the financial sector at $5.72 million is one of the steepest of all industries except for healthcare.
As the cyber risk environment for FSIs continues to grow, regulatory bodies like the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) as well as laws such as Dodd-Frank and the Sarbanes-Oxley Act of 2002, mandate stringent security, compliance, and governance controls. Falling short of meeting data security and privacy under these requirements and regulations can subject financial institutions to steep fines. The costly consequences of failing to protect data don’t stop there - loss of customer confidence and trust, loss of market share and reputational damage are also part of the fallout.
FSIs using popular collaboration and messaging apps such as Microsoft Teams, Slack and WhatsApp are increasing their cyber risk. Not built to be secure at the enterprise level, these apps open the door for hackers to infiltrate enterprise networks and gain access to sensitive company data.
FSIs can reduce their exposure to cyber threats and operationalize data security and privacy in mobile messaging and collaboration with NetSfere. NetSfere’s fully encrypted all-in-one mobile messaging and collaboration platform provides the security protocols and IT controls financial institutions need to lock down communication and align with compliance and regulatory laws.
Along with this best-in-class security, control and compliance, NetSfere provides the robust messaging technology FSIs need to create secure, instant channels of communication. With NetSfere, financial services employees can harness the power of mobile messaging technology without the risk of data breaches or regulatory non-compliance.
Right-fit mobile messaging and collaboration for financial services institution is all about security and control. FSIs looking for the gold standard in mobile messaging security, compliance and control can find that and more in NetSfere.
To learn more about NetSfere's secure mobile messaging solution for banking and financial institutions, contact us today.