Blog

October 17, 2019

The Importance of Cybersecurity in the Financial Sector

The need for cybersecurity in the financial sector cannot be emphasized enough. As our economy continues to move towards digitization, consumer data becomes increasingly vulnerable each year. As it plays an extremely critical role in the day to day running of business transactions in our society, the financial industry remains a prime target for cyber attacks. Since banking institutions are built upon values such as trust and credibility, cybersecurity is even more necessary than ever before.

Cyber attackers are well aware of the personal information banks have on their customers. While cybersecurity is an essential component for every for-profit and non-profit institution, it is particularly valuable for banks and other financial firms to ensure they have a robust security plan in place. Developing a deep understanding of when, where and how a cyber risk may be encountered is critical as we enter an era in which digital and physical technologies have reached peak integration. 

Continue reading below to discover why cybersecurity is important in the financial sector and how it affects all individuals, whether you work for or with a bank or financial services organization.

4 Reasons Why Cybersecurity is Valuable in Banking

  1. Digital Currency Usage: Today, more individuals are moving away from cash and towards using digital currency. For instance, credit and debit cards are becoming an increasingly popular payment method of choice. Therefore, it becomes very important to make sure that all cybersecurity measures are in place to protect the privacy of customers who rely on digital transactions on a day-to-day basis.
  2. Legitimize Your Institution: A data breach of any size could cost your bank its reputation. Breaches demonstrate weak cybersecurity systems and consequently, customers may lose faith in your institution. After having their information compromised, customers are more easily inclined to take their business elsewhere. Additionally, your bank may incur penalties for failing to compliance standards.
  3. Save Consumers Time and Money: When a data breach occurs, your customers’ time and money are often at stake. While you may partially or fully recover fraudulently spent funds, this solution does not always work. In this case, customers will have to spend time cancelling cards, comb through statements and monitor the situation should any complications arise.
  4. Keep Consumer Data Safe: Staying one-step ahead of a potential data breach is the only way to prevent financial information from falling into the wrong hands. Investing time into educating employees and customers on how to take the proper security steps will help banks keep valuable personal data safe.

Take Your Cybersecurity to the Next Level with GlassHouse Systems

Banks are responsible for keeping customers and their funds safe from the hands of cyber criminals. Investing in cybersecurity can help maintain the integrity of your financial system while keeping the personal information of your customers protected from potential threats. With over 20 years of industry experience, GlassHouse Systems has provided valued clients with consistent, high-quality products and services. As a leading technology services and consulting company, we are also dedicated to designing, developing and deploying infrastructure and managed services solutions for leading enterprises across North America.     

Contact us or leave a comment below to learn more about the importance of cybersecurity in the financial sector and how GlassHouse Systems can help you with these efforts.

For Canada and worldwide, contact our main Canadian offices:

  • +1 (416) 229-2950
  • +1 (416) 229-9096

By email: canada@ghsystems.com

 

For all US-based enquiries, please contact our main US offices at:

  • +1 (630) 724-8500
  • +1 (630) 724-8509

By email: us@ghsystems.com

 

 

TAGS: cyber security