The Cost of Cybercrime in Finance
Cybercrime is a buzzword you’ll see pop up often when looking for reliable IT services. The cost of cybercrime has become a major reason for businesses to hire cybersecurity companies to protect their data, especially given how often the finance industry is being targeted. According to a report published by IBM, the global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years. Unfortunately, that number keeps increasing.
At American Lazer – CommSat, our IT solutions provide your business with secure backups, network security, and firewall maintenance to ensure your data is protected. Call us to get ahead of the threat of cybercrime!
What is cybercrime?
Cybercrime is criminal activity that takes place on computer networks with the goal to target finances and personal information. The most common cybercrimes include hacking, phishing, and ransomware. Ransomware attacks are a popular threat banks are facing. A ransomware attack is when cybercriminals block financial institutions from accessing their information and then threaten to release customer data. That’s why it’s so vital for businesses to educate themselves on advanced data privacy and cybersecurity.
Why is the finance industry facing the most threats?
The finance industry is facing the most threats and breaches because financial institutions not only hold money but also hold millions of customers’ personal data that can be sold and used. This vital information from customers is what cybercriminals look for because it will give them access to a slew of information, allowing them to steal identities and money. Recent reports are showing that these breaches are not slowing down either. From 2021 to 2022, attacks against financial services firms grew by 257 percent. Given this grim information, how can you protect yourself from these crimes?
How can I avoid cybercrimes?
Invest in a reliable cybersecurity provider
Any professional IT and cybersecurity company will recommend that you need to invest in a reliable security provide, and we couldn’t agree more. IBM recently reported that 51% of organizations are planning to increase security investments as a result of the cost of cybercrime. Our network security services will set you up with the necessary software you need to monitor and protect your business’s cloud presence. These investments have big payoffs. As of 2023, the average amount that organizations saved by investing in automated security was 1.76 million USD compared to organizations that didn’t. Run a cybersecurity risk assessment to find out how vulnerable you are.
Protect Your Cloud from Insider Threats
It’s important that you protect your cloud from insider threats because your employees can also be a source of these breaches. It is common for people to have their accounts hacked outside of work. Therefore the same thing can happen if they’re logged into one of their employer’s networks, softwares, work emails, etc. It’s a strategic tactic that cybercriminals use to access your business’s data through the vulnerability of your employees.
User Two-Factor Authentication
Multi-factor authentication is something every cybersecurity company will recommend you implement. This two-step login method will require you to log in with two pieces of evidence to verify your identity. The goal of this technique is to prevent any chance of someone accessing your information, even if they have access to one of your passwords.
Contact American Lazer – CommSat for Your Security Concerns
You shouldn’t have to suffer from the cost of cybercrime. Experienced IT service providers like American Lazer – CommSat know how to protect and strengthen your business’s data from threats. With decades of network security experience and extensive knowledge of cybersecurity, our team can help take care of any of your security concerns. Simply get in touch with us to get a quote!
