Published April 2020
Sponsored by Proofpoint, VMware Carbon Black and Yubico
Executive Summary
The financial services industry is under cyber attack. It is subjected to the highest rates of attack of any vertical market, the source of one-third of all data breaches, and it is vulnerable due to both negligence and carelessness of employees and other insiders. Compounding the problem is the sudden “work-from-home” phenomenon that began in March 2020 and that has forced many financial advisors and others into working from home with security solutions that are not always as robust as when they are in the office.
Cyber criminals are attracted to financial services’ firms storehouses of confidential data, along with the potential for quick payoffs through fraudulent money transfers after credential theft or unauthorized system access. And, cyber attacks are getting worse: the Financial Industry Regulatory Authority (FINRA) noted in 2019 that “cybersecurity attacks continue to increase in both number and level of sophistication.”
This white paper provides best practices guidance on defending against and recovering from various types of cyber-attacks and threats, in order to strengthen preparedness and improve resilience across the industry.