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“Nation-state cyberattacks are the next frontier of warfare, and we have seen some highly sophisticated nation-state attacks in the recent past. This has a direct impact on the economy and is often targeted at critical infrastructure including financial services, healthcare, and more. Businesses in the financial services sector store, manage, and analyse a lot of individuals, business, and government data and as a result, they have been one of the most targeted sectors by cybercriminals.

Cyber-attacks are continually on the rise in frequency, sophistication, and expense; it’s not a matter of if, but when, a cyber-attack will impact your company. Traditional methods of managing cyber risk, however, are siloed and reactive: a firewall tells you only about network security, antivirus products tell you only about endpoint security, and a SOC alerts you to a cyber incident only after it has occurred.

Organizations in the financial services industry need to adopt a proactive risk management strategy that provides an aggregated view of cyber risks across people, processes, technology, and third parties on a unified dashboard, and their potential financial value at risk in case a data breach occurs. This takes the guesswork out of cybersecurity and makes cyber risk communication simple and accurate.”