Study Finds Digital Transformation Increases Risk of Hacks, Security Breach and other Concerns in Financial Sector

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Hikvision Tips to Prevent Web Skimming Hacker Threat

A new study found that digital transformation increases risk of hacks, security breach and other concerns in the financial sector, according to the SecurityInfoWatch.com article, “Digital transformation in the financial sector exacerbates risk.”

The article covers the 2019 Thales Data Threat Report Financial Services Edition, which discovered that 62 percent of respondents reported being breached at some point, while 97 percent use sensitive data with digital transformation technologies.

“The financial landscape is rapidly morphing from traditional brick and mortar institutions that were staid and stuffy beehives to environments that resemble trendy coffee shops, while banking services are no longer limited to four walls and a teller’s cage. In an age of advanced digital technology and the perpetual expansion of the cloud and IoT universe, big data is driving the financial sector to new business heights. Unfortunately, with this digital transformation comes new and constant security threats,” said the article.

Additional research findings included:

54 percent of U.S. financial executives reported an increase in their security budget this year.
Complexity is a top security concern for 53 percent of respondents in relation to “encryption, tokenization and management policy” for multiple cloud applications.
46 percent rated impact on business performance as a top concern.

“While the endpoint is heavy on authentication and fraud detection, the cloud side is really about control, regulation and locking down that sensitive data, and, of course, availability. It is no surprise complexity is an issue among U.S. financials since they're more aggressively rolling out initiatives and need to ensure a positive consumer experience,” said Charles Goldberg, VP at Thales, in the article.

For more cybersecurity tips to prevent password hacks, security breach and other concerns, read the Hikvision blog “Web Skimming: Rising Security Concern and Hacker Threat, Tips to Prevent It.”

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Study Finds Digital Transformation Increases Risk of Hacks, Security Breach and other Concerns in Financial Sector

Hikvision Tips to Prevent Web Skimming Hacker Threat

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