Blog: High-Profile Breaches Highlight Cybersecurity Issues Facing Financial Institutions

Last year, Capital One was the latest financial institution to be the victim of a security breach, and it put the spotlight on cloud security. The Wall Street Journal reported Capital One was an early adopter of cloud computing among financial institutions when many other banks hesitated to move customer information out of their data centers. However, as the global cloud business expanded, many others became converts, and the Capital One incident raises the cloud cybersecurity stakes for the broader financial services and cloud computing industries.

By 2023, banks worldwide are forecast to spend more than $53 billion on public cloud infrastructure and data services, up from $24.3 billion this year.

Cybersecurity Data Breaches are a Global Problem

It’s not just U.S. companies, other areas of the world, including Europe, the Middle East, and Africa have all experienced significant cybersecurity attacks. Personal and business data can be bought and sold on the dark web – the cybercriminal’s black market. The RAND Corporation's National Security and Research Division claims the hacking business is highly sophisticated, organized, and in some respects more profitable than the illegal drug trade.

The Cost of a Data Breach is Crippling

In its 2019 Data Breach Investigations Report, Verizon found 41,686 incidents and 2,013 confirmed data breaches last year. For businesses, an enterprise cybersecurity incident can lead to a devastating hit on multiple levels, including lost money, lost time, and lost reputation. The 2019 Cost of Data Breach Report, conducted by the Ponemon Institute, found the average enterprise cybersecurity breach costs companies worldwide about $3.92 million. The average cost of a breach in the U.S. is $8.19 million, more than double the worldwide average. Businesses also face potentially crippling virus and malware attacks that can take days or even weeks to recover from.

Does Your Data Need to Be in a Supermax Prison to Be Safe?

Hackers continuously come up with new cyber attacks to cause trouble or profit from your business's vulnerabilities. CompuCom's endpoint management services provide multiple layers of effective protection. The antivirus blocks traditional online threats, while Anti-Malware as a Service detects and removes today's more advanced menaces such as ransomware. It combines Cisco Advanced Malware Protection (AMP) with our 30 years of experience in management services to ensure total endpoint protection.

CompuCom's hybrid cloud solutions combine public and private clouds while fueling data control, orchestration, and data collaboration. Additionally, they provide proactive management of a company's cloud data, seamless transitions between cloud platforms, and provides complete coverage of servers, networks, and security.

Cybercriminals could target anybody, no matter the size, revenue, or reputation. Don’t be a victim. Lock down your data before it’s too late.