On the money: Cybersecurity in financial services
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Financial services organisations power the global economy, with modern technology enabling 24/7 connection to brokers, lenders and fund managers. But this connectedness also has a dark side: cybercrime.
Financial services are a prime target for cybercriminals because of the large amount of funds, data and personally identifiable information they collect, process and store.
Firewalls, spam filters and antivirus tools are an important first line of defence, but they are not enough. Those systems will fail. In its Top Financial Services Issues of 2018 report, PwC states the threat clearly: “There are two kinds of financial services firms: those that have faced a cyberattack and those that will. For one thing, that means building defences that are comprehensive and resilient."