MANAGING FINANCIAL INDUSTRY SECURITY CHALLENGES
It’s no surprise that the financial services industry is highly targeted by cybercriminals. Cybercrime is a booming business and financial institutions hold a lot of precious customer data. From 2018 – 2019, the FBI’s Internet Crime Complaint Center (IC3) saw a 30% increase in financial losses due to fraud, and a 33% increase in the number of complaints.
Faced with defending against these attacks, the financial services industry is continually challenged to protect both valuable customer data and their money. GMI is deeply experienced with the nuances related to cybersecurity within financial services, going beyond expectations set by compliance requirements and regulators to meet the unique security needs of each organization. Banks, credit unions, credit card companies, and wealth management companies look to GMI for cybersecurity services that enhance their security posture and provide measurable returns on their investment.
Protecting against today’s hackers and cybercriminals requires multiple lines of defense, creativity, and effectively managed technology. Compliance and satisfactory regulatory exam results are no longer a guarantee that your business is well protected. Shareholders, CEOs and Chief Financial Officers are looking for measurable assurance that their companies are continually improving their security level, even as cybercriminals advance their craft.
Financial Services companies face many risks from a cyber-attack, including:
- Theft of personal information and account details sold on the dark web
- Loss of employee and customer account credentials used to further attacks
- Unauthorized transfer of customer funds
- Loss of confidential company information
- Increased regulatory oversight
- Immediate and long-term impact from damaged reputation
HOW WE HELP
We partner with financial institutions, working with each to address security-related needs, improve overall security posture, and help them understand and quantify their level of risk. We mix industry experience, framework-based best practices, and overall cybersecurity acumen to provide solutions that fit. GMI’s quantitative assessments provide companies with a repeatable process that demonstrates improved security levels over time.
Services commonly include: