Nowadays, it is crucial that financial institutions protect their businesses from the ever-diversifying forms of cyber attacks: including phishing attacks, DDoS threats, ransomware, PoS hacking, and social-engineering compromises. Even a single vulnerability can prove fatal for a small financial services firm. Statistics point to the fact that criminals don’t just target big businesses. In fact, ransom-seeking cyber criminals will specifically target small businesses 43% of the time according to the 2019 Verizon DBIR. Financial institutions are especially vulnerable: as the breach rate has more than tripled over the past five years. 

What’s worse? Statistics prove that cyber attacks are the costliest for financial service firms, and the cost is rising. Financial institutions have seen the cost of cyber attacks rise from $12.97 million USD (2014) to $18.28 million USD (2018.) In comparison, all other industries average an $11.7 million USD loss per significant breach.  Connecticut is among the top five riskiest states for cyber attacks.

The most reputable financial institutions spare nothing when it comes to protecting their systems and their customer data. Cyber security education, training, and implementation will pay for themselves in the lifetime value of a business. Consumers must be able to trust who they give their money to. Would you hand over your hard earned money, your prosperity, and your future to a business that doesn’t prioritize security? 

In order to ensure the long term survival and growth of financial institutions, cyber security defenses must be robustly implemented. Connecticut business owners are at heightened risk and must be proactive in order to keep up with competitors. So, if you haven't already started, read the infographic below to understand the real danger of cyber attacks in financial services.