It is no secret that financial organizations are a prime target for online criminals. In order to protect their customers and business, it is critical that these organizations adopt a culture of cyber security. This means ensuring that all staff are aware of the dangers and risks of cybercrime, and have the necessary training and tools to protect themselves and the organization. Cyber security is not just the responsibility of the IT department – everyone in the organization needs to be on board to create a culture of cyber security. Financial organizations that don’t take this seriously risk not only losing money to online criminals but also damaging their reputation and losing customer trust.

A new report finds.

Organizations in the financial services sector urgently need to adopt a culture of cyber security, according to a new report from PWC. The study, which surveyed senior executives at financial services firms around the world, found that just over half (51%) of organizations have a board-level cyber security strategy in place.

However, only 38% of organizations have cyber security embedded in their overall business strategy, and just over a third (34%) have a dedicated cyber security budget.

The report also found that financial services firms are not doing enough to protect themselves from the growing threat of cybercrime.

The cyber security culture needs to be adopted by financial services organizations.

Just under half (49%) of organizations have implemented two-factor authentication for their online services, and only a third (34%) have implemented encryption for their data.

Cyber security needs to be given greater priority by financial services firms, the report concludes. Organizations need to take a more proactive approach to cyber security and should consider investing in cyber security insurance. Financial services firms also need to educate their employees about the importance of cyber security and the threats that they face.

The benefits of having a cyber security culture

Cyber security should be given greater priority by financial services firms, the report concludes. Organizations need to take a more proactive approach to cyber security and should consider investing in cyber security insurance. Financial services firms also need to educate their employees about the importance of cyber security and the threats that they face.

Cyber security is an increasingly important issue for financial services firms. In 2015, the UK’s Financial Conduct Authority (FCA) fined JPMorgan Chase & Co. £33.32 million ($50 million) for “serious failings” in its cyber security controls.

The FCA said that the bank had failed to take “sufficient steps” to protect against the risks posed by cyber-attacks.

How to create a cyber security culture in your organization.

In 2016, the Central Bank of Bangladesh was targeted in a cyber heist that resulted in the theft of $81 million from its account at the New York Federal Reserve.

And in 2017, Equifax announced that hackers had accessed the personal data of 145 million people in the US.

The PwC report found that financial services firms are aware of the threat posed by cybercrime.

Almost all (96%) of the organizations surveyed said that they were concerned about the threat of cybercrime, and almost three-quarters (74%) said that they had been the victim of a cyber attack in the past 12 months.

Despite this, the report found that financial services firms are not doing enough to protect themselves from the threat of cybercrime.

The future of financial services and the need for a strong cyber security culture.

Just under half (49%) of organizations have implemented two-factor authentication for their online services, and only a third (34%) have implemented encryption for their data.

The report concludes that financial services firms need to take a more proactive approach to cyber security and should consider investing in cyber security insurance.

Organizations also need to educate their employees about the importance of cyber security and the threats that they face. Cyber security should be given greater priority by financial services firms, the report concludes.Read More

 

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