Tuesday, March 19, 2024

Cybersecurity for financial services

Cybercrime is on the rise across every industry, pushing organizations to adopt new security measures. Now that the global average data breach costs around 4.45 million dollars, it’s no surprise that so many organizations are investing in new security solutions. This is especially true for financial services organizations, as a security breach not only costs money but also breaches customer trust and negatively affects the reputation of the organization. 

It’s already apparent that banking and investment firms are investing in reducing risk and increasing resiliency. According to the Gartner 2023 CIO and Technology Executive Survey, banking and investment services CIOs will spend the largest amount of new or additional funding in 2023 on cybersecurity, data and analytics, integration technologies, and cloud. However, increasing security doesn’t help if employees go around those security measures. In another Gartner survey, 74 percent of employees said they would be willing to bypass cybersecurity guidance if it helped them or their team achieve a business objective. Financial institutions must adopt flexible digital strategies with robust security capabilities to protect against data breaches while enabling secure, compliant remote access to critical systems that reduce silos and improve customer value.

Rise in cyber threats

Not only is the cost of a data breach increasing each year, but the number of cyber attacks are on the rise too. According to the Department of Homeland Security, there has been a 47 percent increase in ransomware attacks in the US from 2020 to 2022, and in the first half of 2023, ransomware attacks cost 449.1 million globally. This put ransomware attacks on track to have their most profitable year ever. 

Plus, with the return of big game hunting, or the specific targeting of large organizations, financial organizations have become prime targets for bad actors. In order to get ahead of these threats, financial institutions need to adopt advanced defenses like AI for threat detection, biometric authentication, and emerging blockchain for secure transactions. As technology advances, so does the sophistication of cyber threats, pushing banks to adopt multi-layered security strategies and consider future challenges like quantum computing.

Citrix integrates with a wide variety of multifactor authentication vendors so that you can use the best identity providers to protect your business data. In addition, NetScaler powers secure application delivery for API protection, DDoS protection, and bot mitigation. 

Risk management, regulations, and compliance 

Financial institutions go to great lengths to secure their data, but they also must maintain compliance with national and local regulations. Risk management and regulatory compliance are persistent challenges for the financial sector, intensified by the introduction of new technologies that may create better user experiences or increase security but lack stringent regulatory and compliance features. For example, just recently Capital One agreed to a 190 million dollar payout for failing to implement stringent cybersecurity measures to protect customer data that was breached in 2019.

Strict compliance reporting is essential for financial institutions. Citrix is the only vendor to provide regulatory compliance at scale, from compliance standards such as PCI and SWIFT. Citrix app and desktop virtualization is designed around centralized delivery, visibility, and the control of apps and data, with security built into the core of our solution so as new regulations roll out, financial institutions can adapt to those changes with ease.

Secure remote access

No matter how much security you have against outside attacks, the large majority of attackers target employees with phishing scams, email scams, and more to gain access to corporate resources. According to the 2023 Verizon Data Breach Investigations report, 74 percent of attacks involve some kind of social engineering attack or error. Financial institutions must address this risk differently than any kind of outside attack. One way to address this issue is to implement cybersecurity training for employees, to minimize human error. 

Most businesses, including financial institutions, need some kind of remote access. Whether that’s for bank branch employees, employees who have a hybrid work schedule, or employees out in the field working with clients. Securing that kind of access is difficult for IT departments, as hybrid work has led to expanded attack surfaces. One way to address this is with a zero trust security model. Citrix Zero Trust network access solutions verify every connection before providing access. You can also limit application access for different devices, so that employees have full access when in the office, and limited access to applications when outside of the office. This access is continuously monitored based on device posture, location, and risk score, so you have more tools to catch suspicious activity. 

Citrix solutions for financial institutions

With all the new threats out there to your financial organization, you need to make sure that you have the best solutions in place to protect your data, customers, and reputation. Citrix offers everything you need for application delivery and desktop virtualization for your entire enterprise. Learn more about how Citrix can help you modernize your tech stack, secure your applications and data, and improve the employee experience in our Modernizing Financial Services with Citrix e-book.

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