Cyber security in Financial Services Sector

The financial sector is no stranger to cyber-attacks and related risks mainly due to increasing digitalization of financial services over the past decade or so. The use of third-party service providers in the financial sector has increased the sector’s online footprint, broadening the surface for possible cyber-attacks. At the same time, the financial services sector owns a lot of sensitive personal information, which explains why it is consistently one of the most targeted sectors for data breaches. There are also new platforms that have created opportunities for cyber criminals, including mobile devices and cloud computing, compounded by alliances between cyber criminals. The Bank for International Settlements bulletin of 2020 indicates that the financial sector has been hit more often than other sector following the outbreak of the COVID-19 pandemic as most organisations have adopted remote working. It is therefore important for organisations to put in place policies, strategies and frameworks for managing cyber risks, including training all cadres of employees.

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