Security Awareness Training for the Financial Industry

When it comes to cyber attacks, no industry is safe! But, according to Boston Consulting Group research, financial services firms experience up to 300 times more cyber attacks per year compared to companies in other industries.

1 %

of large financial services companies suffered a cyber attack in 2020

1 bn

the global cost of cyber attacks in the financial services sector is estimated to be anywhere between $45bn and $654bn

1 %

increase in cyber attacks against the financial sector from February to April 2020

1 %

of financial services firms in the UK have suffered a cyber attack in the last 12 months

Why is the Financial Services sector so heavily targeted?

Cybercriminals follow the money, and banks and financial institutions have more money than most organisations making them a very lucrative and attractive target.

Despite financial institutions investing heavily in strengthening their cyber security defences, today’s cybercriminals are becoming more sophisticated in their attack methods. They have a thorough understanding of the inner workings of the banking system and are quick to exploit any possible vulnerabilities to launch an attack.

As has proved the case in many other industries, one of the easiest ways for attackers to bypass traditional security measures is to exploit the human factor, and target an organisation’s employees. Criminals will use a range of social engineering tactics to infiltrate an organisation’s security systems, and phishing remains the most popular and effective way to do this.

In research conducted by Positive Technologies, employees at 75% of banks had clicked on links in phishing messages, and in 25% of banks, at least one employee ran a malicious attachment on their computer.

What are the Benefits of Security Awareness Training
for Financial Services?

A Security Awareness Training Solution for the Financial Services Sector

MyCompliance Cloud provides a one-stop-shop solution for security awareness training and compliance capabilities in one powerful platform.

The integrated, SaaS-based software tailors security awareness training for the financial services sector, provides defence, and delivers regulatory reporting to ensure compliance obligations are met.

Taking a people-centric approach to cyber security, MyCompliance Cloud helps to create a more secure workforce, educate end users and protect your organisation against cyber risks.

Learn How We’re Helping Organisations in Financial Services to
Transform their Security Awareness Training

As a financial services company, our security standards have always been very high to ensure adequate protection of our customer’s information as well as our own. However, as is the case for a lot of similar companies, the human aspect is often the main weakness to our systems, which can pose a risk to information security and increase the risk of cyber attacks. Phishing was a key area of focus for us, so it was vital to improve the security awareness of our staff. The phishing module allows us to shock people by demonstrating how easy it is to get phished, and the learning module allows us to promote good behaviour for the identification and reporting of threats.