The way we manage our money has changed dramatically. In little more than a decade, we’ve gone from branch-led services to feature-rich apps offering 24/7 access to our money. Open Banking is driving product innovation, fintechs are setting a new benchmark for customer-centric experiences, and AI is taking personalization to a new level. Financial services have never been so accessible and convenient.

The financial services sector is one of the highest performing in terms of cybersecurity. One factor that contributes to this performance is regulation. Laws such as FFIEC IT, the Gramm-Leach-Bliley Act, NYDFS, GDPR, and SOC2 have placed pressure on financial services companies to build and enforce some of the strongest cyber risk management programs across any industry. You should consider another factor, which is money.

As competition ramps up in the financial services sector, agile and efficient application development is critical to delivering the seamless digital experiences today’s customers want. Chances are, if you’re not already moving applications to cloud and containers, you’re considering it. But cloud-native development also brings security and compliance implications you may not have fully thought through.

The financial sector is home to the most coveted category of sensitive data amongst cybercriminals - customer financial information. As such, cybercriminals are continuously pounding against the industry’s cyber defenses, often finding their way through. The good news is financial institutions could minimize their data breach risks with the right attack surface management product. To learn which key features to look for in an ideal ASM product optimized for the financial sector, read on.

The Fintech industry deals with financial and personal data of customers on a massive scale. From credit card transactions to identity verification details, companies collect and process huge amounts of sensitive data, making them an attractive target for cybercriminals. To ensure the highest standards of data protection and risk management, constant monitoring and analysis of security data is crucial.

Financial data is a desired target for cybercriminals. Hackers frequently attack financial institutions such as banks, loan services, investment and credit unions, and brokerage firms. Security incidents in the financial sector are extremely expensive (surpassed only by the healthcare industry), with the average total cost of a data breach reaching $4.35 million in 2022.

ChatGPT use is increasing exponentially in the enterprise, where users are submitting sensitive information to the chat bot, including proprietary source code, passwords and keys, intellectual property, and regulated data. In response, organizations have put controls in place to limit the use of ChatGPT. Financial services leads the pack, with nearly one in four organizations implementing controls around ChatGPT.

Using an external platform trusted by potential victims is proving to be a vital tool in the cybercriminal’s arsenal. New data shows the state of the threat and who’s at risk. The average business experienced around 81 social media attacks each month in Q1 of this year, according to new data from PhishLabs, increasing 12% over Q4, 2022 and 5% over Q1 of 2022.