{"id":7388,"date":"2023-03-06T21:33:31","date_gmt":"2023-03-06T21:33:31","guid":{"rendered":"https:\/\/www.cyberdegrees.org\/?p=7388"},"modified":"2023-04-12T17:03:34","modified_gmt":"2023-04-12T17:03:34","slug":"cybersecurity-financial-services","status":"publish","type":"post","link":"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-financial-services\/","title":{"rendered":"Cybersecurity and Financial Services"},"content":{"rendered":"<p>The financial industry uses cybersecurity to prevent and minimize damage from the near-constant onslaught of cyberthreats. According to IBM Security's <a href=\"https:\/\/www.ibm.com\/downloads\/cas\/ADLMYLAZ\" target=\"_blank\" rel=\"noopener\">X-Force Threat Intelligence Index 2022<\/a>, 22.4% of all cyberattacks were focused on the finance industry in 2021. <a href=\"https:\/\/www.ibm.com\/downloads\/cas\/OJDVQGRY\" target=\"_blank\" rel=\"noopener\">IBM data<\/a> also shows the average cost of a data breach in this sector was $5.72 million in 2021.<\/p>\r\n<p>On this page, we examine the role of cybersecurity in the finance industry. We explore which technologies cybersecurity professionals use and how various financial sectors take their own approaches to cybersecurity.<\/p>\r\n\r\n\r\n\r\n<h2>The Need for Security in the Financial Services Sector<\/h2>\r\n<p>The financial services sector has long been a primary <a href=\"https:\/\/www.cyberdegrees.org\/resources\/most-common-cyber-attacks\/\">target for cyberattacks<\/a>. Early in the history of home computers, hackers were already breaking into secure networks: For example, <a href=\"https:\/\/www.discovermagazine.com\/technology\/the-story-of-the-414s-the-milwaukee-teenagers-who-became-hacking-pioneers\" target=\"_blank\" rel=\"noopener\">in 1983<\/a>, a group of Milwaukee teenagers hacked into the Security Pacific National Bank in Los Angeles &mdash; among other organizations &mdash; by using basic and default password credentials.<\/p>\r\n<p>Consequently, cybersecurity in the financial industry has grown apace with the frequency and severity of these attacks. Financial organizations remain attractive targets because of their access to cash, their interconnectedness, and their outdated digital architecture.<\/p>\r\n<p>While most cyberattacks focus on local and national financial services cybersecurity, the threat to global financial infrastructure has become a major concern. Without industry collaboration and preventative steps, a significant intrusion could disrupt the entire financial system worldwide. Below, we explore the major vulnerabilities and opportunities within this sector.<\/p>\r\n\r\n\r\n\r\n\n  \n  \n  <a class=\"subnav-waypoint\" name=\"vulnerabilites-and-opportunities\" id=\"vulnerabilites-and-opportunities\"><\/a>\n\n \r\n<h3>Common Vulnerabilities<\/h3>\r\n  <section class=\"checklist-v2\">\n    \n        <ul class=\"space-y-6\">\n    \n    \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Digitized Operations:<\/strong> Many organizations in the financial sector rely on older technologies that slow their digitization transformation. When the COVID-19 pandemic forced much of the finance world to transition quickly, these organizations were left more vulnerable to cyberattacks as cybersecurity took a backseat to other initiatives. Financial institutions need to reprioritize their funding to address these concerns.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Digital Touchpoints:<\/strong> In the age of digital banking, the number of touchpoints in the financial sector has increased considerably. Cyberattackers threaten mobile applications, social media, online banking, emails, and digital payments. Each of these channels needs <a href=\"https:\/\/www.cyberdegrees.org\/resources\/hot-technologies-cyber-security\/\">dedicated cybersecurity approaches<\/a>.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Internal Threats:<\/strong> The finance industry has to defend against intentional and accidental threats from a growing consumer and employee population. Financial services staff have access to large amounts of data, meaning leaks both intentional and accidental can prove catastrophic. To thwart this, organizations have implemented limited access and time-based controls.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Third-Party Service Providers: <\/strong>As the number of third-party vendors that financial services organizations work with increases, the more vulnerable these organizations can become. Third-party vendors can access financial systems and data, though they may not be as secure as the financial organization itself. Financial institutions must regularly assess and analyze these vendors to avoid any backdoor access points.<\/span><\/section><\/div>\n  <\/li>\n          \n        <\/ul>\n      <\/section>\n\n\n\r\n\r\n\r\n\r\n<h3>Emerging Opportunities<\/h3>\r\n  <section class=\"checklist-v2\">\n    \n        <ul class=\"space-y-6\">\n    \n    \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Artificial Intelligence and Machine Learning:<\/strong> AI systems can improve fraud and anomaly detection with greater accuracy. AI can also automate regulatory changes, identify and report user behavioral changes, and trigger preventive actions against phishing and distributed denial of service (DDoS) attacks.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Cloud Technologies:<\/strong> Cloud-based cybersecurity has become a crucial area of growth in all industries, including finance. As banks and other institutions adopt cloud technologies, they must ensure these infrastructures are secure.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Blockchain Systems:<\/strong> Blockchain systems offer decentralized data storage. <a href=\"https:\/\/www.cyberdegrees.org\/resources\/crypto-and-blockchain-cybersecurity\">Blockchain cybersecurity<\/a> allows users to freely access this storage of unalterable, trusted information. This system also provides transparency, while safeguarding important details using public and private keys.<\/span><\/section><\/div>\n  <\/li>\n          \n                                  \n                <li class=\"flex text-gray-900 list-none\">\n          <sonic-icon class=\"mr-2\" color=\"#1222B6\" size=\"medium\" icon=\"plus\"><\/sonic-icon>\n        <div class=\"non-title text-gray-700 self-end text-base\"><section class=\"checklist-item\" data-icon=\"plus\" data-color=\"#1222B6\">\r\n<span class=\"text-base\"><strong>Secure Access Service Edge Solutions:<\/strong> This cloud-based network solution provides centralized management and security, user identification and authentication, and enhanced data protection. Financial services organizations can use these tools to improve user access while minimizing their own attack surface.<\/span><\/section><\/div>\n  <\/li>\n          \n        <\/ul>\n      <\/section>\n\n\n\r\n\r\n<!--\r\n[columns columns=\"3\"]\r\n[sonic-interlink title=\"Learn how cybersecurity protects transportation industries\" link=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-transportation-sector\/\"]\r\n[sonic-interlink title=\"Discover how financial services rely on cybersecurity\" link=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-financial-services\/\"]\r\n[sonic-interlink title=\"How is cybersecurity used in the energy sector?\" link=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-energy-sector\/\"]\r\n[\/columns]\r\n\r\n<p><strong>PUBLISHING: INTERLINK BUTTONS IN COLUMNS\/PUBLISHER'S CHOICES<\/strong><\/p>\r\n<p><a href=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-healthcare-industry\/\">How is cybersecurity used in healthcare?<\/a><strong>(NOT YET LIVE)<\/strong><\/p>\r\n<p><a href=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-energy-and-utilities\/\">Do utility services need cybersecurity?<\/a><strong>(NOT YET LIVE)<\/strong><\/p>\r\n<p><a href=\"https:\/\/www.cyberdegrees.org\/resources\/cybersecurity-transportation-sector\/\">Explore cybersecurity uses in transportation<\/a><strong>(NOT YET LIVE)<\/strong><\/p>\r\n-->\r\n\r\n\r\n<sonic-editorial-listings degree=\"\" category=\"\" subject=\"\" limit=\"3\"><\/sonic-editorial-listings>\r\n\r\n\n  \n  \n  <a class=\"subnav-waypoint\" name=\"financial-industries\" id=\"financial-industries\"><\/a>\n\n \r\n<h2>Finance-Focused Industries Using Cybersecurity<\/h2>\r\n<p>The financial services landscape employs workers from <a href=\"https:\/\/www.cyberdegrees.org\/resources\/best-industries-cybersecurity\/\">top cybersecurity fields<\/a> because the sector attracts cyberattackers. In the following sections, we highlight the threats impacting subsectors of the financial industry as well as the ongoing efforts to protect against them.<\/p>\r\n\r\n<div class=\"text-center border-thin bg-primary-light\" style=\"max-width: fit-content; margin-left: auto; margin-right: auto; padding: 0 100px 0 100px;\">\r\n<h3>Banks<\/h3>\r\n<hr style=\"background:  #1271E4; border:0; height:3px\" \/>\r\n<p>Banks use cybersecurity to protect their assets, user data, infrastructure, and employees. They face regular attacks via social engineering, insider threats, phishing attempts, and malware. Banks rely on the work of <a href=\"https:\/\/www.cyberdegrees.org\/jobs\/cryptographer\/\">cryptographers<\/a> to protect their data and financial activities, but they also adhere to the industry's cybersecurity frameworks and compliance regulations.<\/p>\r\n<\/div>\r\n\r\n<br>\r\n\r\n<div class=\"text-center border-thin bg-primary-light\" style=\"max-width: fit-content; margin-left: auto; margin-right: auto; padding: 0 100px 0 100px;\">\r\n<h3>Investment Firms<\/h3>\r\n<hr style=\"background:  #1271E4; border:0; height:3px\" \/>\r\n<p>Investment firms face cybersecurity threats to operations like frontline investment strategies and trading algorithms, mid-level payments and settlements, and back-end finance and reporting. Many firms hire <a href=\"https:\/\/www.cyberdegrees.org\/jobs\/security-architect\/\">security architects<\/a> to analyze and bolster vulnerabilities to data theft and ransomware, DDoS attacks, and internal and external fraud.<\/p>\r\n<\/div>\r\n\r\n<br>\r\n\r\n<div class=\"text-center border-thin bg-primary-light\" style=\"max-width: fit-content; margin-left: auto; margin-right: auto; padding: 0 100px 0 100px;\">\r\n<h3>Insurance Companies<\/h3>\r\n<hr style=\"background:  #1271E4; border:0; height:3px\" \/>\r\n<p>The personal and financial information insurance companies keep makes them an appealing target for cyberattackers. While they often hire their own <a href=\"https:\/\/www.cyberdegrees.org\/jobs\/security-analyst\/\">security analysts<\/a> to monitor and protect internal operations, insurance organizations also rely on state insurance regulators and national and international organizations to monitor and regulate cybersecurity activities.<\/p>\r\n<\/div>\r\n\r\n<br>\r\n\r\n<div class=\"text-center border-thin bg-primary-light\" style=\"max-width: fit-content; margin-left: auto; margin-right: auto; padding: 0 100px 0 100px;\">\r\n<h3>Real Estate Services<\/h3>\r\n<hr style=\"background:  #1271E4; border:0; height:3px\" \/>\r\n<p>In real estate, cyberthreats can compromise financial data, personal and corporate email addresses, and proprietary information. As a result, the industry encounters high numbers of social engineering and ransomware attacks. Without widely adopted standards or regulations, individual real estate organizations need to protect their own systems and customers with the assistance of cybersecurity software and <a href=\"https:\/\/www.cyberdegrees.org\/jobs\/security-auditor\/\">security auditors<\/a>.<\/p>\r\n<\/div>\r\n\r\n\r\n<div class=\"grid md:grid-cols-2 lg:grid-cols-3 gap-5 my-8\"> \n  \r\n<a role=\"button\" href=\"https:\/\/www.cyberdegrees.org\/jobs\/\" class=\"sonic-btn tertiary\" target=\"_blank\" rel=\"noopener noreferrer\">Learn more about working in cybersecurity<\/a>\r\n\r\n<a role=\"button\" href=\"https:\/\/www.cyberdegrees.org\/resources\/scholarships-military-veterans\/\" class=\"sonic-btn tertiary\" target=\"_blank\" rel=\"noopener noreferrer\">Find cybersecurity careers for veterans<\/a>\r\n\r\n<a role=\"button\" href=\"https:\/\/www.cyberdegrees.org\/resources\/transitioning-from-general-it\/\" class=\"sonic-btn tertiary\" target=\"_blank\" rel=\"noopener noreferrer\">Transition from general IT to cybersecurity<\/a>\r\n\r\n\n<\/div>\n\r\n\r\n\n  \n  \n  <a class=\"subnav-waypoint\" name=\"future\" id=\"future\"><\/a>\n\n \r\n\r\n<h2>Should You Invest in a Cybersecurity Career?<\/h2>\r\n<p>The financial services sector will likely remain a crucial cybersecurity frontier in the coming decades. The growing prevalence of online banking, transactions, and data storage will continue to draw unwanted attention from bad actors.<\/p>\r\n<p>As a result, the <a href=\"https:\/\/data.bls.gov\/projections\/nationalMatrix?queryParams=15-1212&amp;ioType=o\" target=\"_blank\" rel=\"noopener\">U.S. Bureau of Labor Statistics<\/a> (BLS) projects 30% growth between 2021 and 2031 for information security analysts in the finance and insurance industry &mdash; a much faster-than-average growth projection. Aspiring cybersecurity professionals can make themselves marketable by developing skills in emerging areas like artificial intelligence, cloud-based technologies, cryptocurrency, or blockchain.<\/p>\r\n<p><a href=\"https:\/\/www.bls.gov\/ooh\/computer-and-information-technology\/information-security-analysts.htm\" target=\"_blank\" rel=\"noopener\">According to the BLS<\/a>, financial services organizations employed 15% of all information security analysts. This demand also correlates to higher-than-average salaries: Financial services cybersecurity workers made a median salary of $104,790 in 2021.<\/p>\r\n\r\n\r\n\n  \n  \n  <a class=\"subnav-waypoint\" name=\"resources\" id=\"resources\"><\/a>\n\n \r\n  \n\n  <section class=\"cards pt-2 pb-12 lg:pt-16 lg:pb-20 relative text-center text-gray-700 \" data-cy=\"cards\">\n    <div class=\"bg-full-width absolute top-0 right-1\/2 left-1\/2 block h-full w-screen -mr-1\/2vw -ml-1\/2vw bg-quaternary-700 \"><\/div>\n            <div class=\"mb-12\">\n                      <h2 class=\"heading-1 mb-8\">Get an Education in Cybersecurity<\/h2>\n          \n                  <\/div>\n    \n    <div class=\"grid grid-cols-1 gap-4 md:grid-cols-2 lg:grid-cols-4\">\n        \r\n<div class=\"cards-item bg-white flex flex-col justify-start mt-0 overflow-hidden rounded shadow\" data-cy=\"cards-item\">\n  <img decoding=\"async\"\n          src=\"https:\/\/www.cyberdegrees.org\/wp-content\/uploads\/2020\/10\/GettyImages-1147195672-425x230-c-default.jpg\"\n        alt=\"Cybersecurity Degree Program Guide\"\n  \/>\n  <div class=\"cards-item__content h-full flex flex-col p-6\">\n    <h4 class=\"cards-item__title\">Cybersecurity Degree Program Guide<\/h4>\n    <div class=\"flex flex-col\">\n      <p class=\"cards-item__text text-xs leading-5\"><\/p>\n          <\/div>\n    <div class=\"flex mt-auto flex-col justify-between\">\n      <a class=\"sonic-btn large w-full md:w-max mx-auto bg-secondary-700 uppercase\" href=\"https:\/\/www.cyberdegrees.org\/listings\/\">\n        Learn More\n      <\/a>\n    <\/div>\n  <\/div>\n<\/div>\n\r\n<div class=\"cards-item bg-white flex flex-col justify-start mt-0 overflow-hidden rounded shadow\" data-cy=\"cards-item\">\n  <img decoding=\"async\"\n          src=\"https:\/\/www.cyberdegrees.org\/wp-content\/uploads\/2020\/10\/GettyImages-1189460942-425x230-c-default.jpg\"\n        alt=\"Top Degree Programs in Cybersecurity\"\n  \/>\n  <div class=\"cards-item__content h-full flex flex-col p-6\">\n    <h4 class=\"cards-item__title\">Top Degree Programs in Cybersecurity<\/h4>\n    <div class=\"flex flex-col\">\n      <p class=\"cards-item__text text-xs leading-5\"><\/p>\n          <\/div>\n    <div class=\"flex mt-auto flex-col justify-between\">\n      <a class=\"sonic-btn large w-full md:w-max mx-auto bg-secondary-700 uppercase\" href=\"https:\/\/www.cyberdegrees.org\/listings\/top-schools\/\">\n        Learn More\n      <\/a>\n    <\/div>\n  <\/div>\n<\/div>\n\r\n<div class=\"cards-item bg-white flex flex-col justify-start mt-0 overflow-hidden rounded shadow\" data-cy=\"cards-item\">\n  <img decoding=\"async\"\n          src=\"https:\/\/www.cyberdegrees.org\/wp-content\/uploads\/2020\/10\/shutterstock_696885817-425x230-c-default.jpg\"\n        alt=\"A Guide to Cybersecurity Certifications\"\n  \/>\n  <div class=\"cards-item__content h-full flex flex-col p-6\">\n    <h4 class=\"cards-item__title\">A Guide to Cybersecurity Certifications<\/h4>\n    <div class=\"flex flex-col\">\n      <p class=\"cards-item__text text-xs leading-5\"><\/p>\n          <\/div>\n    <div class=\"flex mt-auto flex-col justify-between\">\n      <a class=\"sonic-btn large w-full md:w-max mx-auto bg-secondary-700 uppercase\" href=\"https:\/\/www.cyberdegrees.org\/resources\/certifications\/\">\n        Learn More\n      <\/a>\n    <\/div>\n  <\/div>\n<\/div>\n\r\n<div class=\"cards-item bg-white flex flex-col justify-start mt-0 overflow-hidden rounded shadow\" data-cy=\"cards-item\">\n  <img decoding=\"async\"\n          src=\"https:\/\/www.cyberdegrees.org\/wp-content\/uploads\/2020\/10\/GettyImages-1200908449-425x230-c-default.jpg\"\n        alt=\"Best Cybersecurity Bootcamps\"\n  \/>\n  <div class=\"cards-item__content h-full flex flex-col p-6\">\n    <h4 class=\"cards-item__title\">Best Cybersecurity Bootcamps<\/h4>\n    <div class=\"flex flex-col\">\n      <p class=\"cards-item__text text-xs leading-5\"><\/p>\n          <\/div>\n    <div class=\"flex mt-auto flex-col justify-between\">\n      <a class=\"sonic-btn large w-full md:w-max mx-auto bg-secondary-700 uppercase\" href=\"https:\/\/www.cyberdegrees.org\/listings\/cyber-security-bootcamps\/\">\n        Learn More\n      <\/a>\n    <\/div>\n  <\/div>\n<\/div>\n\r\n\n    <\/div>\n\n    \n  <\/section>\n\n\n\n\r\n\r\n<sonic-editorial-listings degree=\"\" category=\"\" subject=\"\" limit=\"3\"><\/sonic-editorial-listings>\r\n\r\n\r\n\n  \n  \n  <a class=\"subnav-waypoint\" name=\"faq\" id=\"faq\"><\/a>\n\n \r\n<h2>FAQ About Cybersecurity and Financial Industries<\/h2>\r\n<div class=\"ml-1\">\r\n    <ul class=\"border-secondary-light border-dotted rounded-lg py-1\">\r\n        <li>\r\n            <div class=\"bg-secondary-dark shadow-lg w-9 h-8 flex absolute justify-center rounded-full ml-1 mr-9 \">\r\n                <sonic-icon color=\"#ffffff\" icon=\"question-mark-circle\" class=\"items-center pt-5\"><\/sonic-icon>\r\n            <\/div>\r\n            <div class=\"mr-10 ml-10\">\r\n            <h3><mark style=\"background-color: #e7f0fc\">How crucial is cybersecurity in the financial services sector?<\/mark><\/h3>\r\n            <p>Without cybersecurity, the financial industry has no protection from threats to customer data and financial assets. The more the sector relies on digital touchpoints and transactions, the more crucial cybersecurity becomes. The industry also needs knowledgeable professionals to help banks and other institutions comply with cybersecurity regulations.<\/p>\r\n        <\/div>\r\n        <\/li>\r\n    <\/ul>\r\n<\/div>\r\n<div class=\"ml-1\">\r\n    <ul class=\"border-secondary-light border-dotted rounded-lg py-1\">\r\n        <li>\r\n            <div class=\"bg-secondary-dark shadow-lg w-9 h-8 flex absolute justify-center rounded-full ml-1 mr-9 \">\r\n                <sonic-icon color=\"#ffffff\" icon=\"question-mark-circle\" class=\"items-center pt-5\"><\/sonic-icon>\r\n            <\/div>\r\n            <div class=\"mr-10 ml-10\">\r\n            <h3><mark style=\"background-color: #e7f0fc\">Which financial industries need security the most?<\/mark><\/h3>\r\n            <p>Every financial industry has their own need for cybersecurity, but chief among them is the banking subfield. The high volume of customers and transactions makes banks a large target, one that is susceptible to human error and vulnerabilities.<\/p>\r\n        <\/div>\r\n        <\/li>\r\n    <\/ul>\r\n<\/div>\r\n<div class=\"ml-1\">\r\n    <ul class=\"border-secondary-light border-dotted rounded-lg py-1\">\r\n        <li>\r\n            <div class=\"bg-secondary-dark shadow-lg w-9 h-8 flex absolute justify-center rounded-full ml-1 mr-9 \">\r\n                <sonic-icon color=\"#ffffff\" icon=\"question-mark-circle\" class=\"items-center pt-5\"><\/sonic-icon>\r\n            <\/div>\r\n            <div class=\"mr-10 ml-10\">\r\n            <h3><mark style=\"background-color: #e7f0fc\">What is the biggest threat facing the banking industry?<\/mark><\/h3>\r\n            <p>According to a <a href=\"https:\/\/newsroom.trendmicro.com\/2021-09-14-Attacks-Surge-in-1H-2021-as-Trend-Micro-Blocks-41-Billion-Cyber-Threats\" target=\"_blank\" rel=\"noopener\">2021 Trend Micro report<\/a>, the banking industry encountered a 1,318% year-over-year increase in ransomware attacks between the first half of 2020 and the first half of 2021. Ransomware has massive consequences for banks, as they can cause these institutions to lose money and data. The <a href=\"https:\/\/www.fincen.gov\/news\/news-releases\/fincen-analysis-reveals-ransomware-reporting-bsa-filings-increased-significantly\" target=\"_blank\" rel=\"noopener\">Financial Crimes Enforcement Network<\/a> reported that filings about ransomware damages totaled nearly $1.2 billion in 2021.<\/p>\r\n        <\/div>\r\n        <\/li>\r\n    <\/ul>\r\n<\/div>\r\n<div class=\"ml-1\">\r\n    <ul class=\"border-secondary-light border-dotted rounded-lg py-1\">\r\n        <li>\r\n            <div class=\"bg-secondary-dark shadow-lg w-9 h-8 flex absolute justify-center rounded-full ml-1 mr-9 \">\r\n                <sonic-icon color=\"#ffffff\" icon=\"question-mark-circle\" class=\"items-center pt-5\"><\/sonic-icon>\r\n            <\/div>\r\n            <div class=\"mr-10 ml-10\">\r\n            <h3><mark style=\"background-color: #e7f0fc\">How often do cyberattacks happen at investment firms?<\/mark><\/h3>\r\n            <p>While the exact numbers are unclear, the increasing frequency of cyberattacks at investment firms inspired the <a href=\"https:\/\/www.sec.gov\/spotlight\/cybersecurity\" target=\"_blank\" rel=\"noopener\">U.S. Securities and Exchange Commission<\/a> (SEC) to develop several initiatives to help protect the industry. In 2017, they established the Cyber Unit to prevent and investigate attacks. The SEC also developed mandatory cybersecurity policies and procedures for firms, even punishing those who fail to do so.<\/p>        <\/div>\r\n        <\/li>\r\n    <\/ul>\r\n<\/div>","protected":false},"excerpt":{"rendered":"Curious about cybersecurity in the financial industry? Find out how the professional landscape has changed and how the financial services sector protects against cyberthreats.","protected":false},"author":41,"featured_media":7390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/template-dcs.php","format":"standard","meta":{"_cloudinary_featured_overwrite":false,"footnotes":""},"categories":[1],"states":[],"resources-overview":[],"degrees":[],"jobs-overview":[],"rankings":[8],"class_list":["post-7388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","rankings-all"],"acf":[],"menu_order":0,"_links":{"self":[{"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/posts\/7388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/comments?post=7388"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/posts\/7388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/media\/7390"}],"wp:attachment":[{"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/media?parent=7388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/categories?post=7388"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/states?post=7388"},{"taxonomy":"resources-overview","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/resources-overview?post=7388"},{"taxonomy":"degrees","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/degrees?post=7388"},{"taxonomy":"jobs-overview","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/jobs-overview?post=7388"},{"taxonomy":"rankings","embeddable":true,"href":"https:\/\/www.cyberdegrees.org\/wp-json\/wp\/v2\/rankings?post=7388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}