The cybersecurity posture of organizations was put to test with the onset of the COVID-19 pandemic. The financial sector has been constantly targeted by cybercriminals and the trend continues. According to a recent report, attackers targeted security gaps at firms in the financial services sector as the majority of the workforce had to shift to work from home.
The report, published by the international Financial Security Board (FSB), states that work from home conditions accelerated the adoption of new technologies and reliance on third-party service providers. As a result of the pandemic, financial services moved to rapid digitalization.
The report, published by the international Financial Security Board (FSB), states that work from home conditions accelerated the adoption of new technologies and reliance on third-party service providers. As a result of the pandemic, financial services moved to rapid digitalization.
Remote working condition is not the only threat badgering the financial sector.
The current times call for financial services firms to modify their cyber risk management mechanisms, incident response and recovery activities, and management of cloud and third-party services. While the rapid move to new technologies has improved their operational resiliency, there is a lot of room for improving cyber resilience.
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