Financial companies are making themselves vulnerable to constant cyberattacks due to lack of the right security controls, new research has shown.

Research carried out by Netwrix found that such financial companies tend to rely on unsatisfactory cybersecurity controls, making them highly susceptible to cybersecurity attacks compared to other firms which have set up proper security controls.

In a report dumped ‘2020 Data Risk & Security Report, Netwrix stated that financial companies typically make two dire mistakes:

  • Their IT teams are allowed to give employees direct access to delicate data based exclusively on the user’s request.
  • In most cases, they are burdened with addressing Data Subject Access Requests (DSAR).

Data compromise

According to the 2020 Data Risk and Security report, roughly 30% of financial firms found sensitive data misplaced, in the last year alone! Besides, approximately 70% of unauthorized data sharing occurrences have resulted in data compromise.

Finally, almost half (45%) CIOs and CISOs in financial companies don’t have or don’t know whether they have Key Performance Indicators (KPIs) to report on cyber risk and IT security.

“As Covid-19 pandemic accelerates the rise of digital payments, financial organizations are generating more and more data, which makes the sector a tempting target for cybercriminals,” says Ilia Sotnikov, VP of Product Management at Netwrix.

What financial organizations should do

Unregulated access management and lack of control over delicate data are the main factors that put financial firms at risk of increasing cybersecurity threats.

Financial companies need to curb cybersecurity threats by employing cybersecurity technologies that enable them to automatically assess and correct access permissions frequently and also to identify sensitive data enterprise-wide, irrespective of its location, and to transfer it to secure storage.

This will come in handy in security improvement despite an increasing workload and strained resources.