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Cybercrime is the 2nd most reported economic crime according to PWC’s Global Economic Crime Survey. Financial organizations are a goldmine for hackers to acquire personal information like social security numbers and account numbers. Unfortunately with the Internet of Things, cybersecurity threats only get more sophisticated and detrimental.

Here’s 3 cybersecurity threats facing financial organizations:

#1: Unencrypted Data

Surprisingly, there are financial organizations who aren’t using proper data encryption or encryption at all. This is like leaving a computer out on your front lawn, just asking someone to take it. Every organization needs business-grade encryption on their files – no exception.

If files aren’t being protected the right way, it could lead to a data manipulation attack. Instead of deleting documents or holding them ransom, hackers change the data. This is actually worse for financial companies because it can lead to million dollar or even billion dollar errors. Imagine being responsible for that…

To prevent attacks, you must have a thorough encryption strategy in place. Plus, back up your files on a daily basis to an off-site location.

#2: Ransomware and Phishing Emails
how can financial institutions be secure on cybersecurity threats

Ransomware affects all industries especially finance and healthcare. When information is stolen, financial organizations have no option, but to pay the ransom. With proper security protections and training in place, Ransomware can be avoided.

Typically, Ransomware comes in through software vulnerabilities and phishing emails. You or your IT provider needs to update patches regularly and provide cybersecurity training to your staff. Education and preventative maintenance are key to avoiding costly cyber attacks.

#3: Employee Error

One of the biggest threats to business are the employees themselves. Both careless and upset staff members can open the door to hackers. They may click on a phishing email (discussed earlier) or purposely take data using a USB. Whether malicious intent is there or not, the aftermath is still the same.

Require your employees to participate in monthly trainings on the latest cyberthreats. This will keep them in the know and protect your network.

If you need help protecting your financial organization from cybersecurity threats, contact a team member at 704-658-1707 or