Responding to Cybersecurity Threats in Finance Industry

Friday, September 25th, 2020

COVID-19 has presented enormous challenges to industries worldwide. For cybercriminals, this is a “striking” opportunity. The rise in cyberattacks is a trend that’s not going to stop as fraudsters are putting more efforts in what they do. To reveal more about cybersecurity threats, know what the financial sector can do and who can help you with secure payment processing, read below. 

Cybersecurity Threats

The cyberspace is facing a growing number of threats resulting in new vulnerabilities. COVID-19 has created new opportunities for attackers. According to Darius Goodarzi, Principal – Information Security and IT Risk at Robert Walters, the UK has been innovating and investing in cybersecurity for years. 

Specifically, UK cybersecurity companies raised £496m in the 1st half of 2020. The number of cybersecurity startups rose by 44% in the last 2 years.

Given the importance of financial security in the modern digital world, it’s highly important to work with a reputable merchant services provider that can help you avoid cyber threats without major headaches. For this, you just need to work turn to a true merchant-processor comparison specialist like BestPaymentProviders.co.uk. 

Best Payment Providers UK is particular about the terms, complaints, and integration requirements of processors so you can get an unmatched deal for your business. With BestPaymentProviders.co.uk, you can sidestep cybersecurity threats more easily than you think. 

Cyberattacks On the Rise

During COVID-19, cyberattacks grew around the globe. Not a single industry is immune to cyber threats in this day and age. However, companies in the financial sector have always been under greater attack.

Overall, COVID-19 can already be tabbed as the biggest-ever cybersec threat. The healthcare and financial industries have been hurt most by cyberattacks. Boston Consulting Group reports that financial-service companies face up to 300 times as many cyberattacks each year as compared to firms operating in other industries.

An adequate response to these threats means being well educated about the types of cyberattacks, taking the right steps when faced with them, placing a special focus on password security, as well as updating and strengthening bring-your-own-device (BYOD) rules.

COVID-19 has accelerated digital transformation, thus leading to increased cyberattacks. The good news is that financial firms can still protect their operations against the worst in this new environment.