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Information Security Needs in the Financial Services Industry
The market for information security professionals is growing across all sectors, but especially so in the financial services industry. This growth is a direct response to an increase in the frequency, severity, and cost of cybercrime incidents. A recent report shows 8 percent increase in detected security threats in 2014 and a 24 percent growth in the financial losses associated with those incidents.
Meeting Customers Demands
As financial services organizations work to deliver both the personalized and convenient access customers want as well as the security protections they demand, the focus of their efforts tends to fall into the following categories:
People trust financial service organizations to diligently protect not only their money, but their information too. Whether it's personal contact data, insurance records, stock trading history, or cold hard cash, asset security is of the utmost importance to these businesses—and their customers.
Whether it's authenticating users, preventing ID theft, or assessing the risks associated with a specific product or service, financial service organizations of all kinds are committing large amounts of time and money to fraud prevention, detection, and response.
Third-Party Risk Management:
The usefulness of many financial service products depends on an ability to connect with other entities. However, sharing networks and data with business partners, service providers, contractors, and suppliers can result in security weaknesses that can be exploited in costly ways.
Much of this industry is governed by SEC initiatives,congressional acts, industry standards, and federal regulations. Compliance is a high priority and requires an ongoing, concentrated effort.
Mobile Access Security:
Customers want convenience and security—and aren't willing to sacrifice one for the other. Most financial service organizations are dedicated to providing secure mobile applications that provide on-the-go account access and management.