Should the financial sector rethink cybersecurity with SASE?
Image: © AFP
Financial organizations can reduce the risk of cyberattacks by deploying a Secure Access Service Edge (SASE) architecture.
Indeed, the financial sector has always been an attractive target for cyberattackers. This is especially due to the sensitive nature of the critical information assets it collects from clients.
After digitization, the industry has been exposed to various sophisticated cyber threats targeting different levels of business assets in recent years. Cyber attackers targeting the financial industry use ransomware, phishing, denial of service (DoS) and other attack vectors to harvest information that allows them to acquire funds.
Credit card numbers and personal information such as names, addresses, and social security or driver’s license numbers may be used illegitimately or sold to third parties. This could damage the reputation of the attacked companies as well as the financial situation of their customers.
The financial sector suffered from a significant growth in the number of cyberattacks in 2020-2021. Ransomware attacks have increased by more than 1,318% year over year in the banking sector. The weekly average of cyberattacks in the sector has increased by more than 53%.
Additionally, 90% of all financial institutions have suffered ransomware attacks. Industry is among the top three sectors most targeted by such attacks.
Financial services are 1.7 times more likely to be the target of phishing attacks. Besides the increase in attacks, the average cost of a data breach in the financial sector was $5.72 million in 2021.
Although the industry has become more of a target for cyberattackers than ever, it is possible for financial organizations that adopt hybrid cloud architectures to reduce the risk of attacks by deploying the SASE architecture.
Juta Gurinaviciute, Chief Technology Officer at NordLayer, says Digital newspaper: “A sophisticated cybersecurity approach to repelling attacks must combine remote access, network filtering and segmentation. And it should be cloud-based, including SaaS solutions for organizational resource capacity and availability, simplified infrastructure upgrades, trustless defined security measures, and activity monitoring.
Gurinaviciute claims that SASE improves information security management with interleaved features. SASE offers financial institutions the opportunity to rethink networks and security measures as a whole.