New Jersey-based financial services company Prudential Financial says the February 2024 ALPHAV/BlackCat ransomware data breach impacted 2.5 million individuals.
While financial services firms are approaching cloud security similarly to other industries and share the same concerns, they are being held to more stringent compliance regulations for privacy and data protection. They are also at higher risk for threats waged by opportunistic, money-motivated cybercriminals and nation-state hacktivists.
As financial services organizations become increasingly dependent on data, it is critical to ensure that data is properly identified, organized, secured, and governed. Creating a solid data governance foundation will reduce risk while also increasing the ability to harness the value of data to drive business results.
After being pulled into an early July meeting with regulators over uncompetitive savings rates, some UK banks are now blaming data protection laws for consumer financial woes, claiming that rules forbid them from communicating better options to customers.
With the adoption of new technologies, new workplace practices, and accelerating digital transformation, security risks for financial services firms will increase. Secure Access Service Edge (SASE) can help balance security and performance requirements.
Australia’s Latitude Financial Services is investigating a data breach that impacted two third-party service providers, exposing hundreds of thousands of customer records.
