IT Security for Banks

Why is Cyber Security Important for Banks?

Cybersecurity is crucial for banks right now due to the increasing frequency and sophistication of cyber threats. Financial institutions are particularly targeted because they handle large volumes of sensitive data and monetary transactions.

$4.45 Million

Was the average cost of a financial services data breach for companies in 2023, which was also the highest average ever (IBM).

70% of files are stale

Around 70% of sensitive files in the financial services industry are stale, on average. Additionally, a financial services employee will have access to nearly 11 million files the day they walk in the door (Varonis).

233 Days

Is the average amount of time it takes businesses within the financial sector to detect and contain a data breach (Varonis).

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How can SecQuest protect banks?

Penetration Testing

Penetration testing involves simulating cyber attacks to identify vulnerabilities in your network, applications, and overall security infrastructure.

This service is crucial for banks as it helps identify and fix security weaknesses before they can be exploited by malicious actors and ensures the integrity and safety of the ever-growing sensitive financial data and customer information.

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Mobile Application Testing

This service tests the security and functionality of mobile banking applications to ensure they are secure from breaches and function correctly under various conditions.

As mobile banking grows, ensuring these applications are secure and reliable is vital to maintaining customer trust and satisfaction while complying with financial regulations.

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Firewall Security Assessment

This assessment evaluates the effectiveness of a bank’s firewall configurations and rules to ensure they adequately protect against unauthorised access and other cyber threats.

Phishing Assessment

Phishing assessments simulate phishing attacks to test employees’ responses and evaluate the effectiveness of the bank’s training and security measures against such scams.

With 74% of cybersecurity breaches caused by human error (Verizon), regular assessments are crucial for helping to reduce the risk of data breaches caused by employee error.

Cloud Security Solutions

This service provides strategies and technologies to secure cloud-based assets, ensuring data integrity, access control, and compliance with regulations in cloud environments.

With an increasing shift to cloud computing, banks need robust cloud security to protect against data leaks and unauthorised access, ensuring operational continuity and regulatory compliance.