While digital transformation and the e-commerce bubble in late '90s have reshaped the way companies do business, increasingly sophisticated cyber-attacks call for immediate and sometimes overly complex defenses. Security tool vendors have been more than willing to provide an ever expanding array of tools and technologies, many with dubious value.
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A look back on 2018 shows the financial services industry turned out to be the most at risk, with security incidents and breaches skyrocketing. Top threats to the financial services industry include cloud security and third-party risks, while the most prevalent techniques are DDoS, social engineering, spear-phishing, ransomware and insider threats, according to a Bitdefender white paper.
The financial services industry has been one of the most targeted in 2018, with third-party risks still the main cause of data breaches in this sector. Almost 50 percent of financial institutions were breached in the past year, found a survey conducted by Bitdefender, while almost 60 percent experienced an advanced persistent attack or seen signs of suspicious behavior in their infrastructure.
The increase in cloud adoption has significantly impacted the way organizations think about security, in the sense that threat visibility into infrastructures has become mandatory in light of how the threat landscape has evolved. Starting from the premise that threat actors can and will breach infrastructures, organizations need to begin focusing on detecting and responding to these breaches as swiftly as possible to restore affected environments, ensure business continuity, and stay compliant with new regulations.