Cybersecurity & Your Financial Firm

Ransomware can cost your business millions in damages — are you protected?

Is Your Financial Firm Protected Against Cyberattacks?

Cybersecurity has become a critical concern for a wide range of businesses in a wide range of industries. Tens of thousands of cyberattacks happen every single day, costing businesses hundreds of millions of dollars on an annual basis. Having said that, some lucrative businesses get targeted more, with an excellent example being financial firms.

Disruption of Revenue-Earning Services

Cyberattacks are a huge threat because they disrupt a business’s revenue-earning operations. In one case, the attacker might hold the company’s systems hostage until a ransom is paid. In another case, the attacker might unleash so much malware that the organization’s systems get overwhelmed.

Loss of Trust

Nowadays, people are very concerned about the security of their sensitive information because they have heard numerous horror stories about what can happen when that gets out. Because it’s a huge show of trust for them to entrust their sensitive information to a financial firm, a failure of that trust results in outrage of the same magnitude.

Legal Costs

If people get their sensitive information stolen because a financial firm is breached by a cyberattack, they’re likely to sue. This is particularly true if they suffer damages, which may fan their outrage while building up support for their case. Even if the financial firm manages to win the lawsuit, it is going to wind up with legal costs as well as a huge demand for its time, which affects the running of its revenue-earning operations for the worse.

Even the Best Cybersecurity Can Be Breached

Financial companies should never be complacent about their cybersecurity. After all, most cyberattacks don’t occur because of some kind of super-hacker. Instead, they occur because of human error such as clicking on a suspicious link or choosing a very obvious password.

Further Considerations

Numerous cybersecurity solutions, such as Sophos Intercept X, can help financial businesses cope with ransomware as well as other cybersecurity threats. Look into them before you need them to make sure that your systems are well-protected.

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Hartmann Industries assists companies all around the world by increasing their efficiency and productivity with a range of custom software and IT solutions.