According to IBM's Cost of Data Breach Report the global a average cost of a data breach was $4.24m in 2021. This is an increase of just under 10% from 2020. Financial services were the second most affected industry after healthcare with an average cost per breach of $5.72m. With such high stakes at risk, the financial services industry needs to shore up their security defences now more than ever.
The smart way to protect your business from cyber-attacks is by implementing a Secure Access Service Edge or SASE solution.
SASE (pronounced sassy) is a transformational technology and combines access and security protocols to amalgamate multiple functions that were up until recently, stand-alone products. Software Defined Wide Area Networking (SD-WAN), firewall as a service, secure web gateways, zero trust network access and Cloud access security broker are all now grouped into one integrated and easy to manage service.
One of the most prolific forms of data security breaches affecting the financial services industry comes in the form of ransomware. This where mainstream business operations are infiltrated, attacked and disrupted until, as the name suggests, a ransom is paid. The key to preventing ransomware attacks lies in stopping the malware coming into the network in the first place. SASE excels in this area by encrypting all traffic and blocking malicious software, traffic and lateral attacks which makes it impossible for attackers to insert to malicious code into a network. SASE can also block clients from connecting to known ransomware sites and bot command and control servers.
The rise of home Working accelerated by the pandemic shows no signs of slowing down. Globally, a recent PWC study found that in financial services 69% of institutions expect their workers to remain on remote work at least one day a week. The challenge for businesses is how to secure these multiple access points as well as those in their central offices. SASE works at the cloud edge to deliver protection and performance and is designed to help manage hybrid infrastructure and application environments in the modern enterprise. A SASE solution brings everything together into one easy to manage interface allowing you complete control over your network and applications access, including those logging on from different locations and devices.
In the IBM Cost of Data Breach Report a key finding was that enterprises who were further along in their journey of switching to hybrid cloud network suffered less financial loss from data loss than those who were just beginning to migrate their applications. Old legacy systems are no longer able to cope with the modern attacks hackers are employing and a complete holistic solution is the best defence against malicious attacks.
When dealing with client finances, the integrity and security of your network must be absolutely second to none. Orixcom have a wealth of experience of partnering with organisations for their connectivity, security and digital transformation to the cloud. Our experts will work with your team to put in place a tailor-made SASE solution for your business to ensure you're secure, protected and constantly connected, wherever you are in the world.